1. Adding the Knowledge and Subtracting the Confusion

2. Contents / Agenda Accountant Rap ! & Welcome Finance Team Structure/Roles Finance Team Introductions Dental Partners Overview Business Planning DP Finance Quiz Prizes! Wrap up / questions

3. The Finance Team Welcomes you!

4. The NEW Finance Area (in the making)

5. Finance Team Structure General Manager Finance Manager Practice AccountantsAccounts Payable

6. Malcolm - General Manager General management / commercial Oversee the finance function Involved in acquisitions

7. Aden - Finance Manager Maintaining the daily finance function Reviewing internal controls Daily management of the team Producing monthly accounts and the annual report Analysing the financial results Consolidating the company’s budget & forecasts Annual Audit prep

8. Accountants – Tania, Jodie, Jerri Debtors reconciliation Bank Account reconciliations Commission & Administration Services calculations Management reporting including analytical review and commentary Budgeting & Forecasting Fixed assets reporting

9. Accounts Payable – Annette, Jenny, Joanne 200 invoices per day Enter invoices into Accounting Software (Navision) Reconcile invoices to supplier statements Supplier and practice queries Process supplier payments File invoices appropriately

10. DP Overview O – 61 locations in 5 years An additional 100+ practices in another 5 years $100m revenue now $250m revenue in 5 years Approaching 200 clinicians in DP Approx 500 support staff in DP 4000+ purchase invoices per month

11. DP Overview continued What does all that mean....? Rapid growth and rapid change. All of us are new within 5 years Control of a large company.....cant be hands on Light & flexible 61 locations making up one business You & the Lead Dentist run the practice Partnership

12. Business Planning Business Plan (Vision and Core Strategies) Budgeting.....numbers represent the Business Plan Numbers tell a story.....they are not the story Base line – relativity

13. Budgeting Things to think about: Clinical days Average daily rates Lab Fee rates and consumable rates Admin staff costs (new positions?) Marketing Premises Other Costs Fixed Assets Bottom up v Top down Positive approach v negative approach

14. Business Cycle Business Plan Budget Delivery Operational / Clinical KPIs Results P&L Exceptional Patient Care – Successful Practice

15. Summary Know The Business (the story) behind the numbers Examine the past, understand the present, plan for the future. Numbers are just numbers – it’s the story that is important.

16. DP Finance QUIZ 12 Multiple Choice Questions – 1 mark each 1 Invoice Coding Question – 4 marks 3 great mystery prizes…. ???

17. Question 1 Where should cash and cheques received during the day, be kept if banking cannot be completed prior to practice closure: a) Leave the money in a drawer until it is ready to be banked the next day; b) Put the money in a locked safe place; c) Complete deposit slip, place this with money in a quick deposit bag/sealed envelope and put it in a locked safe place; d) Put the money in an envelope, and write the amount on the front.

18. Question 2 On the 16th of November you discover that an EFTPOS amount of $200.00 you receipted on the 15th of November actually declined, what do you do: a) Delete the payment; and call the patient to bring another card in to process the payment; b) Process negative invoice/refund through your banking bag or banking slip for the transaction on the 16 th November; c) Ring Malcolm Lean at head office; d) Back date the correction to the 15 th November.

19. Question 3 What components make up an official Tax Invoice: a) Supplier name, ABN, date, amount of GST (if any), brief description of sale and indication that the document is intended to be a tax invoice; b) Supplier name, date, amount of GST (if any), brief description of sale and indication that the document is intended to be a tax invoice; c) Supplier name, ACN, date, amount of FBT (if any), detailed description of sale and indication that the document is intended to be a statement; d) Hand written note on a scrap of paper.

20. Question 4 What should you do when you receive a credit note: a) Stamp, code, approve then fax, email and post the original invoice to DPRC; b) Stamp, code, approve then post the original invoice to DPRC; c) Post to DPRC. d) Put it in the bottom draw and forget about it; e) Set it on fire.

