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31 Jan 2016 | Australasian Dental Practice

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Prime Practice introduces the first cloud-based end-to-end financial management solution for dentists

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Prime Practice, the dental management specialists, have signed a landmark deal with Deloitte Private Connect, which will make accounting and financial management of a dental practice easier than ever before.

In an industry first, dentists will have all of their accounting automated and stored securely in the cloud, saving them time and money, while giving them an up-to-date, detailed overview of their business finances. The solution will be available to every dentist and practice, whether or not they are a client of Prime Practice's network, potentially reaching over 20,000 dentists.

Branded Prime Practice Connect, the solution combines the benefits of cloud-based accounting technology with targeted reporting and business advice, to deliver a full end-to-end financial management solution. This includes bookkeeping, accounting, compliance, business advice and management reporting. 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 will simplify and improve the daily management of dental practices, with access to insightful and actionable management reports and dental specific performance analysis tools.

Prime Practice Connect - Key Features

Dashboard – Business overview

  • Dentists will have access to their own business dashboard, including seamless integration of business data, customised displays and metrics that are relevant to their practice.
  • The dashboard will deliver real-time information to assist dentists with the day to day operation of their practice.

Transact – Transaction Management

  • The bookkeeping function will be powered by Prime Practice Connect. The Transact module provides simplified processing of supplier invoices – dentists will send invoices to a dedicated email address and optical character recognition technology will automatically process them into Xero/MYOB/Intuit etc.
  • Streamlined bookkeeping provides information that is accurate, timely and at your fingertips. Dentists will also have access to secure document storage.

Analyser – Understanding and insight

  • Using Fathom, Prime Practice Connect provides access to interactive analysis and reports providing powerful business insight to dentists.

Advisory – Deloitte Private advisor

  • A dedicated Deloitte Private advisor works side-by-side with dental practice clients throughout the year, to help them overcome challenges and capitalise on opportunities in their dental practice.

Pricing – Fixed monthly fee

  • All of the above is available with the convenience of one fixed monthly fee.

Prime Practice's joint CEO, Wayne Shainfeld, said the Prime Practice Connect offering fits well with their range of solutions, designed to help dental practitioners from graduation to retirement.

"Using our knowledge of dentistry and the skills of a market leading professional services firm like Deloitte, allows us to provide a cost-effective solution to dentists that delivers true insight into the financial health of their practices. And, in 2016, there has never been a greater need to ensure a practice has a solid financial base from which to operate.

"The combination of access to real-time financial data and online bookkeeping, a dedicated team of Deloitte advisors, and the support of a Prime Practice coach, will help members of the dental industry identify and capture opportunities as they arise. It will minimise the time dentists spend on administration, thereby giving them more time to spend with their patients."

Deloitte Australia's CEO, Cindy Hook, who penned the deal, said "I am excited about the relationship with Prime Practice, which I expect to be the first of many with industry-wide organisations that are keen to take Deloitte Private Connect to their networks."

Ben Shields, Lead Partner for Deloitte Private Connect, added "The relationship with Prime Practice is a genuine example of how Deloitte Private Connect transforms the way business owners experience accounting services, with the potential to impact dental practices across the country."

About Prime Practice

Prime Practice has been a leader in dental practice management since 1995. The business was created by dentists who wanted to make a difference to other dentists, with a full understanding of the challenges and opportunities that practice owners face. Prime Practice offers dental practitioners and their staff innovative training techniques for optimising the success of their practice. Through specially- designed educational workshops, onsite coaching and consulting, an online platform for video training and web-based reporting to measure and monitor results, Prime Practice helps practitioners implement practice management skills and strategies to increase their practice efficiency and productivity.

About Deloitte Private Connect

Deloitte Private Connect sets a new benchmark for what individuals and family businesses should expect from their accountant: leading cloud technologies and the best of Deloitte at a compelling fixed, monthly price. It provides all the essentials for a business owner to have a real-time view of their financial position and performance anywhere, anytime and on any device including everyday transaction management (processing of supplier invoices and payments, general ledger); BAS activity statement lodgement; Interactive management reporting; Regular meetings with Deloitte Private Connect advisor; Annual income tax return and ASIC company statement lodgement; Digital signatures; Live support; and an Online dashboard.

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