How to start and run a successful optical practice
Practising opticians have a very delicate job to do. They serve in a field which requires a sound understanding of complex subject matter, very refined skills and compliance with strict rules & regulations.
Things get tougher for those who start their own practice as now it requires an understanding and the proper execution of various business aspects out of which some tied to government regulations. The practitioner has to look after not only the practice but also the marketing, bookkeeping, tax returns, hiring relevant staff and managing the payroll.
From the very first penny you spend, you need to maintain a proper record of money going in and out of your business. And the proper record doesn’t mean the complete listing of all transactions. It, in fact, means the understanding of the nature of a transaction and then recording it in the proper manner. Then all these transactions should flow through a system which leads to comprehensive reports showing the state of business and profit/loss it made in a particular period.
This book aimed at guiding opticians on these very aspects. It is aimed at the understanding and proper management of a successful accounting system in an optician’s practice. This book will start off by discussing a various legal structure for optical practices and their tax and profit implications. Moving on, you will find some information on choosing the right location to start the practice. After this, you will land at a very crucial aspect of starting an optician practice, which is the cost of starting the practice. The chapter will give you sufficient information about common initial costs of a new practice.
The next chapter will discuss various sources from which a practice can draw income, and help you in establishing the direction of your practice.
The management of money is critical to sound decision making which can help in expanding the practice. Proper record keeping helps you in identifying which areas are incurring more costs, which sources are providing more income, which area is being neglected and so on and so forth. Hence, the understanding you will get from financial management and record keeping chapters will help you in managing your finances efficiently.
In the last part, you will find out about VAT regulations for optician’s practice, its rates, methods of calculation and other relevant information.
Overall, this book will give you a comprehensive overview of the accounting system for a successful optical practice.