21. Question 5 What should you do when you receive a supplier statement: a) Stamp, code, approve then fax, email and post the original supplier statement to DPRC; b) Stamp, code, approve then post the original supplier statement to DPRC; c) Post the original supplier statement to DPRC; d) Put it in the rubbish bin; e) Keep them at the practice to reconcile the invoices you receive.

22. Question 6 On 20 th November a patient was invoiced $150.00 twice for the same procedure, but only paid once. You discover this error on 23 rd November, what do you do: a) Change the date to 23 rd November and process an invoice correction for $150.00; b) Ignore it but make sure to email head office to inform them; c) Process a negative invoice/write off $150 on 23 rd November; d) Delete the second $150.00 invoice.

23. Question 7 What should you do if you receive a supplier invoice made out to a former principle dentist’s business name or a current clinician’s personal name: a) Send to DPRC as per standard procedure; b) Call the supplier to change the name on the invoice to “Dental Partners T/A practice name”, write a note on the invoice then approve and post the original invoice to DPRC; c) Throw in rubbish bin as supplier has used incorrect details; d) Have the dentist call the company and cancel the account. Inform your PSM to contact the company and create a new account with DPRC.

24. Question 8 What should you do with the daily banking report when you print it out at the end of each day: a) Check the cash and cheque figures against what is left over from your float, then email through the report to DPRC; b) Check the report balances then compare the cash and settlement receipts for EFTPOS and HICAPS to the report and file altogether in a folder, then email the reports to DPRC; c) Email reports to DPRC then check the cash; d) Fold it up and make Japanese origami cranes.

25. Question 9 In relation to credit cards, when should you attach a receipt to Smart Data: a) When you feel like it; b) Purchases of $50.00 or more; c) All receipts; d) Purchases of $102.34 or more.

26. Question 10 What additional information needs to be on a lab fee invoice: a) “Good work”; b) Please pay ASAP; c) Treatment date; d) Patient name and clinician name.

27. Question 11 On 5 th October a patient paid the full amount owing for their treatment. A month later on 5 th November the patient complained about the treatment and, as a goodwill gesture, the dentist has agreed to refund the patient, what should you do; a) Process a refund through your PM Software, inform your PSM you have done so and request the PSM to refund the patient; b) Process a credit note adjustment and date it 5 th October; c) Complete a Patient Refund Requisition, print off the patient ledger, forward directly to your PSM and once confirmed by your PSM, process the refund in PM Software; d) Tell the patient it is easier to do a credit in the system and they can use this next time when they have treatment.

28. Question 12 When should you complete a fixed asset disposal form: a) When there is someone you want disposed of; b) When your PSM or awesome practice accountant chases you up for one; c) When you complete a CAPEX for a replacement asset, broken/obsolete assets or for an asset that has been sold; d) Never, because I don’t see any point in it.

29. Question 13 TASK – correctly code and authorise the attached tax invoice. Additional information: Practice name: ABC Dentistry Practice number: 76 Practice alpha code: ABCD Select from the following account codes: 2030 Lab Fees 2040 Consumables 2050 Dental Equipment Repairs 3330 Uniforms 5162 Freight & Delivery 5170 Printing & Stationery

31. ANSWERS

32. Question 1 Where should cash and cheques received during the day, be kept if banking cannot be completed prior to practice closure: a) Leave the money in a drawer until it is ready to be banked the next day; b) Put the money in a locked safe place; c) Complete deposit slip, place this with money in a quick deposit bag/sealed envelope and put it in a locked safe place; d) Put the money in an envelope, and write the amount on the front.

33. Question 2 On the 16th of November you discover that an EFTPOS amount of $200.00 you receipted on the 15th of November actually declined, what do you do: a) Delete the payment; and call the patient to bring another card in to process the payment; b) Process negative invoice/refund through your banking bag or banking slip for the transaction on the 16 th November; c) Ring Malcolm Lean at head office; d) Back date the correction to the 15 th November.

