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Specialist Accountants for Dentists

Running a dental practice is very demanding. You have to deal with public health issues and stringent industry regulations not to mention patients who fear the drill and sometimes the 'pain' of the bill. The profession also presents challenges like staff retention, mounting accounts receivable and of course, technological advancements. Pardon the pun, but some days running the practice is a bit like 'pulling teeth'.

Over the past decade Chris Tolevsky and his team of accountants have mentored a number of dentists and allied oral healthcare professionals through the various stages of their business life cycle, from start up right through to sale. He has first hand experience with cavities and extractions and says the accounting and dental profession have a lot in common. "We both deal with the public and in many cases handle the needs of generations of families. The parallels don't stop there as we both heavily rely on referrals for growth and trust is a key ingredient for success".

THINKING OF STARTING A DENTAL PRACTICE

Dentists are one of our specialist client groups and having mentored hundreds of business owners through the start-up phase of their business we have built a reputation as business start-up specialists.

If you are looking to start a dental clinic or buy into an existing business, there are numerous issues to consider. You need to establish your business structure, complete tax and GST registrations, consider insurances, select an accounting software program and possibly explore your finance options. It can be a maze of issues but as accountants and business advisors we can assist you in all of these areas plus provide advice on the preparation of a business plan, marketing plan and a cash flow budget. If you are contemplating employing staff we can also assist you with human resource matters including payroll, WorkCover and superannuation guarantee obligations.

Over the past two decades our team of accountants have helped dozens of dentists get their business off to a flying start. We offer you experience, technical tax knowledge, marketing expertise and most importantly, an intimate understanding of the dental industry.

Starting a business is a bit like building a house that requires solid foundations. In a business sense these foundations include the right tax structure and accounting software, adequate and appropriate insurances together with a marketing plan and a lead generation website. Your choice of business structure is absolutely critical and there are a number of different options including sole trader, partnership, company and trust. When selecting the most appropriate structure for your business we always recommend you ‘start with the end in mind’ because Australian tax laws are complex and changing your business structure at some point in the future can trigger a capital gains tax event that could prove very costly.

Whenever we provide advice on business structures we always take into account:

• Income Tax Minimisation
• Maximize Asset Protection
• Allow for the Admission of New Business Partners or Investors
• Comply with all Legal Requirements in your Industry
• The Risk Profile of Your Industry
• Consider Future Entitlement to Discount Capital Gains Tax Concessions

As a consequence, we often find the business structure is a compromise based on the relative importance of each of these issues.

Another brick in your business foundations is your choice of accounting software. Poor record keeping is one of the biggest causes of business failure in this country and up to date, accurate financial records let you to make informed business decisions. The wrong choice of software can be catastrophic and too often we find business owners produce what we describe as ‘computerised shoebox’ records that cause frustration, waste time and create additional fees. This conflicts with our mission of helping you slash the time and cost associated with bookkeeping and GST compliance.

Here at Tolevsky Partners, we want to be your accountants and business advisors, not just an expensive bookkeeping service. We do more than ‘keep the score’ for our clients and when selecting the most appropriate accounting software  we always recommend Xero because of it's flexibility and the fact that you can access your financial data via the internet and invite your accountant or bookkeeper to view your accounts at the same time. This means you can get bookkeeping support and valuable advice in real-time. You can also log-in anytime, anywhere on your Mac, PC, tablet or smart phone to get a real-time view of your cash flow. Your data is automatically backed up and users have access to the latest version of your financial data plus you never need to worry about installing software or program updates.

To build a house you also need the right tools and when 'constructing' your business we have developed a number of tools including a start-up expense checklist broken down into various categories including: 

-   tools and equipment
-  professional advice and software
-  information technology costs – software and hardware
-  marketing and signage
-  vehicle costs

This checklist will help you identify all your potential establishment costs and these figures then feed through to our cash flow budget template and allow us to produce a projected profit and loss statement for your first year of trading. These reports can also tuck neatly into our business plan template that is designed to help you secure funding from external sources like a bank. Another useful tool is our business start-up checklist that walks you through key business registrations you might require, insurance options, legal issues, branding and domain name registrations for your website.

In summary, if you're contemplating starting a business you don't need to reinvent the wheel as we have all the tools and resources to help you get off to a flying start. In fact, that’s just the beginning because as accountants we can do some financial modelling and prepare some ‘what if’ calculations based on different price points so you know your business’ best and worst case profit scenarios. Next, using industry benchmarks we can compare the performance of your dental practice against your competitors so you understand what is working in the business and what areas need working on.

We will help you understand the four ways to grow a business plus identify the key profit drivers in your business. We can walk you through a number of profit improvement strategies and even quantify the profit improvement potential in your business. Our role is to make sure you know your numbers and don't leave any profit or tax savings on the table.

That’s really just the beginning because as accountants we can do some financial modelling and prepare some ‘what if’ calculations. This lets us project your business’ best and worst case profit scenarios. Next, using industry benchmarks we can compare the performance of your dental practice against your competitors so you understand what is working in the business and what needs working on.

Our mission is to help you fast track your business success and the team at Tolevsky Partners offer you a range of accounting, taxation, marketing and business coaching services including:

• Start-Up Business Advice for Dentists
• Advice regarding the Purchase or Sale of your Business
• Tools including the Start-Up Expense Checklist and Templates for a Business Plan, Cash Flow Budget, Letterhead and Business Card
• Advice and Assistance with the Establishment of Your Business Structure - Company, Trust, Partnership
• Tax Registrations including ABN, TFN, GST, WorkCover etc.
• Preparation of Business Plans, Cash Flow Budgets and Profit Projections
• A done for you Bookkeeping service with Xero 
• Preparation and Analysis of Financial Statements
• Tax Planning Strategies
• Business Succession Planning
• Wealth Creation Strategies and Financial Planning Services including Transition to Retirement & SMSF's
• Industry Benchmarking and Management of Key Performance Indicators (KPI's)
• Vehicle & Equipment Finance (Chattel Mortgage & Lease
• Business & Risk Insurances (Income Protection, Life Insurance etc.)
• Business Succession Planning

In summary, we are so much more than just tax accountants. We are business and profit builders who strive to deliver practical, cost effective advice that could give you a serious competitive edge in your industry. 

If you're a committed and ambitious dentist owner looking to accelerate your success we invite you to book a FREE, one hour introductory consultation to discuss your  needs. . Simply complete your details on tyhe top right of this page and we'll be we'll be in touch.

Tolevsky Partners - Build Your Business & Grow Your Wealth