Increase Investments for Revitalized Revenue | Accounting For Dentists

Best Dental CPA

Like most businesses, dental practices are not immune to the effects of the economy, and, lately, the pandemic. Peaks and valleys in revenues are normal. Any time revenues begin to inch down, many practice owners react by cutting back on the line item they think is most expendable: Marketing. This is almost always a mistake. 

When you cut your marketing budget, you effectively slam the door on new patients, and you reduce your potential revenue. If you are new to the profession, you may not realize how closely linked marketing and revenue are. 

The competition for patients is too fierce to stop marketing your practice — the kind of marketing that is tailored to the people you want in your chairs. Your practice might be near a school and benefit from drawing young families who like convenience. You might want to advertise your excellent restorative work to a retiree-rich zip code or teeth bleaching and veneers to young professionals. How do you reach them? 

Today’s businesses cannot survive through word of mouth and referrals alone. Your practice needs to attract new patients on an ongoing basis, not just in the weeks following a postcard blast or mass email. A scattershot approach is a waste of money. You want to capture potential patients’ attention week after week, month after month. It takes at least seven exposures for them to remember you. This is especially true with a profession that still, unfortunately, invokes fear; it is imperative that you establish trust.

In addition to attracting new patients, you need to solidify and maintain the loyalty of your existing patients. It is important to keep them looped into any specials you want to run, new services you offer, and the latest developments in the dental world. Social media marketing can be just the solution.

Consistent, effective marketing keeps you top of mind.

When your marketing budget increases, stronger revenue follows. Several factors influence how much your practice should allocate to marketing, including these:

  • Are you a new practice? You may need to invest more until you have established a solid patient base.
  • Do you want to maintain growth for your established practice? Compare your current rate of new patient acquisition to the number of patients lost annually to determine how your current budget is performing.
  • Is business stagnant or decreasing? Consider investing an additional 5 or 10 percent above your current marketing budget, at least until the trend reverses.
  • How competitive is your local market? Higher competition requires greater investment to grow business. You must find, build on, and market your differentiator — and not stop. 

Can you still afford to market your dental practice in leaner times? You can’t afford not to. For customized advice regarding your marketing budget and business growth, contact our Dental CPA Baltimore office today.

Schiff & Associates, CPA
Phone: (410) 321-7707
100 West Road, Suite 410
Towson, MD 21204

Tax Time: Why File With an Accountant? | 21204 Dental CPA

21204 dental CPA

When it comes to tax time, having a professional Dental CPA Baltimore on your team is important to protecting your investment, and ensuring the health and longevity of your practice. Before you consider taking shortcuts, stop and consider the consequences. Here are a few of the many reasons you should work with a professional accountant.

Dental accountants understand tax code. Tax code is not only complicated; it changes frequently. Interpreting and staying up to date on the current codes is a full-time job. As a dentist, you are busy enough running a practice without having to stay abreast of shifts in tax law. Accounting software may not help you take all the deductions that you are owed. Hiring an accountant who understands how dental practices operate is a wise investment. It can offer you with extra peace of mind every April 15. 

Dental accountants know how to get you more deductions. Everyone wants to maximize their deductions, but only a professional financial expert can get you everything you are legally owed. Don’t leave money on the table and don’t overpay the government.  This is exceptionally important advice for small businesses, including most dental offices. Partner with an experienced dental accountancy firm to offer advice, analysis and help with preparing quarterly estimates.

Dental accountants minimize your risk. Taxes are one area in which you don’t want to cut corners. One innocent mistake can unleash an audit and cause potential trouble. If you run into such a scenario,  you could wind up paying far more than you would have if you worked with a professional from the beginning. If your practice is an S Corporation, penalties bleed into your personal taxes and can have damaging repercussions on your family’s finances. Working with a Dental CPA Maryland throughout the year offers protection. Your accountant can ensure that you have your tax-related paperwork in order year-round. Accurate documentation ensures you will receive all allowable deductions and minimize errors.

Small business owners and entrepreneurs are risk-takers; it’s how they succeed. But risk has limits. Don’t jeopardize your dream by cutting corners on one of the most important tasks of the year. Work with a dental CPA and allow yourself the peace of mind to protect what you have worked so hard to build. Choosing the right Dental Accountant Baltimore firm is critical. You want one that puts your interests first, helps you with long-term strategy, and offers analysis and advice.

Schiff & Associates, CPA
Phone: (410) 321-7707
100 West Road, Suite 410
Towson, MD 21204