34. Question 3 What components make up an official Tax Invoice: a) Supplier name, ABN, date, amount of GST (if any), brief description of sale and indication that the document is intended to be a tax invoice; b) Supplier name, date, amount of GST (if any), brief description of sale and indication that the document is intended to be a tax invoice; c) Supplier name, ACN, date, amount of FBT (if any), detailed description of sale and indication that the document is intended to be a statement; d) Hand written note on a scrap of paper.

35. Question 4 What should you do when you receive a credit note: a) Stamp, code, approve then fax, email and post the original invoice to DPRC; b) Stamp, code, approve then post the original credit note to DPRC; c) Post to DPRC. d) Put it in the bottom draw and forget about it; e) Set it on fire.

36. Question 5 What should you do when you receive a supplier statement: a) Stamp, code, approve then fax, email and post the original supplier statement to DPRC; b) Stamp, code, approve then post the original supplier statement to DPRC; c) Post the original supplier statement to DPRC; d) Put it in the rubbish bin; e) Keep them at the practice to reconcile the invoices you receive.

37. Question 6 On 20 th November a patient was invoiced $150.00 twice for the same procedure, but only paid once. You discover this error on 23 rd November, what do you do: a) Change the date to 23 rd November and process an invoice correction for $150.00; b) Ignore it but make sure to email head office to inform them; c) Process a negative invoice/write off $150 on 23 rd November; d) Delete the second $150.00 invoice.

38. Question 7 What should you do if you receive a supplier invoice made out to a former principle dentist’s business name or a current clinician’s personal name: a) Send to DPRC as per standard procedure; b) Call the supplier to change the name on the invoice to “Dental Partners T/A practice name”, write a note on the invoice then approve and post the original invoice to DPRC; c) Throw in rubbish bin as supplier has used incorrect details; d) Have the dentist call the company and cancel the account. Inform your PSM to contact the company and create a new account with DPRC.

39. Question 8 What should you do with the daily banking report when you print it out at the end of each day: a) Check the cash and cheque figures against what is left over from your float, then email through the report to DPRC; b) Check the report balances then compare the cash and settlement receipts for EFTPOS and HICAPS to the report and file altogether in a folder, then email the reports to DPRC; c) Email reports to DPRC then check the cash; d) Fold it up and make Japanese origami cranes.

40. Question 9 In relation to credit cards, when should you attach a receipt to Smart Data: a) When you feel like it; b) Purchases of $50.00 or more; c) All receipts; d) Purchases of $102.34 or more.

41. Question 10 What additional information needs to be on a lab fee invoice: a) “Good work”; b) Please pay ASAP; c) Treatment date; d) Patient name and clinician name.

42. Question 11 On 5 th October a patient paid the full amount owing for their treatment. A month later on 5 th November the patient complained about the treatment and, as a goodwill gesture, the dentist has agreed to refund the patient, what should you do; a) Process a refund through your PM Software, inform your PSM you have done so and request the PSM to refund the patient; b) Process a credit note adjustment and date it 5 th October; c) Complete a Patient Refund Requisition, print off the patient ledger, forward directly to your PSM once confirmed by your PSM, process the refund in PM Software; d) Tell the patient it is easier to do a credit in the system and they can use this next time when they have treatment.

43. Question 12 When should you complete a fixed asset disposal form: a) When there is someone you want disposed of; b) When your PSM or awesome practice accountant chases you up for one; c) When you complete a CAPEX for a replacement asset, broken/obsolete assets or for an asset that has been sold; d) Never, because I don’t see any point in it.

44. Question 13 TASK – correctly code and authorise the attached tax invoice. Additional information: Practice name: ABC Dentistry Practice number: 76 Practice alpha code: ABCD Select from the following account codes: 2030 Lab Fees 2040 Consumables 2050 Dental Equipment Repairs 3330 Uniforms 5162 Freight & Delivery 5170 Printing & Stationery

45. ABCD - 76 2040 5162 220.00 15.00 Malcolm Lean 02/03/201 3 There are 8 pieces of information required with this authorisation, points allocated as follows: 3 or 4 correct = 1 mark 5 or 6 correct = 2 marks 7 correct = 3 marks 8 correct = 4 marks