Dental accountants help many in the profession with their everyday accountancy needs, but at the moment, a unique set of historical circumstances could have many dentists and trainees considering their long-term future as well.
That is because, following a lack of trained individuals working in the profession, reports now warn of a significant oversupply of dentists in the years to come.
According to the British Dental Association, a 2004 review forecasted that, by 2011, there would be a shortfall of between 3,640 and 5,100 dentists.
Efforts to avoid this have had a positive impact – but now the estimates are for an oversupply of dentists of between 1,000 and 4,000 individuals by 2040.
Preventing this from occurring may mean limiting the number of places on educational courses for those wishing to enter the profession, but either way, existing dentists may well be left with concerns about their own future.
Dental accountants can help you to identify where savings can be made in the short term, allowing you to clear debts or save more towards a private pension – and ensure that, if the profession suffers from excessive competition or a lack of employment opportunities in the decades ahead, you are positioned to weather the associated financial storm.