Boosting Your Practice’s Profitability | Best Dental CPA

21204 Dental CPA

Have you ever wondered how you can maximize your practice’s return on services and recoup some of your capital? Our Dental CPA Maryland provides strategies to help boost your office’s profitability. 

How to Optimize your Dental Practice

Reviewing your production reports and ensuring procedures are in place can help save time and money. If a procedure is charged incorrectly, it can increase costs over the course of a year.

If possible, adding high-dollar procedures to your practice such as endodontics, teeth whitening, and other cosmetic services can greatly boost your bottom line. Training dental hygienists in various procedures, such as soft-tissue management and whitening, can also maximize a dental practice’s profitability.

Build a Great Dental Team

In order to recruit and hire the best possible candidates, it is worth paying above-average wages to experienced people in the field. This avoids high employee turnover, which can become costly. A friendly and knowledgeable dental team will also help with patient retention.  

Facilities and Equipment

If possible, purchase all your dental and office equipment, rather than lease it. This avoids a number of issues including higher retail costs, interest payments, hidden fees, and lease-breaking penalties.

Strive to maximize your office space. If your current patient volume doesn’t allow you to use all your offices, consider subletting either your primary or secondary office space. Another option: Merging your office with another dentist. Done right, it can help you fully utilize your space and reduce overhead.

There are a variety of ways to boost profits and cut costs while owning a practice. To start, focus on your core services, team, and office space. We know opening a practice can be costly and leave many dentists in debt, especially after finishing school. Contact our Dental CPA Baltimore team of dental accountants today for help with managing your budget and ways to maximize your return on investment.

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

How to Choose the Right Dental CPA | Dental Accounting

Dental CPA Baltimore

Hiring a dental specific CPA (certified public accountant) for your practice not only provides greater financial transparency; it’s an excellent resource for making informed business decisions. If you’re considering hiring a dental CPA, it’s important to know what qualities to look for in candidates. The following are important steps in helping determine the ideal CPA for you.

Determine Your Needs

Before you start looking for an accountant, determine why you need a dental CPA. Are you looking for a CPA to help with your financial business strategy? Do you need help with your bookkeeping or filing your taxes? Once you determine your specific needs, you can assess which skills you should look for in a dental CPA.

Ask Around

Colleagues experienced in running their own practices can be a helpful resource in providing advice on this process. Ask what traits they look for in a CPA. With their knowledge in mind, begin conducting your own research guided by your particular needs.

Here are some general questions to ask yourself when looking for a dental CPA:

  • Do they meet my specific needs?
  • Are they up-to-date with their knowledge? Do they use modern software?
  • Are they established and reputable?
  • What dental practices do they currently represent? 

Look for Dental Industry Experience

Many accountants spend a majority of their time working with clients in a vast number of industries and don’t necessarily have specific experience with dentistry. If you are looking for an accountant with dental industry knowledge, contact our Dental Broker Baltimore today. We offer a variety of services to fit everyone’s needs. We look forward to hearing from you.

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

Goal Setting Strategies | Dental CPA Baltimore

21204 dental CPA

No matter how impressive your vision for your practice may be, dreams require hard work and strategic planning. Highly successful practice owners learn to set goals realistically and effectively. Master the skills of effective goal-setting, strategic planning, and assessment to find greater success in your business.

Set Incremental Goals

Start small when setting goals by establishing daily and weekly goals. It can be easy to let ambition take over while you dream of long-term goals. However, you cannot reach your long-term goals without smaller victories along the way. Setting smaller, incremental goals provides the opportunity for you to be in consistent control of your practice. You will know if you miss a weekly goal, and you can then adjust your strategy to make sure your team can stay on track moving forward. If you are only setting quarterly or yearly goals it can come as a surprise when you miss them, or your team might be left struggling to meet them in the eleventh hour.

Make Goals Visible

You and your team need a visual reminder of what your goals are and when you plan to achieve them. Put them up on a bulletin board in the office or include them on your calendar. Write your goals in a place you look daily as a consistent reminder. We all have those back-of-the-mind thoughts or ideas that might be good if implemented, but they are frequently forgotten. Make your goals visible to you and your entire team.

Measure Your Goals

How will you know if you achieved your goal if you cannot measure it? Goals should have a measurable standard. Perhaps your goal is to see a 20% increase in your monthly new patient numbers in a 6 month timeframe. By defining specific numbers and timeframes, your goals will lead to action. Abstract goals are often set and missed. When a goal is clear and measurable, you can more easily create a plan that accomplishes the goal at hand. Once you’ve set measurable goals, make sure you have a cadence for evaluating them. Will you be reviewing your progress weekly, monthly, or quarterly? This timeframe will vary based on the size of the goal and effort needed to evaluate change. 

Evaluate your goal-setting protocol to identify areas of opportunity. Master these skills and you will be on your way to the success you desire.

Contact our dental accounting firm in Towson, MD today to see what our team can do for you.

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

Tax Tips For Dental Practices | 21204 Dental CPA

21204 dental CPA

Annual financial reports show that many Americans overpay on their taxes by a collective one billion dollars every year. This happens when people fail to hire experts who are well-versed in available tax credits and deductions. Considering tax implications, laws and spending before tax season can help you to properly plan and take advantage of credits and write offs available to you.  

There are a number of deductions to consider, including:

  • Charitable Expenses – Depending on the nature of your giving and documentation, you may be eligible for a deduction related to charitable contributions. 
  • Job-Hunting Costs – Whether seeking employment or to recruiting employees, you may have expenses in this category worthy of consideration. 
  • Lifetime Learning Credit – With proper documentation, certain programs may allow for a tax credit. 

Bigger Picture Changes

In addition to claiming credits during the actual filing process, there are a number of big-picture changes you may want to consider in the coming year.

  • Choose the Right Business Structure – An experienced dental accountant in 21204 can help analyze your practice structure and advise you when deciding the business structure of your practice. 
  • Maximize Your Medical Benefits – Any smart tax strategy includes proper management of medical benefits. For example, businesses with employees can take advantage of Medical Expense Reimbursement Plans. These allow you to write off medical bills as business expenses.
  • Choose the Right Retirement Plan – Retirement plans help ensure financial stability and living standards when you eventually retire. An experienced accountant can help you choose between a 401k, defined benefit, SEP, and more to meet your goals.

Tax season only comes once a year, but it’s something any dental professional should be considering long before April. Our experienced accountants can help turn a hefty tax payment into a large return. Contact our dental accounting firm in Towson, MD today to see what our team can do for you.

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

New Hire Onboarding: The 30-60-90 Day Benchmarks | Dental Accountant Baltimore

Dental Accountant Baltimore

One way to introduce a new team to the policies in your practice is through 30-60-90 onboarding. This method uses identifiable goals and metrics in order to show new employees how to integrate themselves into your team. You can successfully bring new team members into your practice and set them on the path towards personal and professional growth. Contact our dental CPA in Towson, MD to learn more.

30 Days

An employee’s first thirty days on the job are essential to building relationships. They are also vital to ensuring he or she knows the expectations of their position. Collaborate with new team members on a set of three or more goals that they can work on during their first month. Emphasize that the focus should be on absorbing as much information as possible.

60 Days

After the first thirty days, your new hire should be familiar with your practice’s routine. They should be able to effectively execute the tasks they learned during the first thirty days. At this point, team members should adjust their focus from learning about daily operations to focusing on contributing to the practice’s mission.

90 Days

By ninety days your new team members should be fully integrated into your practice’s workflow and executing their tasks independently. More importantly, they should be able to take the lead on projects and responsibilities without supervision. When problems arise, your new team members will be able to react and solve them while also being proactive in preventing them from happening again.

How Can You Make An Effective 30-60-90 Plan?

The best 30-60-90 plans take an extra step to look beyond numbers. You want your new employee to think critically as they settle into their new role. With that in mind, there are a number of things you can keep in mind as you create a 30-60-90 plan that will lead your employees to great success.

  • Emphasize the big picture – Think about why you hired this specific person for this role, whether it be to fill a need in your practice or expand your team. Make sure they plan goals and metrics that reflect your overall priorities.
  • Ask and answer questions –  Your new hire needs a baseline understanding of the status quo in order to be effective in their new role. Encourage them to ask whatever questions they need to understand their priorities and direction.
  • Be flexible – Don’t worry about if your new hire doesn’t grasp things immediately. 90 days is a significant length of time, and there is often an adjustment period. Provide constructive feedback and course-correct as necessary.

With proper planning using the 30-60-90 method, you can introduce new team members to your practice and provide them with a baseline knowledge to help you achieve long-term goals. Consistent contributions from every member of your team are vital to making your practice a success. Contact our dental accounting firm in 21204 today to learn more about what 30-60-90 planning can do for you.

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

Financial Freedom is Within Your Reach | Dental Accountant Maryland

21204 dental CPA

Whether you’re starting up a new practice or have owned a practice for years, the financial stress that can come from being a business owner can sometimes overwhelm even the most consummate professionals. Our primary focus at Schiff & Associates, CPA is to help you achieve complete financial freedom so that financial worries and concerns never interfere with your ability to provide the best quality care. 

Below are some tips shared by our 21204 dental CPA you can follow on your own to help build a rock-solid foundation for your practice. 

1. Set goals. Don’t hesitate to dream big. Your practice will only be as successful as you envision it. Setting goals allows you to have a clear ‘ruler’ to measure your success and can help you make better financial decisions in the present. By recognizing that every small decision you make now can have a true impact on the future, you’ll be able to start setting yourself up for success. Your future self and future team will thank you.

2. Have a plan. As the saying goes, “failing to plan is planning to fail.” In order to see true growth, you’ll need to have both short and long-term plans set in place for your practice. How will you allocate new earnings? How is your practice prepared to deal with slow times or another unexpected shutdown? How are you budgeting for new purchases? If you don’t already have answers to these questions, this is a great place to start. Planning for the unexpected and for the future can help safeguard your profitability from being derailed by unplanned expenses.

3. Act wisely. When starting or growing your practice, there can be benefits to taking on strategic debt. However, doing so in a manner that will benefit, rather than hinder your growth requires a firm understanding of the returns you can expect on your investments. Don’t make big purchases without a plan, but instead weigh the potential benefits and risks of all your financial decisions.

