Optimising more than smiles: leveraging financial data for dental practice success

Owning a successful dental practice comes with a myriad of moving parts. To do so effectively, you might find you need more than just the basics of accounting covered, as Paddock Dental Centre owner, Dr Sam Reid, did.

Spotlight on Paddock Dental Centre:

• Sam Reid, owner, has been with the practice for 6 years, both patient-facing and as clinical director.

• Serving both NHS and private patients and offering a wide range of treatments from routine dental care to cosmetic dentistry and advanced full arch implants

• 5 surgeries in the Cheshire area

Needing more than traditional accounting

When Sam took over Paddock Dental Centre, he was used to a traditional annual service from his accountant. Just one report a year meant that the practice was coasting, unaware of their financial standing.

Becoming the sole owner 2 years ago meant that Sam needed to become more proactive if he had any hope of creating and sustaining business growth on his own. He said,

“I needed something where I could see how we performed last month, and what effects a decision I made six weeks ago had on the last month, rather than finding out 12 months, or more, later.”

Set on finding a new accountant, he sought recommendations from respected peers and members of groups he’s involved in.

A tech-based accounting service with frequent reports

Sam ignited his search to find an accountant who would keep his finances in order. But more than that, a firm with his best interests in mind and a more thorough, knowledgeable offering. One name kept cropping up - Simpkins Edwards.

With Simpkins Edwards, Sam now has a strategic partner on hand for pre-booked meetings and ad-hoc advice.

Digestible, monthly summaries, quarterly reports, and payroll services, powered by Xero and Futrli, keep his business on track. These valuable insights are then used to make strategic decisions to drive and maintain growth. 

“I feel like the old accountant I had was simply providing an accounting opinion, whereas Simpkins Edwards really understand the business of dentistry,” Sam shares.

Financial confidence and transition to limited company

Paddock Dental Centre’s newfound financial clarity combined with solid industry-specific advice has given Sam the tools to grow his business.

Along with the reassurance that comes with extra reporting, Sam is grateful for the guidance he received when he transitioned from a sole trader to a limited company, saying,

“I genuinely trusted them. They took me through that whole process ensuring the timing was optimal to capitalise on the associated tax benefits.”

Now, Sam has the security of knowing his accounting is in safe hands and has knowledgeable experts to support him in his business ownership journey. From how to buy equipment in the most tax-efficient way, to dealing with staff restructuring and ongoing monitoring of key performance indicators Simpkins Edwards’ tech-based product stack and excellent customer service means smiles all round.

“I like having an accountant that genuinely has the best interests of my business at heart. And despite having probably hundreds of clients, they understand my business as well as I do.”

Dr Sam Reid, Paddock Dental Centre

To arrange your FREE initial discussion, contact [email protected] or call 01392 211 233.