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How Precision Advantage helped Your Smile Dental stay on top of their bookkeeping

When Paul McMillan set out to open Your Smile Dental six-and-a-half years ago, he knew he’d need a bookkeeper. As a private dentist offering a complete range of general dentistry, hygiene, cosmetic dentistry and orthodontic services, he was already going to be busy providing his clients with high-quality dental care that enables them to maintain their smile and feel confident about their oral health.

Paul recognized that there was no way he would be able to do the bookkeeping himself while running his growing dental practice. While researching different bookkeeping options, Precision Advantage was recommended to him.

Paul says he decided to work with Precision Advantage because Felicity Mathews, director at Precision Advantage, was able to answer all his questions. He knew going into the conversation what he needed for the future of his business, including a payroll system, monthly activity statement, and an ability to liaise with his accountant. Felicity offered all that as a package. Additionally, she advised Paul on what would suit him as his business grew.

“It’s an excellent partnership. Even when I need troubleshooting I can contact Felicity or her company. The system flows smoothly. They ask what we need, we let them know, and they tell us what they suggest. It’s a working partnership. I couldn’t think of not having their company with us.”

After starting out with two treatment rooms, now six treatment rooms are in full use, and Paul says Your Smile Dental is operating at full capacity. Precision Advantage takes care of a long list of activities that otherwise would take up Paul’s time. These include

  • Daily banking reconciliations
  • Patient payments
  • Daily banking
  • Monthly management reports on profits and losses
  • Liaising with Your Smile Dental’s accountant
  • Data entry
  • Accounts payable and supplier reconciliations
  • Monthly and quarterly ATO activity statements
  • Superannuation compliance
  • Weekly reporting to keep on top of their obligations.

“I don’t have to do it. I meet all the legal requirements, my ATO submissions are on time, all activity statements and BAS are on time. They’ve taken care of the need for me to have an accounting department onsite. We’ve been able to outsource that area of our business and it works well. They can be anywhere and so can I because I don’t need to physically be with them.”

Precision Advantage also keeps an eye on the books so if they notice anything suspicious or out of the ordinary, they can alert Paul right away, which happened once when they caught fraudulent activity on his statement. It’s an added layer of protection that gives Paul peace of mind that suspicious activity will be noticed and dealt with for him.

“Their knowledge of finance is quite good and they’re up to date with changes in ATO. It’s not just financial activities, they also help with HR, so I go to them for HR advice. They’re professional, but personal. It suits my business. Also, their price is great.”