4. Stay organized. Disorganization can be the quick downfall of any business. In order to ensure that  you’re not letting anything slip through the cracks, it’s important to have systems in place that will guarantee that no details are missed. In addition to protecting you from unforeseen troubles, efficient organization can also help bring opportunities for improvement to the forefront. 
If you want to take steps towards achieving true financial freedom, [business name] is here for you. Our goal is to make the process of managing and running your practice as smooth as possible, allowing you to focus on delivering quality care to your patients and growing your business. Contact our dental accounting firm in Towson today to learn more.

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

The Business Management Tools You Need For A Successful Practice | Dental CPA 21204

21204 dental CPA

Business management tools refer to the systems, applications, and methods used by dental practices in their day to day operations. These tools are used to ensure that they can keep up with changing markets, ensure a competitive position within those markets, and improve their performance. Many of these tools shared by our dental CPA in 21204 can be used to help manage your operations and guide your practice towards success.

Mission Statements

These are short statements that define what your practice is and identifies your goals. According to Forbes magazine, a mission statement must answer these questions:

  • “What do we do?”
  • “How do we do it?”
  • “Whom do we do it for?”
  • “What value are we bringing?”

Mission statements provide a sense of direction that helps your practice make beneficial decisions and plan for the future. It also gives a clear, defined purpose, and acts as a motivational tool to encourage your staff to work towards a common goal.

Strategic Planning

Strategic planning builds off of mission statements. It is the process of defining a direction for your practice, and making decisions that contribute towards that direction. A proper strategy outlines how your end goals will be achieved by the means you have.

Strategic planning can be simple, and has a demonstrable impact on your practice’s success. Write down your core values, and create a vision of where you want to be within five years. Then determine what the steps are that will help you achieve that vision. Make sure to stress these goals and vision to your staff and explain how they tie in to your mission statement. This will ensure they work towards them every day.

Customer Relationship Management

Customer Relationship Management (CRM) is the act of using data analysis to improve business relationships with your current and potential patients. CRM compiles data from a wide range of sources, including your practice’s website, marketing materials, and social media. Using the CRM approach helps you learn about your patient base and how best to cater to their needs.

The best way to bring customer relationship management into your practice is to invest in a CRM system. These are software programs that can store patient information, record notes about their treatments, and manage marketing campaigns all in one central location. There are many of these systems designed specifically for dental practices, including Curve Dental, Dentrix Ascend, Denticon, and more.  Contact our dental broker in Towson, MD to learn more.

Leadership

You’re more than just an owner of a practice. You’re also the leader of your team. Having quality leadership skills is more than just being able to delegate and hire the right people for the job.  It’s about staying in control emotionally and being consistent in leadership.

It can take a long time to reach a point where you’re consistent, and that’s perfectly fine- but don’t settle for half-measures. Communicate with your team and ask them for suggestions about what you can do to lead better.

All of these management tools and more can help improve the performance of your practice. Our team has resources to help you learn more about business management tools and how to maximize your potential. Contact our dental accounting firm in Towson, MD to find out more.

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

Key Performance Indicators in the Dental Industry | 21204 Dental CPA

Dental CPA in Maryland

Key performance indicators (KPIs) refer to a set of quantifiable measurements used to gauge a dental practice’s long-term performance. KPIs are used by dental offices to measure progress towards tangible goals, such as increasing collections by 20% in a year, or improving patient retention rates by 5%. Using these goals to evaluate specific areas of your practice will show you where you can improve in order to better your financial success. Contact our dental accounting firm in 21204 to learn more.

The Different Types of KPIs

KPIs can be organized into several different types, depending on what area of your practice they affect. There are five categories:

  • Inputs – Inputs refer to the resources used in producing outputs (see below). For a dental practice, inputs can refer to the supplies used during the day, such as tools and cleaning solutions, along with the time investment from the staff.
  • Process – Also called “activity,” these measure the processes used in producing outputs (see below.) For dentists, process KPIs measure the cost of performing procedures, such as how much fluoride is given to a single patient or how much anesthesia is used during a surgery.
  • Outputs – Outputs refer to measurements that indicate the amount of work done and what was produced. In most businesses, outputs refer to tangible products. In dentistry, outputs can be used to assess things like how many patients are seen in a day.
  • Outcomes – These KPIs are more abstract, focusing on accomplishments and impacts. Patient satisfaction and positive retention rates are two major outcomes practices can focus on.
  • Project – Like outcomes, project KPIs are rather abstract. They are meant to answer questions related to milestone progress towards important initiatives. For example, adding a specific amount of new patients via a marketing campaign is a project KPI.

How Can I Use KPIs In My Practice?

One important thing our dental accountant in Towson wants you to keep in mind is that KPIs do not have to be tied to financial data. Outcome and project KPIs can help improve a practice’s relationship with their patients and community. Every aspect of a practice can be analyzed and improved through smart use of KPIs. Establishing them is an easy process:

  1. Write a clear goal for the KPI.  Tie the goal to a key business objective, something integral to the organization’s success. Make sure the goal is strategic, otherwise it will not translate into tangible outcomes.
  2. Communicate the new KPIs to employees. Be sure to not only explain what the goal they’ll be working towards is, but why they’re working towards it. Someone on staff may even have an idea to improve it.
  3. Review KPIs regularly. Use records and hard numbers to track progress. For example, if a process KPI is set to reduce fluoride use to make stock last 10% longer, compare the amount of fluoride used before and after the goal was introduced.
  4. Evolve your KPIs if need be. If the results fall short of expectations, fine tune the goals or change directions entirely. Change may bring about a new, more efficient way of getting to the same destination.

Key performance indicators are an effective strategy to get your practice to where you want it to be. They are easy to define and act upon, making them reliable ways to track progress. For more information on KPIs and how they can be used to grow your practice, contact our experienced dental accounting firm in Towson, MD today for more information.

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

What You Should Know About Your Practice’s Finances | Dental Broker Baltimore

Best Dental Accountant

As the owner of your own dental practice, you’re most likely also responsible for the financial health of your practice. As the leader of your own business, this responsibility probably isn’t one that you would change, but it may be one that you can improve on. Here are a few ways that you can better understand your finances to help ensure your growth and continued success.

Do you Have a Strong Billing Strategy?

Managing the finances of your business means collecting payments from your patients and their insurance companies. Short of hiring an enforcer to collect payments like some kind of dental loan shark, a strong billing strategy can help you receive these payments in a timely and efficient manner. If you struggle to collect payment, take a look at what strategies you use and learn how to help improve the day-to-day functionality of your practice. An accountant may be able to help you create a more powerful billing strategy. 

How Are You Spending, and What Returns Are You Seeing?

By knowing this information about your practice finances, you’ll have a much clearer picture of your practice. From this knowledge, you can make more informed decisions about which expenditures continue to make sense, and which you could most likely cut back on without seeing a large dip in productivity. Understanding your practice’s finances and using that understanding to make better decisions is the main speciality of our dental CPA in Towson, MD. If accounting and handling the finances of your practice isn’t your strong suit, our team is here to help.

Prepare For the Future, Whether it Holds Growth or Decline

You solve problems for your practice every day. This won’t change in the future, but you can ensure that you’re equipped to handle even the most difficult of problems by preparing for the future with your finances.

Setting aside a little money consistently can help you have a large fund when opportunities for growth pop up. This fund can also be used if you ever find yourself in an emergency. Either way, having a financial plan is essential for a thriving business and a stable financial future.

If you’re ready to take your practice to the next level, give our team of skilled accountants a call. We can help with more than just your taxes. Together, we can discuss the current financial health of your practice and devise a plan for growth and a more secure financial situation. Whatever your needs, our expertise is here to help your practice grow. Contact our dental accounting firm in Towson for more information.

Our Dental Accountants Can Help Your Practice Grow | Towson Dental Practice for Sale

21204 dental CPA

As a practicing dental professional and business owner, you have a lot of your plate. With so many competing demands, you may find you struggle to find time for proper accounting. One consideration that can help streamline your practice and give you more time for other priorities is hiring a professional dental accountant. Our team of dental accounting experts in Towson can provide you with the expertise and knowledge you need when you don’t have time to do your own accounting. Of course, in addition to the time saving benefits, there are many reasons why a dentist might need a dental accountant, including:

  • Stay Compliant With Tax Laws. Accounting professionals will keep up on the trends in your industry. Our dental accountant will make sure your practice doesn’t end up paying more annual taxes than you need to. Tax laws are always evolving, and staying compliant with all the various changes can be difficult if you aren’t a dental accountant.
  • Assisting With Retirement Planning. Whether you’re in the first year of your practice or you can see retirement within the next couple years, it’s always a good idea to think about retirement and planning for the future. Having an accountant can help you set goals and plan for your future and the future of your practice.
  • Opportunities to Grow. Eventually you’ll want to invest in new equipment for your practice. As your practice grows, you may consider moving to a bigger office. Our dental accountant will look at your financials and advise you to make the best decision for your practice.

When it comes to running a successful practice, managing your finances is a key concern. If you’re looking to optimize how you spend your time and resources, consider speaking with a member of our team. Our dental accountants in Towson, MD can offer you the expertise and support you need to manage this all-important area of your business so you can focus more on patient care and even take your practice to the next level. If you’re ready to learn more about how our team can help you, schedule your consultation today.

What to Consider When Selling Your Dental Practice | Towson Dental Practice for Sale

21204 dental CPA

Selling your dental practice can be quite an intimidating prospect. You may have numerous questions, such as: How do you make sure the practice you’ve worked so hard to create, or the team you’ve come to love is properly taken care of after you’re gone? When is it too soon to make a decision, or has the time frame already passed? The good news is, the important decisions you’ll face when attempting to sell a practice don’t have to be faced alone. Our dental accountant in Towson is here to help you with expert guidance and knowledge because we’ve helped many dentists just like you create successful transitions. With that in mind, here are a few things to consider when it comes time to sell.

Determine a “why”

It is important to understand why you’re considering selling the practice in the first place. Is the practice underperforming financially? Has it become too much work? It could also be more of a personal reason. Have you lost passion for the business? Are you considering retirement? Knowing why you’re selling is an important first step, especially if it is something that can be turned around or improved. Occasionally understanding the why can change your initial plans before they go too far.

