Wayne Shainfeld, April 2016 -
The end of the financial year is almost upon us again, and most dental practice owners will be familiar with the drawn-out process of waiting until after year-end to generate their financial reports, and the months of work in preparing and submitting tax returns – both for their business and themselves. Imagine if there was a way to streamline that process so you could submit your tax returns right away and speed up the time to receive any refunds due. .
With developments in technology and cloud accounting, now you can. You could receive your refund and be holidaying overseas for the European summer, whilst organisations stuck with old technology are left at home, labouring over tax compliance requirements in the winter months – sometimes not lodging their returns until February the following year. By the time they receive any tax refunds, the end of the next financial year is just around the corner!
The key enabler of speeding up the end-of-year tax compliance process is real-time reporting, made possible with cloud accounting solutions. But cloud accounting alone is not enough to solve all of your end-of-year woes. What’s needed is a solution that combines the benefits of cloud-based accounting technology with targeted reporting and business advice, to deliver a full end-to-end financial management solution.
Dental management specialists Prime Practice have collaborated with accounting firm, Deloitte, to deliver such a solution, known as Prime Practice Connect. Tailored for the dental industry, the solution is set to help dental practices reap rewards faster and smarter in the digital age. Prime Practice Connect integrates with cloud accounting software, such as Xero, MYOB and Intuit, to provide a clear view of the business metrics in real-time, via an online, intuitive dashboard. The end result is set to simplify and improve the daily management of dental practices, and make end-of-year tax compliance a breeze.
The end result is set to simplify and improve the daily management of dental practices and make end-of-year tax compliance a breeze.
Cloud-enabled technologies – like Prime Practice Connect – now have the potential to disrupt the old way of running business enterprises in all industries, not just dental. Solutions that can change the way business owners run their businesses, and give them back time to actually grow the business, or to enjoy personal and family pursuits – including holidaying in the middle of the year when they’d normally be labouring over tax compliance requirements.
Imagine being able to access business metrics in real-time anywhere on an iPad or smart-phone. Imagine the conversation with your accountant being about insights and advice to improve the business and optimise your tax position, rather than merely BAS returns and balance sheets. Imagine more time on the business and less time on the books. Cloud-enabled technologies are making that a reality for those ready to embrace the future now.
Wayne Shainfeld has thorough dental industry experience, with over 20 years’ corporate experience leading global multinationals. Wayne has a proven track record of identifying, conceptualising and delivering products to market, and plays a key strategic role in growing the dental industry in the Australasian region.