Page 11 - Addition Autumn 2017
P. 11

Established in 1996, White Rose Dental Practice in Camborne has been serving the local community, providing a range of dental treatments, surgery and emergency services to patients, for the past 21 years.
Set up by owner Simon Smith, the practice came to Simpkins
Edwards in November 2016 following the retirement
of Simon’s long-standing accountant. Seeking a fresh perspective and advice
on how to restructure his business to be more tax efficient and in a better position to invest in the future of the practice, Simon was keen to get Tax Director, Mark Simic’s take on the business.
As Simon admits: “When we first met, the practice had a rather complicated businesses set-up operating as three entities; a sole trader, a limited company and a partnership.
Our bookkeeping
was disorganised and
our accounts were retrospective, which meant planning for business growth and investment was a challenge.”
“Mark took the time to come in and meet us, to
get under the skin of the business. Having taken full stock of our position he advised on the benefits of operating as a single limited company. His team then worked diligently to get our accounting records up to date and introduced us to QuickBooks Online.
“Now, rather than producing ‘historic’ accounts several months after the year-end, we have
up-to-date management information. We also have a clear indication of upcoming tax liabilities, which is something that we never had before. As a result, we’re now able to efficiently manage the Practice’s cash flow, which puts us in a stronger position to invest in new equipment, services and marketing.”
In addition to seeking accountancy advice, Simon also uses Simpkins Edwards’ business advisory service, which he’s found invaluable.
In addition to seeking accountancy advice, Simon also uses Simpkins Edwards’ business advisory service, which he’s found invaluable.
“Through Simpkins Edwards’ contacts,” says Simon, “we’re now working with SEO experts and website designers, with expertise in the dental practice sector. We’ve also taken Mark’s advice on improving our appointment structure, pricing and range of services that help to set us apart from other practices.
“As a result, we’re introducing new phone systems, new easy payment instalment structures for our patients and we’re looking to promote our
in-house denture repairs technician who’s able to repair dentures in just 24 hours; something that only two other practices are able to offer in Cornwall.
“Now we have a
clear picture of our
financial position and tax commitments, we’re able
to invest in Clinipads that enable patients to input their dental history digitally, a new digital X-ray that provides instant images,
an inter-oral camera that gives patients a ‘dentist’s’ view of their teeth so that they can see the work that needs to be done and a new air flow system that swiftly removes staining on teeth. This would not have been possible without the clear management information that we now have.”
He adds: “Working with Simpkins Edwards and using its monthly set-fee service package has been a breath of fresh air. There are no hidden surprises and we’re able to speak
to Mark’s exceptionally knowledgeable team whenever we need advice; they always have the answer, no matter how complex the issue. With their help, we now have a bright and exciting future ahead of us.”
addition • autumn 17 • Issue 39 | 11

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