Understanding Business Operating Performance the Correct Way...
Onyx work with a range of accountancy services to the Dental Practices and Associates.
The team understands the different aspects of income derived in the dental sector with particular attention on accounting for NHS and Private income. We also provide guidance in how to account for and lay out Dental Associate Schedules.
We support and advise in producing consistent and robust financial reports that not only provide you with performance updates but also with controls that help to support you and your business. These include NHS control recs, associate balance recs, superannuation being the main areas.
Understanding and measuring Gross Profit, Net Profit and associated margins, getting clarity on breakeven points required to hit profit targets are common in successful and growing businesses in this sector. Is your practice earning good profits, but should it be earning more..?
We enable Dentists and their management teams to make considered decisions with clarity that is gained through easily understood and explained management accounts and financial reporting.
For those considering dental acquisitions, we have experience in both the sales and purchases of practices and the work required for the due diligence ensure that financial performance is correctly benchmarked against similar practices, and that the correct amount of capital is in place to fund growth aspirations.
For practices operating Primary Care Trust contracts, we will advise on the correct technical accounting and process balancing required to identify and optimise areas of profitability, while also identifying those hidden “pockets of costs” that may lie masked by the false overall impression of financial well-being.
R & D Brochure
Almost all businesses are concerned with improving products and processes. Activities include streamlining operations, increasing production, reducing or eliminating waste, improving technology,
Many companies are conducting qualifying R&D activities for R&D tax relief purposes in this sector on a daily basis, without even realising it. What may seem as typical day-to-day challenges in the office and field may qualify.
It is important for businesses that are growing, or at a size where control is required to be up to date with both your business performance and the financial position your business is in. We have created a Management Accounts Demo pack for the Dental Industry which allows you to explore the level of reporting we can provide.
Trust and Availability
Here at Onyx you can be sound in the knowledge that you have your own dedicated team to cater to your every need as a client at Onyx. Each Onyx team is headed up by a qualified accountant and they are supported by a Client Manager and an Accounts Assistant. This allows you to have peace of mind that your work will be completed accurately and on time.
We can help you by making sure accounts are prepared in the correct format, statutory books and other company secretarial records are kept up-to-date and that all statutory returns are prepared. We will ensure that HMRC and NHS compliance, and appropriate tax returns are correctly filed. Our experienced team will relieve you of the regulatory burden and leave you more time to concentrate on your core business activities. For more info please visit our Compliance Services page.
Budgeting and Reporting
We help to ensure the implementation of consistent and robust financial controls that help to create a strong business capable of generating consistent returns. We enable business owners and practice management teams take considered decisions with clarity gained through easily understood management accounts and financial reporting.
Onyx will identify the optimal revenue balance from private and non-private patients by implementing management accounting processes.
For those who wish to ensure their practice returns are sustainable Onyx will manage cash drawings and cost outlays so that all anticipated bills and expenses can be financed now and in the future.
For more information on our reporting packages please see our Management Accounts page.
Payroll Services – Running a payroll can be time consuming, complicated and divert resources from the core activities of your business.
We ensure that the regulations set out by HMRC are being complied with whilst maximizing tax saving opportunities. We offer cost-effective solutions and provide an end-to-end payroll service, whatever the size or complexity of your business.
For more info please visit our dedicated Payroll Bureau Services page.
No matter the size of your business we will help you to understand the tax implications of your actions, in order that you can plan ahead and conduct your affairs in a tax efficient way. We will ensure you are making the most of any tax saving opportunities such as Capital Allowance claims, Research and Development tax credits, and also grant funding.
We can also look into your personal investment portfolio’s which will naturally come with tax implications and ensure you fully understand every aspect and again, see where savings can be made.
Bookkeeping and Software
Ensuring you are following the correct bookkeeping practices and have the correct software in place to record your transactions is very important, especially when you have multiple projects running at the same time. We offer software training on a range of bookkeeping packages. Our team are available to help support you and give training sessions at your convenience.
We are accredited partners with: Kashflow, Dext, Sage, Quickbooks and Xero. We are able to provide the complete service, whatever the size or complexity of your business, or simply provide support when needed. For more information on the different package options please see our Accountancy Software Training Services page.