Dentistry training and industry specific dental equipment go hand in hand. So, while dentist’s work hard to keep up to date with the latest skills and training, it makes sense that innovative dental equipment and technologies should reflect this.
Want to know when you should invest in more dental equipment?
Read more from the specialised dental accountants at Crest to find out.
When is a good time to invest in more dental equipment?
All imaging and sterilisation machines and equipment, dental chairs, 3D printers, software, scanners, suction tools and accessories make up all the important, necessary equipment that keep a dental practice operational.
Over time, through regular and extensive use and when new, optimised equipment is released – upgrades and more dental equipment should be invested in.
Here are some indicators that it’s a good time to upgrade your equipment:
- Equipment is visibly and/or operationally run down
- Maintenance is becoming more frequent and costly
- Dental check-ups and treatment is becoming more time consuming.
The benefits of investing in more dental equipment
The return on investment is quite attractive when investing in more dental equipment.
Here’s a few of them:
- Maintenance costs will be slashed dramatically
- More patients will be able to be treated efficiently at a faster rate
- Patients will appreciate the innovative technology and equipment being utilised, which will only increase word of mouth recommendations and impressive edge to your competitors.
This all adds up to a balanced and flourishing cash flow for your business.
Is business booming for your dental practice? It’s worth investing in more dental equipment and considering hiring more dentists, dental nurses and administration staff to accommodate for this.
Should you buy or lease your dental equipment?
It’s the age-old question that many people ask when it comes to acquiring goods and property – should you buy or lease? Let’s take a look at the pros and cons of both.
Buying dental equipment:
- Purchasing from a seller makes you the official owner of the equipment (unless, of course, you borrowed money from the bank).
- Buying an asset, in the long-term, is often the cheapest option when it comes to out-of-pocket expenses.
- Flexible payment options are often readily available in the form of bank loans and repayments.
- However, be mindful of buying depreciating assets that might not be used regularly, or for long and if you buy with the assistance of a loan, interest rates come into play.
Leasing dental equipment:
- Leasing dental equipment will free up your capital for other purchases or costs.
- It also allows you to get the latest and greatest equipment when it becomes available.
- However, you don’t own the equipment and as such, leasing will likely cost your business more in the long-term.
Talk to your dental accountant about the tax implications for buying or leasing your dental equipment.
Crest Accountants have the dental specific accounting solutions you need to make smart business decisions for your dental practice.
Need industry specific accounting advice for your dental practice?
Contact Crest Accountants today for business accounting solutions tailored to your business.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice.