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Can your dental practice accounting run better?

Would you like to look at your financial reports on time?

Would you like to have a glace at your profit and loss statements and see ratios?

Would you like to see more in-depth reports and receive key performance indicators (PKI) right one time?

Would you like a Chartered professional accountant represents you when Canada Revenue Agency (CRA) calls? Or better yet, CRA calls them?

Would you like your payroll to be run on schedule, on-time without you having to look for time sheets?

Would you like to receive advance tax planning strategies for your dental practice right here in Ottawa?

Our firm perform all of this plus more.

We strongly feel and believe that as accountants we protect our clients. As a matter of fact, Webster’s definition of client says, someone how is under your protection and care.

We have seen and heard horrible stories about accounting, bookkeeping and taxation disasters. I even have witnessed a few clients whose old accountant did not even return their documents, fees were collected for work or obligation that was never delivered. Hence, our comic illustration of captain number cruncher and his superhero team. We did not invent it, we just demonstrated it.

In a nutshell, a lot of empty promises

So, if you want all of this and more than just tax compliance, we can help you, your team of employees, and your practice prosper.

As a matter of fact, the best we can help is to be part of your team and become your Chief Financial Officer (CFO).

Even better news for you, is that you don’t have to pay my full-time salary of average $250K. That is a lot of savings. Just like I don’t need a full-time dentist and only visit one when I need one.

CFO for Dentists

As your dental practice CFO, my priority number is to ensure the accounting, bookkeeping, and taxation are up-to-date and run like clockwork.

Next, would be to ensure that your practices accounting functions are optimized and maximized to their fullest potentials. We would then look at your dental practice growth, profitability, net worth, ….

We’ll simplify the numbers and tell you what they mean and decipher their stories.

Wouldn’t this be what should be expected from accountants?

Cloud Accounting Solutions

Here some benefits that I have summarized for you:

Managing the books, bank reconciliation, payroll, taxes, account receivables, account payables, providing ratios, KPIs, CRA representations …

Act as controllers and ensure no numbers are left in limbo, even talk and liaison with your bank manager and financial planners

Reviewing and examining expenses

Finding better automation for your dental practice

Profit maximization, profit first notion. The notion works like you get paid first and we plan the rest with what we have left? Why?

Once we know we have a limited resource, we become resourceful, we would question and examine every expense, every cost and look to replace them with better alternative and less costs.

This is actually how cloud accounting works as well. Let’s look at it.

Cloud Accounting Apps

It give you the reports on time from any place any computer, it is more secure than your computer, it is always backup, it integrates and works with multiple business changing apps, such as Receipt Bank, Tsheets, Wagepoint, Slack, Dropbox …. At a fraction of costs. It is way more powerful than the desktop version. So profit first, or profit maximization or profit and cash management makes you directly or indirectly, consciously or subconsciously think about never ending best use of assets and resources. I believe not only dental offices, but majority of business are at 20% assets utilization and their assets, tangible or non-tangible could improve by another 80%. This is another business management topic on its own nevertheless, we consider and implement as business experts and professionals.

If you are intrigued, I suggest a few reading from Peter Drucker and Edward Demings.

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Monday, 22 April 2024

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