Timing is key

If you’ve fully committed to selling your dental practice and are happy with your “why”, it’s important to look at the timing. Do you have a hard sell-by date? Or will you take your time? Knowing how you want to time each step is an important part of the selling process, and can make or break a deal in the end. Having a date to sell by can increase pressure, and affect the results of the sale. Taking time and assessing when the best time to sell is can take more time, but may be more rewarding in the end.

Consider partnering with outside experts

Personally handling every aspect of the sale of a dental practice can be a full-time job itself, and adding it onto a still functioning dental practice can be an overwhelming situation. Using partners or contacting outside help can make the situation go much more smoothly. It may be helpful to consider contacting a broker to help with closing, or a marketing agency to help you find the right buyer for your dental practice. Adding these resources can save you time and help with your totals in the end.

There are many factors to consider when selling a dental practice. Make sure you take the time to think through all areas that may affect your situation. An important decision like closing a dental practice can have many repercussions and eliminating as many variables as possible will only make for a better sale in the end. If you’re looking for expert assistance in the sale of your business, call our dental accounting office in Towson, MD today and see how we can help you.

How to Be a More Effective Practice Leader | 21204 Dental CPA

21204 dental CPA

At the core of any thriving dental practice is an effective and powerful leader. When a team has direction, intention, and a clearly articulated purpose, they’re able to achieve the desired goals. With that in mind, it’s important to be the best leader you can possibly be. Whether you’re opening a brand new practice for the first time, or have been leading a team for multiple years, there’s always room to grow and our dental accountant in Towson can help.

Effective leaders create a compelling direction.

People work best when they have a set of goals they’re working to achieve, and your team is no different. When communicating, make sure you set concrete and attainable goals for your employees. Make sure they understand why these goals are important, not only to the success of your practice, but to their own personal success. As they work to achieve these goals, it’s important to monitor their progress in order to make sure everyone is performing at an optimal level.

Effective leaders create lasting solutions.

When an issue inevitably arises in your practice, how will you address it? If your solution is a temporary fix, it will only lead to more headaches and struggles for your team later. The difference between a leader and a follower is that a leader won’t settle for a quick fix when they know their team is capable of more. Just like in dentistry, it’s important to treat the root cause of the issue, rather than just the symptoms themselves.

Effective leaders know when to be flexible, and when not to be.

Many new leaders make one of two mistakes. They either allow their team to walk all over them, giving in to any demand or complaint, or they take the opposite approach and refuse to change anything. Both are disastrous and will derail the success of your practice. There are times when you will have to go with the flow, making adjustments based on what your team and your practice needs. These changes can affect everything from your systems to your leadership style. However, there are also times when you must push your team and your practice forward.

Effective leaders understand when they need support.

Oftentimes, leaders believe that they need to handle it all themselves, having the weight of the entire practice on their shoulders. This isn’t the case. When you lack the time or expertise to complete a project at a high level, it’s more than acceptable to ask for outside help. If your accounting skills are holding you back from a greater level of success, our team is here to help you with expert accounting services. We know how to leverage your finances to help you achieve your goals and stay on track. Contact our dental accounting office in Towson, MD for more information.

Can Your Practice Weather a Financial Storm? | Certified Dental Accountant Towson MD

21204 dental CPA

One of the core financial planning tenets is the need to establish an emergency fund. Having a financial safety net is essential, especially today when the economy and the world is facing so much uncertainty. Should an unexpected natural disaster, staffing upset, or other unplanned event interrupt the flow of business to your practice, are you prepared to ride out the difficulty?

Defining a financial emergency

The criteria for what constitutes a financial storm or emergency will be defined differently based on each practitioner’s unique circumstances. A large, financially stable practice may barely notice if several staff members suddenly quit. That same scenario could wreak havoc on a small practice. Of course, a fire, flood or other damaging event is likely to be disastrous for any practice if you are unable to see patients and generate revenue for an extended period of time. This is why having a business emergency fund in place is so vital: to help you carry on, make payroll and pay bills until things return to normalcy.

How much should you set aside?

Our dental accountants in Towson recommend saving between 3 and 6 months salary in individual emergency funds. However, these amounts will likely be insufficient for even a small dental practice. There are a number of variables, but here are some questions to consider as you calculate what makes sense for you:

·         What are your insurance limits?

·         How much time will you wait for insurance claims to be processed?

·         What risks are not covered by insurance?

·         How long can your practice survive if you are unable to generate revenue?

·         What would it cost to arrange coverage for staff members who quit unexpectedly?

·         How much are replacement costs for essential equipment that is damaged and inoperable?

Knowing where to start

Many people don’t save for a rainy day because they don’t anticipate financial emergencies until it’s too late to prepare. If you have not begun shoring up your practice against financial storms, now is the time to begin putting a plan in place. An excellent place to start is by scheduling a consultation with our dental accounting office in Towson, MD. We can assess your assets and your risk, and identify vital next steps to ensure your practice is financially secure, no matter what the future holds.

Streamline Your Practice with Better Accounting | Best Dental Accountant

Dental CPA near me

As a dental practice owner, you have a lot on your plate. From seeing patients and managing your staff to staying abreast of trends in your profession, there is not a lot of extra time for balancing the books. Yet, profitability is always a priority, so how can you streamline your practice and create better efficiencies so that your practice can truly thrive? One of the best ways is to hire an accountant who specializes in your area of expertise. Our dental accountant in Towson, MD can offer the following advantages:

1.              Keeping you abreast of industry trends. Specialized accounting professionals will be mindful of trends that impact your profitability. This means you’ll enjoy practice-specific tax advice suited to your practice size and location so you don’t end up paying more annual tax than you should. A specialized accountant is also aware of evolving tax laws and can help you stay compliant and avoid unwanted audits.

2.              Serving as a sounding board. At some point you will probably consider investing in new equipment or perhaps consider an office expansion. Staying competitive requires looking for opportunities to grow. A specialized accountant can consult with you and help you look at various pros and cons prior to making a financial commitment. Having a sounding board for important monetary decisions can help you avoid a poor investment that could cost you in the long run.

3.              Assisting with retirement planning. Even if you see retirement as a long way off, planning ahead can make the difference in terms of your future nest egg. Having a CPA who understands your goals, your business and your target retirement age can free you up to focus on other things, like caring for patients.

4.              Spotlighting best practices. When you engage the services of a dental-industry accountant, you can take advantage of all of their industry know-how. They can share lessons learned from similar practices, connect you with other professionals in related industries, and provide trusted advice about important business decisions.

When you think about streamlining your practice, hiring an accountant may not be the first decision that comes to mind. But you may not realize how much of your time and energy is spent on the myriad of financial decisions and concerns that are inherent in running any small business. A skilled dental-industry accountant may be just the support you need to take your practice to the next level of success.

To learn more about how our small-business accounting services can help your dental practice thrive, contact our dental accounting firm in Towson today for more information.

Safeguard Your Practice with a Specialized Dental CPA | Dental Broker Baltimore

21204 dental CPA

When it comes to managing the financials of your dental practice, you need an accounting professional that employs a high degree of attention to detail. That’s why hiring a certified public accountant (CPA), like our dental accountant in Towson, MD, with dental experience should be one of the first moves you make. 

A dental CPA’s reach extends further than just balancing your financial statements at the end of each quarter. Instead, think of a dental CPA as more of an advisor. Their role is to guide you through the various pitfalls and obstacles that can encumber dentists and their practices. Overseeing point of sale transactions (POS), insurance billing, cash flow, and accounts receivables/payables are just some of the routine tasks covered by a CPA. However, unlike a general accountant, a specialized dental CPA can advise you on industry-specific best practices.

Sound Financial Advice for Dentists

Dentists are not unlike most business owners who typically find it difficult to relinquish control over their office finances. However, a specialized CPA can provide additional insight that strengthens the overall financial health of your practice, such as whether your staffing matches your production levels. They can guide you on timing when it comes to investing in new equipment. Or give you tips on what to do now, to minimize tax payments later. Are you thinking of expanding your building or bringing in another dentist? Dental CPAs provide the extra set of eyes and financial advice you need when making important business decisions where your emotions might cloud your judgment.

Fraud Prevention

Unfortunately, fraud is also a common occurrence in dental practices. Its source can originate both internally and externally. Losses from employee theft or insurance claim irregularities can quickly accumulate into thousands of dollars. If not caught in time, fraud can irreparably damage the business you’ve worked so hard to grow. An experienced, specialized dental CPA is well-aware of the common origins, red flags, and methods associated with such industry-specific fraud cases. Their keen understanding of how to implement fraud-deterrent policies and procedures will help protect your livelihood. Even when no fraud is suspected, it’s a good idea to conduct a risk assessment to gauge the likelihood that it could occur in the future.

A Smart Investment for Your Dental Business

Running a profitable dental practice goes far beyond crunching numbers on a spreadsheet. A specialized dental CPA will be able to listen to and communicate clearly with you and your staff when it comes to goals and best practices. Their intricate understanding of the variables that sway your practice’s production comes into play on a daily basis. 

Partnering with a dental CPA can undoubtedly guide you towards a successful and profitable future in dentistry. Contact our dental accounting firm in Towson, MD today for a consultation.

How to Avoid Becoming a Victim of Employee Embezzlement | 21204 Dental CPA

21204 dental CPA

Let’s face it: As a business owner, you have many responsibilities. Juggling the demands of clients, overseeing staff, and monitoring financial transactions can be overwhelming. That’s why putting safeguards and internal controls in place is so important, to help you avoid the risk of theft from employees. While it may be hard to imagine that the smiling face you hired to greet visitors could be stealing from you, that kind of naivety has cost business owners thousands of dollars in annual revenue. It can be difficult to prevent employee theft, but educating yourself now and putting processes in place to better secure your financial picture can help minimize the possibility of it happening to you. Here are some tips to get you started.

Know Who You’re Hiring
It’s not enough to select a new employee based on their resume or personality. Your new hire will likely be handling confidential information, so anyone whom you consider bringing on board should undergo a professional background check. You should also request references, including contact information from their previous employer.

