Finance
The only way to assess business performance is by
looking at the numbers.
Fine Company has developed tools to make this simpler for dental practices. They serve as a dashboard for your business so you can see how you are doing at a glance.
Performance reporting really comes into its own when you have a set of business objectives that are quantified and time sensitive, because then your monthly reports will show if you have strayed off course. Traditional year-end accounting is hopelessly inadequate if you want to change and survive.
financial modelling
Various fee packages available
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12-month support: £1,250 per month + VAT
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Monthly KPIs: £395 per month + VAT
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Monthly accounts: by quote
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Annual management accounts: by quote
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Tax: by quote
Taking a step back, we’ll consider whether the financial structure of your business is aligned with your objectives.
If not, you could be missing valuable tax planning and investment opportunities.
Many dentists are still unwittingly subsidising their businesses by either not paying themselves properly or discounting rent due on property they own. This costs them personally and it prevents them getting an accurate picture of business performance.
Fine Company accountants are experienced at helping dentists tighten up their operations and identify ways to improve profitability. For example, did you know that earnings between £100k and £120k are taxed at 62 per cent? Fortunately, there are many things you can do with this £12k rather than incur it as a loss, but first you have to be aware of it. Let our experienced team take away the stress of financial planning with a carefully structured, personalised support service.
monthly KPIs
Fee: evaluation and set up day – £1,570 + VAT
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6 Key Performance Indicators
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Integration with accounting and CRM
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Easy to digest infographics
We have created six Key Performance Indicators that will keep you on track, and we are developing software that integrates accounting and CRM software to make monthly reporting more simple.
Our KPIs give a snapshot of your business health, so if something good or bad is happening in your practice, you won’t miss it. Practice owners, like everyone else, are suffering from information overload. Our KPIs help by producing actionable information every month, and include data regarding new patient value and average daily yield.
Using easy to digest infographics, they also support team building. The information is designed to be shared, so you can highlight under-achieving clinicians in a non-threatening way.
fine tuning
Various fee packages available
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Fine choice focus day: £1,570 + VAT
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Monthly as part of bookkeeping: £395 per month + VAT
Incredibly, 80% of dental practice owners don’t know how their business is performing and 60% don’t know where to find the information.
Performance reporting is proven to deliver high return on investment. So how do you get your monthly KPIs set up in the best way for your practice? We can do this all for you with an initial evaluation and set-up day. We also offer a special consulting service to help you choose the right software and management system for your business, and we can keep your information flowing using our cloud-based online bookkeeping service.
We even offer a bespoke focus day to drill down on secondary and tertiary KPIs, helping you achieve further business efficiencies when the time is right.
monthly accounts
Fee: by quote
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Straightforward bookkeeping & payroll service
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Monthly management accounts
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Year-end financial reports
Everyday cash flow problems sink good businesses every day.
With our responsive monthly accounting, any danger will be mitigated in good time, meaning you can focus on driving your business forward.
We provide a straightforward, online bookkeeping and payroll service, monthly management accounts and a year-end financial report. This enables you to accurately understand how you are trading every four weeks. It will also outline your cash situation, with an ongoing cash flow projection, highlighting any potential problems or opportunities and supporting our six KPIs.
annual management accounts
Fee: by quote
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Comprehensive year-end financial reports
Annual management accounts have an important role to play in reviewing performance over the longer term and creating a fresh business plan for the year ahead.
Because we’re providing your bookkeeping service every four weeks, it’s relatively straightforward to provide the year-end financial report.
tax
Fee: by quote
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Access to our team of specialist accountants
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Allows future goals to be supported by robust tax planning
Perhaps the most important long-term way to assess your business is by looking at your taxation.
The gains in profitability you can make with tax planning are significant. If you’ve been limiting the drive for efficiency to the surgery, you have been unnecessarily limiting your business’s potential.
For example, did you know that earnings between £100k and £120k are taxed at 62%? Fortunately, there are many things you can do with this £12k rather than incur it as a loss, just as there are many other areas to consider. Our team of specialist accountants will optimise your tax position, providing reassurance that your future goals will be supported by robust, considered tax planning.