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Dental Practices: Digitise your Business Financials with Cloud Accounting

Digital dentistry has provided innovative possibilities for clinicians, influencing the diagnosis, planning, placement and restoration of implants. It has streamlined the clinical workflow and also has the potential to restructure the way you process, engage and review your practice’s business financials. With the rightly advised cloud-based software, you and your practice can explore the key benefits cloud accounting now offers.

What is Cloud Accounting?

Cloud accounting is similar to on-site, traditional or self-install accounting software, with the main difference being that software is hosted on remote servers. All business data is sent into “the cloud,” where it is processed and returned to the user.

Access Wherever and Whenever

You won’t need to worry about maintaining excel spreadsheets or installing a programme onto one machine. With software that is accessible using your PC, smartphone or tablet, you can access your business financials in practice, at home or on the go as long as you have an internet connection. Other members of your practice can be provided limited access, e.g. your practice manager, who can export reports for your monthly/weekly review meetings.

Automated processes

Most cloud accounting software enables you to integrate your bank feeds, allowing you to keep track of your business’ balance sheet in real time with every transaction.

Cloud accounting enables the automated generation of invoices, accounts payable as well as reminders at regular customised intervals. You can also automatically generate payslips and other HMRC documents. It can also provide the ability to process receipts and invoices by taking a photo on your smartphone device via an intuitive app, which is then uploaded onto the cloud.

Easier Reporting and Review

With a main dashboard that illustrates your current financials, you can set various bench mark figures and key performance indicators to give you a better understanding of your current financials. It also makes it easier to assess your debtor days, average margins, inventory turnover, debt ratio and net profit percentage.

Balance Sheets, Cash Summaries, Profit and Loss sheets and reports can be easily created and viewed. You can also compare your previous or current performance against the previous year, last year end, previous quarter or month. All this can be exported to various formats such as PDF, Excel or Google Docs.

More Security and Peace of Mind

Would your financial data be lost if your computer breaks down? Losing your files (including paper based records) puts you at risk of fines and penalties from tax authorities for not keeping proper accounting records. With cloud accounting your financial data is saved on a secure cloud server and is constantly backed up. You will no longer need to manually backup data or depend on one device that holds all your data.

A Clear Not Cloudy Outlook

With your business financials available in one place, it provides you with more dedicated time to speak to your accountant regarding your tax affairs and advice on topics such as incorporation, director remuneration and tax planning.

A digital workflow of your financials will help you review the past but most importantly can equip you with the right tools to predetermine the not-so-distant future. Cloud accounting alongside the bespoke advice from an experienced advisor can help steer you towards more profitability in addition to efficient savings in tax.

As specialists dedicated to the dental profession, RA Accountants understand how all key areas of your practice influence the profitability of your business. To arrange a FREE consultation or discussion regarding cloud accounting contact us on 020 3301 7474 or alternatively email jc@raaccountants.com

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