Learn as Much as (and More Than) Your Employees
Over time, employees may see which clients pay with cash, who writes checks, the average daily and weekly deposit amounts, and how much money comes in from outside sources. This is information you should be familiar with as well. Require that each employee log these details in your accounting software and ask your accountant to help you create a program that includes a check and balance system with daily opening and closing reports. That way, either you or your dental accountant in 21204 can run and analyze these reports—never an employee.

Delegate Shared ResponsibilitiesNo individual in your office should control any financial process from start to finish, so make sure you establish and implement a team approach to these tasks. This will let you know who recorded which transactions and create a higher degree of accountability among your staff.

Look for Common Red Flags

You should always keep an eye out for common indicators that an employee might be stealing from the practice. Pay attention if someone on your team is suddenly spending beyond their means, is always the first in the building and last to leave, or is overly protective or secretive of their work.

Schedule an Outside Audit

Serious financial damage can add up quickly if you’re the victim of embezzlement, so it’s important to periodically hire an outside accountant to review your finances and look for irregularities. He or she will be able to monitor your employees’ work and catch errors, mistakes and theft.

If you notice that the numbers in your business aren’t adding up, it’s best not to tell anyone on your staff since the suspect could find out and destroy incriminating evidence.  Instead, talk to a trusted CPA first so they can put a fool-proof process in place to catch your thief and get your money back in your business where it belongs. If you have any questions or would like to schedule an appointment to learn more, contact our dental accounting office in Towson, MD today.

4 Money-Saving Tips to Keep Your Dental Practice in the Black | Dental Broker Baltimore

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Running a profitable dental practice requires a significant investment of both time and money. Regardless of the size or age of your office, you have ongoing overhead and expenses related to things like:

  • Instruments, tools, and equipment
  • Marketing
  • Office rent or mortgage
  • Utilities
  • Staffing and payroll
  • Insurance
  • Technology and software
  • Building or equipment maintenance

With so much to keep up with, you might be wondering if there are tangible ways you can actually save money while continuing to help your practice grow. Here are some proven accounting tips that can get your dental practice headed in the right direction:

  1. Select the right software: Choosing accounting software customized for your practice can help you accurately assess and track your expenses and revenue. While there are several “good” programs out there, you might not be getting all of their intended benefits unless you’re using a system designed specifically for your field of business.
  1. If possible, automate patient interactions: Web-based portals allow patients to interact with your office online, 24/7. Utilizing such technology can save you and your staff significant amounts of time when it comes to appointment scheduling, answering the phone, accepting payments, or addressing simple billing questions. Once perceived as impersonal, online portals are increasingly becoming a preferred service by most patients because of their convenience.
  1. Track your marketing efforts: Marketing your practice is essential for attracting and converting prospective new patients. The question is, are you analyzing your efforts to ensure that you’re getting the best return on your investment? If you aren’t sure what your ROI is, it will be impossible to know if your marketing budget is being invested wisely or simply wasted altogether. 
  1. Hire a professional so that you can focus on what you do best: Investing in a professional dental accountant may feel counterintuitive if your goal is to cut overall costs, but in many cases, hiring a financial advisor can help you find, make, and keep more of your hard-earned money.

The accounting needs of a dental practice are detailed and complex. While there are reliable do-it-yourself programs designed to make small business accounting easy, there are additional benefits that come with hiring an accountant who specializes in dental practice operations. Contact our dental accounting office in Towson, MD today to learn more about how our small-business accounting services can help your practice thrive.

Does Your Practice Really Need an Accountant? | Dental Accountant Maryland

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In many ways, we rely on the internet to solve our problems and answer all of the questions we ever have, instantly. The internet is such a useful tool, that more doctors are beginning to turn to it for their accounting needs, making it seem as if an accountant really isn’t all that necessary.

But while the internet can be an extremely useful place, don’t be fooled. The internet can’t solve everything and your practice really does still need an accountant.

Our accounting team doesn’t just crunch the numbers. We have years of experience and education that allows us to explain your financial statements. In turn, we help you understand those statements in order to truly grasp the ins and outs of your business. These insights can include useful information on cash flow and any recognizable patterns, how your inventory is being managed, whether the pricing of your services is reasonable, and even your business financing. 

From those insights, we can help you analyze which areas are ready for growth, what changes need to be made and how you can create a plan for continued success. In short, an accountant gives you the resources and guidance you need to make better, more informed decisions for your practice. The internet might be able to help you in some ways, but it can’t provide the level of depth and personalized understanding of individual situations that we can.

Accountants are also great for all the roles they are usually associated with. We can provide expert advice and oversight on aspects of your practice finances, such as payroll and estimated tax payments.

We work efficiently, avoiding costly errors that someone with less experience could make and we make sure that everything is completed fully and on time to help protect you from audits.

Hopefully, we’ve convinced you of the benefits an accountant can have for your practice. If so, get in touch with our dental accounting team in Towson, MD and have a conversation about how we can best serve your practice and financial goals.

Bookkeeping Basics to Help Your Practice Thrive | Certified Dental Accountant Towson MD

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As a small business owner, you likely wear a lot of hats. When it comes to managing your office finances, you’ve likely realized that there are many tasks that demand more time and attention than you have to offer. While there are reliable software packages designed to streamline do-it-yourself small business accounting, there are also numerous benefits associated with hiring an accountant trained in your practice field. For example, a skilled accountant:

Understands your industry. Specialized accounting professionals will stay abreast of trends that impact your profitability and bottom line. That means they can offer you practice-specific tax advice to make sure you maximize your annual tax savings. They are also knowledgeable about new tax laws so you stay compliant in your ever-evolving field.

Can offer advice on equipment purchases. Investing in the latest technology and equipment is an important part of keeping your practice on the leading edge. A specialized accountant can advise you on the financial benefits and liabilities associated with these types of investments, so you can make informed choices that save you money in the long run.

Is trained to help you see the big picture. Industry-specific accounting professionals can provide useful comparisons that benchmark your practice against other similar ones. This kind of insight can help you make informed choices when it comes to hiring, adding products and services, or expansion decisions that require a financial investment.

Can assist with retirement planning. If you are self-employed (and many dental practitioners are), responsibility for retirement planning is solely up to you. A good CPA can advise you on the right types of plans for your situation and help you strategize on your long-term financial goals.

Is connected with other industry professionals. Perhaps you want to purchase a larger facility or add a partner to your practice. A specialized accounting firm can connect you with banking professionals or loan officers who understand the nuances of your field, and also advise on business structure best practices when it comes to creating a partnership agreement.

Accounting for a dental practice encompasses so much more than simply preparing an annual tax return. A skilled small-business accountant can offer sound business advice, help analyze the financial health of your practice, provide long-range financial planning, and guide you toward business decisions that keep you in the black. To learn more about how our small-business accounting services can help your dental practice thrive, contact our dental accounting office in Towson, MD today for more information.

Common Characteristics of High Performing Teams | Schiff Dental CPA

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Teamwork makes the dream work, or so the saying goes. With a team of rockstars behind you, your practice can truly soar into the success that you envisioned when you first started your own business. However, creating that amazing team can be more difficult than you may have thought. Even if you have the right people, there may be something that is holding them back from reaching their full potential. Look at this list of common characteristics of high performing teams. Which ones are your team performing well on? Which do they lack? By comparing this list to your own, it may just give you the insight you need to reach the next step.

No Individual Member is More Important than the Team:

In any business, there are going to be some members of the team that are in positions of power. However, this should not make them more or less important than any other member on the team. When your team knows that they are all equals working to accomplish the same goal of success for your practice, it can help create a team that relies on the necessary people to get the job accomplished.

Each Person Carries Their Own Weight:

It’s important for every team member to be performing optimally in their own role. When one person is falling behind, the rest of your team can struggle to pick up the slack while maintaining their own work. Ultimately, what this characteristic boils down to is mutual respect. If you have a team that respects each other, they’ll be working to ensure everyone has what they need in order to do their job as best they can. Without that respect, it’s likely that people will be performing the bare minimum in their role.

Trust:

As important as mutual respect is the level of trust your employees have in each other. When you have a team that trusts one another, it allows for strong cohesion, conflict management and natural agreement when issues arise. Cohesion built upon trust means that every member of your staff is working towards the same goals, knows how to work together, and can make the right judgement calls when problems arise.

Understanding Limitations:

Some of the best teams know when it’s time to ask for outside help. Whether it’s a task that your team may not have the experience or knowledge to fully complete, or the workload seems to be simply more than they can handle, outside assistance or perspectives are nothing to be ashamed about and can help your team succeed at a higher level.

If you and your team require help with tax prep, retirement planning, or any accounting related service, we are here for you. Contact our dental accounting office in Towson, MDtoday and let us know how we can help. 

The Power of Feedback in Improving Workplace Performance | Dental CPA Baltimore

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The exchange of feedback between leaders and their teams is an almost non-stop process. Official, or not, good leaders are as willing to listen to feedback as they are giving it out. Feedback is one of the most important aspects of improving performance, and yet it can be one of the most difficult things to hear. Very few people enjoy viewing themselves in a critical light. Below, we’ll outline some of the best ways to not only get constructive feedback, but also how to handle feedback for optimal benefit when it comes.

Don’t Be Afraid to Ask For It:

People will often assume that if something is wrong, they’ll be told and corrected. While in a perfect world, this may be the case, it is unfortunately not the reality. When you directly ask for feedback, you give your employees and your leaders the opportunity to give you valuable insights into the operations of your practice. Without asking, you may be missing out on mistakes being made, or innovations that have changed operations for the better. 

Even if the feedback is not received in an official setting (such as an “on the fly” direction) it can give you the ability to bolster your systems and improve your practice. Make sure you ask for that chance as frequently as possible. 

Don’t just React – Listen and Digest:

When feedback comes to us, it can sometimes be difficult to not feel personally attacked – especially if the feedback is critical. The worst thing you can do in this type of situation, would be to react without really considering what the other person is saying. Make sure you hear what them out and think about why they feel the way they do. 

Do your best to stay clear headed and ask clarifying questions to help you fully understand the other person’s view point. Sometimes, the most positive and helpful feedback can be misinterpreted and turned into a destructive situation. If you need to take the time to digest, think about asking for time to do so. It never hurts to come back and be able to discuss feedback in more detail and from a different perspective. Taking whatever space and time you need will ultimately help you deal with feedback in a more constructive way and help you to understand your practice and your leadership style better. 

