Beware the seven year itch

Recent commentary in the press about practices being investigated by The Scottish Dental Access Initiative (SDAI) could have been prevented in some cases if those Practices had better visibility of their finances.

SDAI provides funding to set up new practices, one of the conditions being that 80% of the business comes from NHS patients for seven years. Undoubtedly, some practices are falling foul of the seven year rule due to poor record keeping and investigators are now asking for access to the practices’ accounts.

Practice owners can struggle to keep on top of their accounts for a variety of different reasons; lack of time, outdated or too complex software. As dentists, you have the right tools to look after your patients but equally, without the right tools to look after your finances, long term issues can arise for the practice and its owners.

AAB can provide you with the right tools to make it easy to understand your business finances, visible 24 hours a day from anywhere. Our cloud bookkeeping platform for dentists can take the hard work out of keeping your accounts and allow you to monitor finances in real time, easily run reports to check on practice profitability by Partner or Associate and monitor the level of your NHS income to overall income.

The combination of direct links between practice bank accounts and our bookkeeping platform and automated bank reconciliations means your accounts are always kept up to date. For practice owners who are time constrained, this can free up their time so they can spend more time generating practice income. The platform provides multi-user access to the same live data making a partial or full outsourced bookkeeping service much more practical so you can choose to do as little or as much of the bookkeeping as you want but still have visibility of the practice finances.

For more information contact Steve Mitchell, Director, steve.mitchell@aab.uk