Now, more than ever, practice owners need to be close to their practice finances to understand the impact of all that is happening on the bottom line of the profit & loss statement.
Many practice owners have no real idea of how well the business is doing until they receive annual figures from the accountant a few months after the year-end – this is too late to identify, reverse and resolve any downward trends.
In addition to tracking turnover, it is important to watch other key figures closely to make sure they don’t increase out of line with turnover. Those to watch include associate payments, hygienist fees, lab bills, dental materials and wages.
There should be no year end surprises and we can help you set up a straightforward, on-line accounting package which will track your income and costs, showing you at any time just how much profit the practice is generating. The package links directly to your bank accounts for regular, quick and accurate updates.
Supplement this with an automated invoice management system and you really will have a finger on the pulse of your practice finances whilst saving a lot of time and effort with managing paper invoices.
We can also help you better understand your accounts and the many ways they can be used to forecast, track and recover your business.
Find out more about how Your Dental Manager supports practices with their finances here.