Reflection is a Form of Feedback:

A conversation with a manager or employee is not the only way to get feedback. You can also learn a lot about your strengths and potential limitations by reviewing the successes and failures you have had in your position. Is the same failure happening over and over again? It may be time to figure out the root cause of the issue and create a plan to make sure it doesn’t happen again. 

Criticism, constructive or not, can be difficult to hear. Ultimately however, that brief time of difficulty will turn in to large dividends for both you, your team, and the practice as a whole. If you’re looking for constructive feedback from an outside perspective that can help your practice grow, contact our Schiff Dental CPA team. We’ll be able to analyze your strengths and areas for improvement in order to help you bring your practice to the next level. 

Why a Real Dental CPA is Still Better Than Any Accounting Software | 21204 Dental CPA

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As humanity expands ever outward into the digital age, the number of available accounting software that claim to be able to do it all for your practice are only going to increase. While you may be tempted to believe these claims, the truth is this: a real accountant is still better for your practice than any software. Why? We’re glad you asked.

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Contrary to most people’s opinions of accountants, basic math is not our speciality. We allow computers to do most of the math for us in order to save ourselves the time to analyze and interpret the results. 

Any computer can do the work it takes to balance your numbers, but none of them can understand whether those numbers are actually right, or what they mean to the financial future of your practice. Conversely, a dental accountant has the capability to analyze the financial health of your practice by comparing your numbers to benchmarks set by successful practices, tracking progress through past years, and determining proper overhead costs for your practice. 

Our team is also here to help advise you on your goals, and what decisions need to be made in order to meet them. Another pitfall of software programs that many do not realize is that they can only tell you when something is wrong. Most of them are unable to tell you exactly why something is wrong and none of them are able to help provide you with a specialized solution. 

Dental accountants know which financial strategies work in the dental field and which do not, because we have the experience to do so. Not only can we do the math, but we provide support during a financial emergency, or even when you just want to learn how to spend your money more wisely.  

While there is no arguing that these software tools can be useful in the right hands, they are often only as good as the person using them. If an inexperienced individual is attempting to manage all of their finances on their own, it may result in costly errors that could have been avoided with a professional. 

Wherever you are on your career journey, an accountant can help you find success. Help your practice and yourself with professional accounting services from our team. We can assist you with everything from tax prep and minimization to business management, start up services, retirement planning, and yes, bookkeeping. Contact our Schiff Dental CPA today to get started.  

How An Accountant Can Solve Problems Through Creative Solutions | Allen Schiff CPA

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Al Capone was a notorious mobster and crime boss who committed countless crimes either himself or through his organization. However, the crime that finally got him caught and sent to prison wasn’t related to his gangster reputation. Ultimately, Capone was arrested and convicted for income tax evasion. The man who had a seven year reign as crime boss of Chicago ended up being taken down by a team of accountants. 

Maryland Dental CPA

While this story may not have much to do with dentistry, it is a testament to just how important accountants can be to any field. More than just the people who help you with your taxes, accountants are trained to understand businesses and create solutions that others may not think of. Here are just a few of the ways accountants can solve problems for your practice find success.

Understanding Dentistry:

While an accountant of any type may be able to be helpful to your practice, a dental CPA fully understands all the ins and outs of dentistry and is able to use that knowledge to help you. Dental accountants are uniquely qualified to assist you because they understand your issues in the larger context of dentistry and can examine an issue from every relevant angle. They know the business and therefore have a better grasp on will be the right solution for you. 

Big Picture Thinking:

Accountants are known for their analytical minds. When it comes to solving a financial problem in your practice, a new perspective that considers all the widespread consequences may be exactly what your practice needs. This capacity for lateral thinking is one of the reasons why dental accountants are able to make such significant contributions to your practice success.

Creativity:

Difficult problems require creative solutions. While accountants aren’t always respected for their originality, you may be surprised to know that their line of work takes quite a bit more creative flexibility than most believe. Combining their knowledge of the dental field with the ability to bring a unique approach allows dental accountants to come up with innovative solutions that work to meet and exceed your practice’s financial goals.  

While it’s better to have an accountant before trouble arises, we are here to help you no matter your circumstances. If you’re facing a problem that requires a special touch, contact our Dental CPA Baltimore team of professional dental accountants today and find the solution for success you’ve been looking for.

5 Qualities Your Next Accountant Should Have | 21204 dental CPA

Allen Schiff CPA

The easiest way to gage how well your practice is doing is to hire a professional dental accountant. However, not all accountants are the same, and you should know what you’re looking for before you trust your business to anyone. As you research your options, make sure your next accountant has these five qualities.

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Informed

It may seem like a no brainer, but your accountant should be an expert in bookkeeping and accounting specific to the dental industry. Make sure they know the best options for dentists and stay on top of practice related financial details and information. 

Organized

If you’ve tried to do your accounting yourself, you know just how quickly it can turn messy. Hire an accountant that knows how to clean up the mess and keep it that way. Not only will this allow you to reach your goals faster, but it was also help ensure your business is both efficient and compliant. 

Credible

Trust is one of the most important factors when deciding on an accountant. You are often putting your practice, your financials and your life in their hands. In this case, reputation means everything. Find out everything you can about the company and accountant before signing anything. Consider contacting professional references for testimonies.

Responsible

The devil is in the details, and one mistake could cost your practice dearly. Discuss the ways that your accountant would avoid mistakes and stay familiar with your financials. You spend a lot of time familiarizing yourself with your patients, an accountant needs to do the same with your practice. 

Dedicated to You 

The top dental accountants understand that customer service is paramount. Your accountant should go above and beyond to help your practice become successful. Our team knows this to be the case, and gives each of our clients the respect and dedication they deserve. Contact our Towson MD Dental CPA office today and see how a great accountant can help you.  

Top Three Tips for a Profitable Dental Practice | 21204 Dental CPA

Best Dental Accountant

Part of what makes being a dentist so exciting and fulfilling is establishing your own practice. Dentists can work on their own or in a partnership setting. In either case, though, they’re at the top of their business. Being the CEO of a small business comes with responsibilities outside of the appointment rooms. Dentists need to invest time making sure their practices are profitable. This means having a grasp of things like overhead, revenue, and marketing strategies. Here are some of the most important tips to help dental practices become more profitable. 

Maryland Dental CPA

Analyze Your Expenses

This should be the first priority for any practice focused on widening profit margins. Dentists should produce a detailed list of their monthly expenses. This includes equipment, supplies, employee salaries, liability insurance, and rental costs or property taxes. Carefully scrutinize this list for anything that’s not strictly necessary, or that your practice spends an excessive amount on. You may be able to reduce your overhead by cutting down on specific supplies, finding savvy ways to limit your insurance payments, or even writing off more expenses to reduce your taxes. There are myriad routes to pulling down your overhead. They all start with patiently poring over your expenses. Having a certified dental accountant is a great way to make sure this work is done accurately and effectively.  

Establish Growth Objectives 

Businesses without specific goals are often their own worst enemy. That’s because when you lack concrete objectives, you’re more likely to fall into a state of complacency with your company. It goes without saying, of course, that complacency leads to stagnation and lost profits. Dental practices that want to be as profitable as possible should map out where they want their business to be in three months, six months, a year, and five years. Have a clear sense of the number of patients you want to gain within each time frame, and start developing strategies that help get you there.

Master Online Marketing 

In 2019, the majority of people looking for a dentist in their area will use the internet to find one. In fact, statistics show that 90 percent of Americans use internet search engines to find local businesses. That includes dental practices. So how can dentists gain a foothold in these searches and put their practice’s website in front of as many eyes as possible? The answer is online marketing. More specifically, search engine optimization (SEO) marketing. SEO marketing has one simple, powerful objective: get a business’s website and content to rank as high on search engines as possible. In today’s marketplace, where Google, Bing, and Yahoo dominate the way we discover small businesses, this is a critical step in boosting profits.

For expert help in making your business as profitable as possible, contact our Dental Accountant in Baltimore office today. We know how to help your business generate all new levels of success.

Why a Dental CPA Is Your Most Valuable Asset | Best Dental CPA

Best CPA

Dental practices are businesses, and the dentists at the heart of them are CEOs. If you own a dental practice, or are one of several dentists in a partnership-based practice, you should be treating that practice like a business. That means looking for ways to grow revenue, trim overhead, maximize business deductions, and minimize your tax liability. A dental CPA can help dentistry firms achieve all these goals. Here’s how. 

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They’re Specialists

A dental CPA is more than just a generic accountant. Dental CPAs work exclusively with dentists and their practices. This means that they have specialized knowledge that other accountants lack. Dental CPAs have an insider’s grasp of the industry, including expenses, trends, and the best ways to lower a practice’s tax burden. They also understand what new equipment is delivering the best return on investment, and how to save money every year from the depreciation of assets unique to the dentistry field. 

They Can Analyze Your Firm’s Financial Health

The benefits of having a dental CPA go far beyond just getting an advantageous grip on your business’s taxes, though. They can also apply their financial acumen to your overall business model. An experienced dental CPA will be able to look at a practice’s financial reports and determine how it can reduce its expenses and increase profits. They’re trained to recognize financial oversights and areas of inefficiency specific to the dental industry.

Given just a few months to carefully analyze your practice’s finances, a dental CPA will be able to make insightful, actionable suggestions that make an immediate difference. 

Industry Benchmarks

Benchmarking is the practice of comparing a business’s performance metrics with both competitors and the highest standards in the industry. While a dentist in Ohio may have no idea how their practice compares with firms in California, Texas, or New York, a good dental CPA does. They’re thoroughly versed in the industry’s key performance indicators (KPIs). These include metrics like patient loads, profit margins, and the percentage of active patients that are currently under schedule. 

Dentists primarily focused on their patients and the scientific aspects of their profession may have never even considered evaluating their practices in these ways. But benchmarks and KPIs are powerful ways to frame and understand your business. Dental CPAs can leverage those tools better than anyone. Our office offers you expert guidance on all of these financial strategies and more. Contact our certified dental accountant in Towson MD today and learn more about the many ways a Dental CPA can help you.

