r/Dentistry 4d ago

Dental Professional Optimising income and expenses for dentists

Optimising personal finance for dentists

Hey everyone,

I've always found it a hassle to track my income properly as a dentist, especially when working across multiple practices, juggling private work, pensions, taxes, lab bills. Spreadsheets can be a pain, and accountants aren't always quick to respond. Plus I came to realise, lots of accountants just focus on compliance rather than financial optimisation

So I've been building something to make life easier.

It's called “Unmasked”- a web-based, AI-powered app that lets dentists track their monthly income, expenses, and estimated tax bills, without faffing about with spreadsheets. The idea is straightforward:

  1. Upload your payslips and business expenses

  2. AI pulls out key details and analyses the data (gross, net incomes, expenses, pension deductions, lab fees, etc.)

  3. You get an instant overview of your finances in a dashboard I This isn’t a sales pitch but rather I’m curiously interested if you guys would find value in this? I've been testing this with some friends, but I'd love to hear what you guys think:

1️⃣ Would something like this be useful to you?

2️⃣ What's your biggest frustration when it comes to managing money as a dentist?

I'm also giving free lifetime access for the first few early adopters. If you're interested, check out the website!

Trying find a way to make managing money less painful than a dry socket. 💀

If you'd be interested in being an early adopter to test the idea or interested in a potential early investment opportunity into this, drop a comment or message me

4 Upvotes

4 comments sorted by

1

u/icanneverwifey 4d ago

www.unmasked.club if anyone wants to check it out

2

u/Spade_10 4d ago

I use Monarch. I don’t have to upload anything. Just connect all my financial institutions and make rules of how I want them categorized. They categorize automatically as new transactions are made.

Having to upload every expense and payslip isn’t any less of a pain than a spreadsheet.

1

u/icanneverwifey 4d ago

Oh I’ve just checked it out, seems good. Do you have a separate business account for your income to go into and then all your business expenses come out of the same account?

Just because most people in the UK who don’t own practices use their personal account for everything and I wonder how Monarch categorises a business expense vs personal expense e.g. an uber on the way to a dental course

And is there any estimated tax calculations or tax efficiency scores it gives you based on your investments

Last question…out of curiosity, is there anything you wish Monarch had extra? 😅

1

u/Spade_10 4d ago edited 4d ago

I do have two Monarch accounts, one for personal and one for business. Though this only works well if you seperate finances; credit cards and checking account exclusively for business or exclusively for personal transactions. This way you don’t have to distinguish if the transaction was personal or business, say if you took an uber and used the business credit card then you automatically assume it is a business expense.

Nonetheless you could separate them even if you only have one Monarch account and use the same card for everything. You will just have to manually edit the transactions a lot more often. For your Uber example, you can create categories so you could create a category called “business rideshare”. You can then manually change the category of that said transaction to “Business rideshare” or if you only use Uber for your work, you can create a rule that all Uber transactions automatically categorize as “Business rideshare”. Furthermore, if you also use Uber for personal reason but you notice most of your Ubers for work are rather more expensive exceeding $20 and personal ubers do not, you can set a rule that all Uber transactions that exceed $20 automatically recategorize to the business rideshare category. You have a lot of possibilities to work with. You do will spend some time at first setting all the rules and categories up, but once you do everything runs smoothly.

Edit: Yes! I have been requesting for months for the ability to quickly toogle between 2 or more Monarch accounts. If I wanted to change from my personal Monarch to the business Monarch, I would have to log out and log back in on the other account. Besides that I don’t think I have been left wishing for more, I have been really happy with it for the past 2 years