Cloud based software saves Dentist Practice time in bookkeeping
Case Study7th Oct 2020
Contributors
Related services
Our Client
A Dental Practice Partnership wishing to increase the practice turnover and net profits using cloud based software. Challenges included ineffective out of date management accounts and no timely visibility of annual profits to maximise any tax and wealth planning opportunities.
Our Approach
- Hosted a workshop with the practice manager and principal to fully understand the current processes and operational objectives
- Utilised a software driven approach to automate the financial data capture
- Provided cashflow projections to support future tax and working capital requirements
The Outcome
- Setting up cloud-based accounting software provided real time, online access to financial information, including monthly management reports and sector KPIs
- Integrated the Dental Practice Management Software to the cloud accounting software to track income by associate, principals and hygienists
- Tracking of stock levels of surgeries to ensure appropriate stock levels being kept, maximising cash savings to the practice
- Moving to the cloud meant AAB helped minimise the time our client spent on bookkeeping and improved efficiencies
- Regular tracking of practice performance against the projections enabling the client to focus on the practice’s future goals and produce accurate performance data that enables them to maximise surgery utilisation and minimise costs
- Accounting software fully compliant now for HMRC’s Making Tax Digital mandatory reporting criteria
Related Case studies
Cashflow projection from AAB secures funding to grow care home
Dental partnership improved finance systems in buy-out
Specialist lender introduces deterrent against fraud
Professional services firm improves tax efficiency
Legal firm utilises AAB experts for corporate finance and tax support
Company takes proactive approach to overseas tax compliance
Fundraising Support for a New Community Town
Sign up to updates
Blog26th Jan 2023
Self Assessment Tax Return Deadline Around The Corner
The deadline for completing your 2021/22 self-assessment tax return online is 31 January 2023 and those who file one later than that will usually have to pay a fine. HM Revenue and Customs (HMRC) announced at the start of January that…
By Jill Walker
View moreBlog19th Dec 2022
2023-24 Scottish Budget Tax changes
After a dramatic start, John Swinney delivered the Scottish government’s Budget for the 2023-24 fiscal year on Thursday 15 December 2022. We have outlined below the tax changes that individuals residing in Scotland should be aware of from a personal…
By Jill Walker
View moreBlog9th Aug 2022
Changes to Capital Gains Tax for separating couples
Under the current Capital Gains Tax regime in the UK there are rules in place to allow for transfers of assets between spouses to be deemed to take place at no gain/no loss for Capital Gains Tax (CGT) purposes. That…
By Jill Walker
View moreBlog27th Jun 2022
Additional Dwelling Supplement – am I liable?
From April 2016, the purchase of a second home not only brought a liability to Land and Buildings Transaction Tax (“LBTT”) but also to Additional Dwelling Supplement (“ADS”) which is a levy of 4% of the property price where that…
By Jill Walker
View more