Retire Confidently With a Dental Accountant | Best Dental CPA

Retire Confidently With a Dental Accountant

There is a saying made famous by Stephen Covey that has stuck with us for years. The saying goes, “begin with the end in mind”. While these words can mean many different things to many different people, to us, they mean that it’s never too early to start planning for your retirement. 

Talk About Retirement with Dental CPA in Maryland

As a dentist with your own practice, your eventual retirement requires a great deal more planning than that of the average person. Hiring a dental accountant can reduce your financial waste, helping you to retire sooner with confidence. 

If retirement planning feels like it’s still a long way down the road, consider what has to be accomplished in order to ensure success:

  • In-depth debt reduction strategies
  • A strong practice exit plan (estate planning)
  • A retirement funding plan
  • Understanding risk management
  • And, if necessary, providing for your family.

It’s never too early to start working your way through this list. In fact, its recommended by most accountants that you meet with your advisor at least once a year to report on your progress and make necessary adjustments. 

Think of a dental accountant like a financial coach. Among the many services offered, accountants can help you find the right pensions, properties, and business opportunities to invest in while you’re still working. As your revenue starts to increase, they can also help you understand where your money is being spent in order to put you in better financial shape once you’re ready to retire. 

When you do retire, an accountant will also help you divvy up your assets while making sure they don’t fall into the wrong hands.

Retirement shouldn’t feel like work. Start building financial peace of mind today with a certified dental accountant. Contact our Towson MD Dental CPA office for more information.

Thousand Dollar Mistakes You May Be Making | 21204 dental CPA

Thousand Dollar Mistakes You May Be Making

Most dentists are experts at what they do. They keep teeth healthy. Many of those same dentists are less experienced in making sure their books are well kept and accurately reflect the financial health of their practice. Both of these skills are absolutely critical to maintaining the longevity of your practice. With that in mind, here are 3 common bookkeeping mistakes that could be costing you thousands of dollars and eventually your entire business.

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Misunderstanding the Difference Between Cash Flow and Profit

Understanding financial reports is no easy task. The complexity can often be confusing for inexperienced people, leading to some costly mistakes. Commonly, a dentist/in house bookkeeper will mistake profit figures for the amount of available cash. This is not correct. As a result of this mistake, dentists make purchases hat incur overdraft fees and charges costing your practice a lot of money. Profits are computed using a profit and loss statement. Cash flow however, is measured using a cash flow equation and factoring in depreciation expenses, inventory, and accounts receivable.  

Accidently Recording Transactions in the Wrong Period

Another common mistake is made as practices “close the books” at the end of each month. As your in house bookkeeper reconciles accounts and prepares your financial statements, transactions from previous periods can be wrongfully entered. If this mistake goes unnoticed, all of your future reports will be wrong as well as you tax documents and cash figures. As you can imagine, that is not good news. Misrepresentation of cash, whether or not it was an honest mistake, can mean a doubling of repair costs and harsh penalties from the IRS.

Not Working With an Experienced Dental Accountant

Trying to manage your financials yourself or hiring and inexperienced bookkeeper can spell disaster for your practice. High tax bills, theft, common cash mistakes and more are all results of an unreliable accounting system. 

Working with a dental accountant can save you time and money by implementing an effective system. Give yourself the peace of mind that comes with knowing you have an accurate understanding of your practice finances at all times. Contact our Towson MD Dental CPA office for more information.

Best Dental CPA | How Hiring a Dental Accountant Can Save Time

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Staff issues, the IRS, practice management, day to day business needs; it can all seem overwhelming. It’s more than likely that you got into the dental field to be a dentist, not an accountant, and even though those are important, we know it might just not be your thing. You don’t have to worry- most dentists feel the same way. But unfortunately lack of interest or knowledge doesn’t let you off the hook. After all, the right accountant can be the difference between your practice succeeding or failing. As your best line of defense against the complex and brutal business world, a specialized CPA can save you not only a great deal of time, but also money.

 Unlike an accounting computer program, a specialized accountant does more than provide basic numbers. Unless you or someone on your staff has a background in dental accounting, you’ll need a CPA to organize and present the data in a useful way. A skilled dental CPA will go multiple steps further than a computer program ever could. Just as you gather information to help treat your patients, your dental accountant will use those reports to evaluate, diagnose and plan in order to keep your business running as efficiently as possible.

The CPA will ask questions and create solutions to problems such as: How is the financial health of you practice? What can we do to minimize taxes and generate more revenue? Is it time to add another dentist?

Services your CPA will provide depend upon your needs. You may only need your tax returns prepared. But if you’re looking for the maximum benefit of a specialized accountant, they can also provide you with added security, tax planning and expert business advice. Remember, an excellent dental CPA can save you both time and money while providing peace of mind.

If you have questions about what a specialized CPA can do for you practice, or would like to begin your search for a CPA, contact Schiff & Associates today.

The New Dentist Names Allen Schiff Best Dental Accountant 2021

The New Dentist, an influential online industry magazine, has named Allen Schiff, CPA, CFE the Best Dental Accountant for 2021. Schiff, president and founder of Schiff & Associates, based in Towson, MD, was nominated by many clients for freely donating his time to helping dental practices understand the impact of COVID-19 — whether they were clients or not. 

“As CPAs we had two choices: to put our head in the sand or walk stride for stride with our clients holding their hands to get through the pandemic,” Schiff told the magazine. “I chose the second route.”

Over the past year, Allen has participated in many ADA and state dental association webinars, informing attendees of the financial aspects of the CARES Act

“They held multiple virtual meetings on evenings and weekends to help me navigate the complex processes, covering PPP1 and PPP2 loans, EIDL loans/grants, state grants, HHS grants, ERTCs and more,” client Eric Morse, DDS, said of Schiff & Associates. “They donated significant hours of their time to give national webinars to dentists at no cost.”

Schiff & Associates has been instrumental in securing nearly $30 million in PPP loans and other funding sources for his clients. 

“Many times, we received Allen’s emails to provide guidance or update us on the constant changes relating to the pandemic and all the PPP/Employer Tax Credit/Grant programs, etc., late at night or … extremely early in the morning at 1, 2 a.m. and sometimes after a few hours at 5 or 6 a.m.,” said client Trang Ton, DDS. “We were way ahead of our fellow dentist friends with all the business, accounting and tax aspects of the pandemic and felt very confident getting back on our feet and on track because of this amazing accounting team.”

Schiff’s nominations also noted his tireless lobbying of the American Dental Association for changes that benefit dentists; his attendance at continuing education courses and sending reports back to his clients; and his longtime role as an instructor at the University of Maryland School of Dentistry and other dental schools on the business side of dentistry. 

Schiff, who is president of the Academy of Dental CPAs (ADCPA), has more than 35 years of experience in dental accounting and practice management. A graduate of the University of Baltimore, he is an accomplished speaker, contributing writer to Dental Economics magazine, and a multiple recipient of the SMART CEO award in the State of Maryland. His firm guides 265 practices across the nation.

Dental CPA in Maryland | Is Your Business Healthy?

Dental CPA Near Me

The definition of success is subjective. However, many can agree that accomplishing a healthy work-life balance seems to be one of the most important ways to achieve success on many levels. By establishing healthy business habits, you can minimize the occurrence of career burn-out. If you’re experiencing career dissatisfaction and questioning the health of your business, consider the following:

Establish healthier habits. Arrive at work at the same time each day. Consistency for yourself and your team can make a difference in creating a peaceful work environment. Dedicate time to work on your business and stick to it. When administrative work, important decisions and other owner responsibilities stack up, it’s common to carry that stress around with you. Eventually it affects your team and patient satisfaction as well.

Know your number. Money is not the root of all evil. It’s also not the solution to every problem. It’s a necessary component to running a healthy business. It’s important to know where you stand financially and have the ability to make smart investment decisions. Before purchasing that $30,000 “high tech solution to all of your problems”, consider how it will truly aid in providing better care for your patients. What will the ROI be? How have others in your situation made this investment profitable? Our team will help advise your major financial decisions. When it comes to your numbers, it’s helpful to know where you stand at all times. We are here for you.

Owning a business can be a very satisfying and rewarding responsibility. It can be difficult to find the time needed to accomplish everything on your to-do list. Prioritize your responsibilities and create deadlines. This alone will help you make the time for the important items that often get pushed to the backburner. Once your priorities are clear, it will become easier to say “no” when necessary and to have the focus required to check off important items.

If you’d like assistance in making wise financial decisions, contact us at Schiff & Associates today.

Allen Schiff CPA | There’s Power in Numbers

Dental CPA Near Me

Being a member of the exclusive Academy of Dental Certified Accountants (ADCPA.org) allows our team the benefit of providing collective experience, national averages and best practices. The ADCPA meets twice per year to learn and grow together. By joining with dentistry’s top dental accountants, we have the ability to expand our service offerings, continually improve our communication and technology, as well as learn about ancillary supporting services which benefit our dental clients.

If considering a general CPA for your dental practice, consider the advantages to hiring an ADCPA member.

When uniting with other top dental CPA’s, our team at Schiff & Associates have the ability to learn alternative ways to serve our clients. We discuss controversial topics and learn where our peers stand in terms of providing the most ethical, and beneficial tax strategies. Having a CPA that is well versed in tax law and is up to date on best practices can save you time and money.

Dental CPAs provide a wide range of dental specific accounting needs. As your Practice grows, your taxes become more complex. Dental CPAs will share effective techniques for maximizing your tax savings. Aside from tax planning and support, we offer proficient insight on current trends and relevant issues that aid in making sound decisions for your business. Whether starting your first practice or managing your established growth, you can rest assured knowing your our team is by your side, providing you with strategic advice, every step of the way.

For more information on how our team will help you, contact Schiff & Associates.

Schiff & Associates, LLC
Email: ASchiff@Schiffcpa.com
Phone: (410) 321-7707 Ext #1205
100 West Road Suite 410
Towson, MD 21204

21204 Dental CPA | 3 Ways to Buy Time: Boost Your Practice’s Productivity with Time-Saving Measures

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Time is your most precious resource. On certain days, managing your time is not just difficult, it is downright impossible. Ask yourself about the strategies you are currently using to organize your day. What other tools could you be leveraging to save your practice’s most precious commodity? Here are 3 methods you can implement to maximize your time.

1. Re-evaluate Your Management Tactics

You can buy time without spending a dime. Employ a new way of keeping track of practice productivity. You can have your team record their tasks for the day in a quick email. Each staff member can quantitatively list their duties, allowing for simple reference later. This cuts down on micromanaging your staff by way of asking, “What did you do today?” Managerial work is difficult to implement after a full day of back-to-back appointments.

You can cut back on daily meetings because you will have a clear picture of what each team member is contributing. Having a list of completed tasks at the end of the day allows for everyone at your practice to be keenly aware of who is to be held accountable for each task.

2. Utilize Apps to Maximize Efficiency

“Lost time is never found again.” Ben Franklin knew this more than 200 years ago, so how can you apply this knowledge to running your practice? There are numerous tools available for your phone that can be a valuable resource for keeping track of your practice. You can benefit from the use of efficiency apps. In today’s world, there is no need to manage all aspects of your business manually.

Take advantage of scheduling apps and software. You can schedule emails to remind patients to book their next visit to your office without having to send it in real time. This can be an indispensable tool for patient retention, by keeping you in consistent contact with your patients. Apps such as these will help you save time and keep track of your practice’s performance.

3. Consider Express Check-In

It is not always your team that is responsible for lost time slipping through your fingers. One late patient can set the whole day off-schedule. Make it easy for your patients to register. Provide compliant forms online for patients to fill out before coming into the office. Saving time at the front desk will help your entire practice run on schedule. Never allow for your practice to earn a reputation of running behind schedule, instead work with your patients to create a smoother, faster registration. Your patients will not want to fill out redundant forms. Rework any documents or forms where possible to prevent your patients from filling out information such as their name and address multiple times.

Successful business leaders are experts at time management. Put methods in place that allow for concrete, quantitative results to measure productivity. Utilize technology to make your life easier and allow your patients to work with you to save time. Don’t get caught watching the sand fall through the timer, take action and rethink your time management strategies.

Schiff & Associates, LLC
Email: ASchiff@Schiffcpa.com
Phone: (410) 321-7707 Ext #1205
100 West Road Suite 410
Towson, MD 21204

Dental CPA Near Me | 4 Simple Ways to Reduce No-Shows

Dental CPA Near Me

Whether your patient is scheduled for a cosmetic consultation, restoration placement, or routine hygiene and screening visit, you want to be certain they will come. When your patient cancels with little or no notice, they delay important treatment and wreak havoc with your schedule. Even one missed appointment per day can lead to thousands in lost revenue in a single year.

Reports indicate that about one in ten patients cancels or skips scheduled dental visits. Consider these 4 easily implemented strategies for reducing your practice no-show rate:

  1. During a patient’s visit, clearly communicate the state of their oral health. Explain what treatment they need, why they need it, and when it needs to happen. Emphasize the benefits of receiving the treatment in a timely manner. Patients who understand the value of their treatment are more likely to remember and return as scheduled.
  1. Ask your patient to choose how their appointments are confirmed. Offer to use text, email, mail, or phone calls, if possible, so they are more likely to receive their reminder. Consider offering your patient the ability to authorize you to contact a spouse, parent, or partner who most often handles scheduling or reminding them of commitments.
  1. Whatever their method of choice, follow through with appointment reminders at least 24-48 hours prior to their scheduled window. If you speak to someone directly during a reminder, choose words that prompt the patient to agree to call if they cannot keep the appointment. Cancellations are less frequent when the patient feels they have made a commitment.

4. Set aside time at least once a month for your team to reach out to patients who are not yet scheduled for their next visit. Use the preferred contact method on file and offer same day or next day appointments, if possible. This has the benefit of both bringing back inactive patients and filling openings left by cancellations or reschedules.

Communication is key in reducing no-shows and reactivating patients. Before implementing new strategies for scheduling, hold a team meeting and discuss your new policies in detail. Be certain that every member on your team is ready and willing to explain the value of treatment, follow up with patients, and support the changes to your systems.

For more ideas that can help your business thrive, contact our office for a consultation.

100 West Road suite 410
Towson, MD 21204

Towson Dental CPA | 4 Ways to Grow Your Confidence as a Business Leader

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The up and down nature of confidence can be exemplified as a business leader because of the stressful nature of maintaining a high-ranking position. Confidence can grow with practice and effort. Here are four ways to grow confidence as a business leader.

Consistency is Key

Rapidly changing methods and ideas can prevent a business leader from feeling confident. The business should work for the business leader, not the other way around. Gaining a sense of consistency and stability with schedules, rules, and realistic expectations can lead to an increase in confidence that the business will run smoothly. Know and understand the key parts of the business, important dates, and the function of each role. You can only become confident in your business operations when you fully grasp the nature of the entire business.

Be Yourself

Being afraid to say what you think can be viewed as a lack of confidence. Speaking your mind, while still having a professional filter, can build confidence as it shows you are part of a team and contributing. Being yourself will also dispel any notion coworkers might have that you are not being a genuine person. Openness and authenticity will not only strengthen your bond with your employees, but are also essential traits for effective leadership.

Be Open to Criticism

Change cannot come from one person alone, and not all criticism should be seen as a slight against you. Listen to feedback from coworkers and customers and tailor that feedback into something positive. Do not let the criticism fester and destroy your confidence, take it and use it to grow as a person. Accepting constructive criticism and negative comments can help increase your confidence. 

Know What You Are Talking About

Fully understanding what you are talking about can help improve your confidence. If you are a business leader, strive to know everything you can about the business and its operations. If you are speaking about a topic, research everything you can about that topic. Become the expert. You will be better positioned to demonstrate confidence when it is clear that you are invested in what you are discussing.

Confidence can not only make or break your career, it can impact the business as a whole. You can take your confidence to the next level, while learning how to prevent situations from arising that can be detrimental to your confidence. 

For a consultation, contact our team.

100 West Road suite 410
Towson, MD 21204

Schiff Client Update, Friday, January 15, 2021

PPP2 Loans – as a reminder, you will qualify for a PPP2 Loan if your Fee Income is down at least 25% or more for any calendar quarter when comparing 2020 to 2019. Your best chances of meeting this requirement are Q2 2020 vs Q2 2019. If you have not done so, you are welcome to use the attached spreadsheet to perform this computation.

Many clients are asking me – “should I apply for the PPP2 Loan”? I would quickly respond with a  “YES” but, I am also respectful to those of you, that are not interested in a “Government Handout”. Whatever your decision is, I will respect it.

How will the PPP2 Loan work? – the rules will be the same as the PPP1 Loan. You must spend the funds within a 24 week period and the allocation of such is still 60% for Payroll Covered Costs and 40% for Other Covered Costs. The PPP2 Loan will equal 2.5x your average monthly payroll for 2019, the same as PPP1.

PPP1 Loans – When should I file for forgiveness? As you may recall, you have 10 months to file for forgiveness from the end of your 24 Covered Week Period. If your Practice is down by 50% or more in calendar quarter comparison from 2019 to 2020, you will qualify for the ERC – The Employer Retention Credit. If this is the case, you should hold off on filing for Forgiveness of the PPP1 Loan because you will need to SAVE some wages from the PPP1 and use them for the ERC computation. I have built a spreadsheet to support this. It is very very complicated and hard to understand, but I will share it with you this coming Sunday at 12 Noon. I am hoping the Banks will program their Portals to allow such information to be entered with the Banks Computers computing such Credit. Let’s be patient and see what transpires.

HHS Provider Relief Grants – Today ( January 15, 2021), the Portal of the Department of Health & Human Services is supposed to open, to allow us to submit various financial information on how you spent the HHS Provider Relief Grant(s). I am hoping in addition to the actual COVID Expenses incurred, the Department of HHS will allow us to use the loss of Gross Revenue. Let’s wait and see what their Portal calls for. We will address this on Sunday too!

Please reach out to your Schiff Team Member for any Financial Information you may need for any of these Government Programs. We are just an e-mail away!  


Finally, I will be hosting a ZOOM Meeting on these topics, this coming Sunday at 12 Noon. Here is the Zoom Link Info:

Allen Schiff is inviting you to a scheduled Zoom meeting.

Join Zoom Meeting – https://us02web.zoom.us/j/84365302687

Meeting ID: 843 6530 2687

One tap mobile
+13017158592,,84365302687# US (Washington D.C)
+19294362866,,84365302687# US (New York)

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Towson Dental CPA | 5 Signs You NEED an Accountant

Have you wondered whether you actually need to have a professional accountant? Here are 5 signs that confirm you do:

1)     You earn over $200,000 per year – Your odds of being audited once you start earning over $200,000 a year increases to nearly 4%. While this may not seem like a large number, it’s actually an increase of over 300%. Having your financials in order in case this does occur is vitally important once you become a high-earner.

2)     You are a business owner or are self-employed – Utilizing the services of an accounting professional is vitally important for any business owner or entrepreneur. Tax laws change annually. The current US tax code has over 7 million words in it. Making sure all of your deductions are included, your assets are depreciating properly, and you are maximizing your tax savings will wind up saving you money in the long run.

3)     You are setting money aside for others – When putting money aside for your children, grandchildren, or anyone you want to take care of, it’s very important to use a financial professional to decide which vehicles to use for tax-deferred or tax-free savings. This includes college savings plans or trusts.

4)     You are incurring large capital gains tax – The key to success in paying big capital gains tax is paying at long-term rates. An accountant can help you with a Qualified Small Business Tax Credit, minimize your taxes, and help you set long-term payment goals.

5)     You are experiencing rapid growth in your business – Not only is keeping your finances up to date time-consuming, it’s also complicated. When you’re experiencing rapid growth, it’s time to call in an accounting professional. Having more customers, employees, and vendors is going to require more paperwork and number crunching and can rapidly become impossible for you to manage.

Contact our team today to learn how we can make your life easier. 

100 West Road suite 410
Towson, MD 21204

PPP2 Loan Applications are now available!

Many of you have inquired about the PPP2 and the application process for such. Just now, the SBA released the PPP2 application. Please click on the link below:

https://home.treasury.gov/system/files/136/PPP-Second-Draw-Borrower-Application-Form.pdf

Please keep in mind, in order to qualify for this next round of funding (PPP2) you must be able to prove your collections were down by 25% or more for any calendar quarter. You must meet one of the following:

  • For all entities other than those satisfying the conditions set forth below, Applicants must demonstrate that gross receipts in any quarter of 2020 were at least 25% lower than the same quarter of 2019. Alternatively, Applicants may compare annual gross receipts in 2020 with annual gross receipts in 2019; Applicants choosing to use annual gross receipts must enter “Annual” in the 2020 Quarter and Reference Quarter fields and, as required documentation, must submit copies of annual tax forms substantiating the annual gross receipts reduction.
  • For entities not in business during the first and second quarters of 2019 but in operation during the third and fourth quarters of 2019, Applicants must demonstrate that gross receipts in any quarter of 2020 were at least 25% lower than either the third or fourth quarters of 2019.
  • For entities not in business during the first, second, and third quarters of 2019 but in operation during the fourth quarter of 2019, Applicants must demonstrate that gross receipts in any quarter of 2020 were at least 25% lower than the fourth quarter of 2019.
  • For entities not in business during 2019 but in operation on February 15, 2020, Applicants must demonstrate that gross receipts in the second, third, or fourth quarter of 2020 were at least 25% lower than the first quarter of 2020.

Next week, the week of January 11th, the Banks will be opening their portals, so you will be able to apply for PPP2. It is my recommendation, you stay with the Bank that satisfied your PPP1 Loan, for they already have your financial information. If you need a referral for another financial institution, just e mail me.

You must apply for PPP2 by March 31, 2021. I would not wait, if you qualify, for these funds ($284B) are available on a first come , first serve basis!

If you need any financial documents to support your PPP2 loan request (Tax Returns, 941’s 940’s, State Unemployment Forms), please reach out to your Schiff Team Member

Finally, and as a reminder, if you qualify for the 50% reduction, that we spoke about earlier this week, please contact us, so we can help you with the strategy surrounding the maximization of the Employer Retention Credit (ERC). Please do not file for Forgiveness of PPP1, until we have chatted.

Dental CPA in Towson | Career Tips for New Dentists

Starting your professional career as a new dentist can be one of the most exciting (and anxious) times of your life. Whether you are beginning your own practice or joining one, there are several important aspects to keep in mind. We have compiled a quick guide that will help you manage your priorities as a new dentist with confidence.

  1. Protect Your Work-Life Balance – While you might be used to a heavy schedule during your years in academia, don’t let yourself burn out. You deserve a healthy work-life balance. By setting expectations and following them, you can enjoy your time with friends, family, or hobbies without feeling tread on by your work schedule.
  2. Know Your Strengths – Your practice should center on two things: what you are compassionate about, and what you are incredible at. Don’t pursue a specialty just to appeal to your community if it isn’t something you are excited about. Focusing on your strengths will bring you more satisfaction in your work as well as higher quality to your service.
  3. Manage Your Debt – Dental school graduates usually have a significant trail of student debt following them. Whether you refinance, make extra payments, or choose an alternate repayment plan, focus on reducing your balance instead of simply paying off the interest. Don’t forget to contribute early to your retirement fund, either. The best time to start saving was yesterday.
  4. Successful Practice Management – A dental practice is a business, and a business needs a strong leader. Dental schools don’t typically prepare you for the financial and leadership elements of your career, so don’t be afraid to seek coaches or consultants. With the right mentor, both you and your practice can succeed.
  5. Continue Your Education – The last advice you want to hear as a new dentist is ‘more schooling,’ but it’s true. Once you have settled in, you should look for new opportunities to hone your skills. There exists a world of workshops, lectures, and courses that can further your passion in dentistry, bring you confidence in your work, and improve the value of your practice.

With the right mindset and plan, you can build yourself up as a new dentist, achieving your leadership and financial goals. If you are considering starting your own practice, our team will be the resource you need to secure your future in success. Contact us today to schedule a consultation.

100 West Road suite 410
Towson, MD 21204

Schiff Client Update, December 31, 2020

PPP#1 Loans

  1. Covered Expenses paid with your PPP#1 Loan will now be tax deductible for money already received
  2. PPP#1 funds will not be taxable income, which means the expenses paid with the PPP#1 funds will be tax deductible
  3. The New Tax Bill, that President Trump signed on Sunday, December 27, 2020, repeals the requirement of deducting the EIDL advance from the PPP forgiveness amount
  4. The EIDL advance up to $10,000 per Practice (or $1,000 per Employee), will not have to be repaid.
  5. The New Tax Bill simplifies the forgiveness process on PPP loans of $150,000 or less. (We have yet to see what that new process or form will be). Please wait to apply for forgiveness, for the Banks are still waiting on updated guidance from the SBA and the US Treasury. Please remember, you MUST file for forgiveness, 10 Months after your 24 week period is up. If you do not file for forgiveness, your PPP Loan , will become a two (2) year Loan payable at 1% interest.

PPP#2 – Second Round of Funding

  1. The SBA will have 10 days (after the New Tax Bill is enacted) to establish regulations for the next round of PPP#2 funding. Thus, please keep in mind that the highlights below are terms we anticipate being signed into law; however, the SBA’s regulations may alter this.
  2. $284.5 Billion in funds will be available through the next PPP#2 loans.
  3. Paycheck Protection Program (PPP#2) offered through March 31, 2021.
  4. Is your Practice eligible for the second round of funding (PPP#2)? Businesses with less than 300 employees who have had a 25% or greater reduction in collections (i.e., gross receipts) in any ONE quarter of 2020, when compared to that same quarter of 2019. For example, let’s assume you collected $100,000 in April 2019, $1000,000 in May 2019 and $100,000 in June 2019 for a total of $300,000 for Q2 of 2019. We will need to compare that to the same quarter of 2020 (April, May & June 2020) to determine if you have a reduction of Collections that are 25% or better. I sense most of you will, since you were closed a good portion of Q2 2020. If so, we will then need further guidance from both the SBA and the US Treasury, as to what criteria will be needed to be satisfied to meet the new requirements of the PPP#2.
  5. I will be working with the ADA in January 2021 as the PPP#2 develops and will be reporting back to you at that time. The ADA has been “off the charts” supporting Dentistry throughout this process. Your membership with the ADA is working for you!!  

Other Key Tax Provisions for Dentistry

  1. Employee Retention Tax Credit: Extended through July 1, 2021; We are waiting on further guidance as to how this work in 2021.
  2. COVID-Related Pay Tax Credits: Extended to March 31, 2021. These are the refundable payroll tax credits for Emergency Paid Leave and Emergency Family Medical Leave Pay that were set to expire on December 31. Please e mail Diane Nelson, CPA, MST at DNelson@schiffcpa.com for further guidance and help if needed.
  3. Charitable Giving Incentive Extended: One-year extension of the $300 “above the line deduction,” meaning you can take this deduction even if you are not using itemizing your deductions on your individual income tax return. Is now $600 if Married Filing Joint (MFJ). Please see note below on giving to the ALS Clinic at Johns Hopkins Hospital in Baltimore, Maryland. Thank you!
  4. Flexible Spending Arrangement (FSA) Relief: Allows individuals to carry over any unused health and dependent care FSA benefits from 2020 into 2021 plan year.

Department of Health & Human Services (HHS)

Many of you received Phase 2 funding from the Department of Health & Human Services. Some of you, even received funding from HHS recently within their Phase 3 funding. As of today, we will have to report to the Department of HHS in January 2021 and again in July 2021 as to how you used these proceeds and what monies were spent on such. As soon as January 2021 begins for Small Business, the Department of HHS will be supplying us with further guidance as to what documents will be needed in order to gain full forgiveness. As of now, please save all documentation (Invoices, Canceled Checks and Credit Card Receipts) for any items you purchased that would qualify for PPE Equipment & Supplies. We will be sending out an updated e-mail with instructions, as soon as the requirements become apparent to us.  

2020 4th Quarter Estimated Payments due , January 15, 2021

During the last Quarter of 2020, we have met with most of our clients. During your 2020 year end meeting, we presented to you, two (2) scenarios with respect to your Tax Position as of December 31, 2020. Please review such, and please pay the 2020 4th Quarter Estimate based on the Column of your Tax Projection that states the PPP Loan will not be taxable. If you have any questions, please contact your Schiff Team Member on Monday, January 4, 2021.

Maryland – LLC’s , Sub S Corporations – Maryland MD 510 Payments due TODAY, December 31, 2020

Recently, the State of Maryland changed their tax laws as it relates, to the State of Maryland Taxes due from Pass Through entities, such as a Maryland LLC, Maryland Partnership and a Maryland Subchapter S Corporation. The new Tax Law, will allow you to pay your State Taxes through your entity, and receive a tax deduction. Please be sure to pay this Tax with Maryland Tax Form 510D. https://www.marylandtaxes.gov/forms/20_forms/510D.pdf. Please pay today, December 31, 2020, if you have not done so.

This only applies to Maryland Partnerships and Corporations, NOT SOLE PROPIETORSHIPS taxed as an LLC!

ALS Clinic at Johns Hopkins Hospital Baltimore – Cindy Schiff

As you have gotten to know Cindy, life was not about her, but about mankind. There will be no better way to honor her life with a contribution to research of the horrible disease of ALS. Contributions in Cindy’s name can be mail to:


Hopkins ALS Clinical & Education Fund
c/o Lora Clawson, CRNP
JHOPC – Suite 5070A 
601 North Caroline Street
Baltimore MD 21287

Or , you can pay on line at >>

https://secure.jhu.edu/form/als?fbclid=IwAR3RvQ3xmUM0vdcXfrcxvOI1XF7h1k5j58ARe8iWPvqtUx38lWl6lyV4QfM

Special “THANKS” to each of you, that have made a Contribution to the ALS Clinic at Johns Hopkins Hospital in Baltimore in honor of Cindy’s Name. I am so appreciative of each you and your generosity. The ALS Clinic in Baltimore, is amazed at the abundance of love as well!  My heart is filled with amazing warmth & comfort….Thank you!

ADCPA PODCAST on PPP Funds & Cindy Schiff & the ADCPA

As most of you know, the ADCPA produces a weekly PODCAST on Dental Practice Management as well as Dental Finance. The December 16th PODCAST was on >>>What Dentists Need to do to Qualify for a New PPP Loan in the Next Round of Stimulus as well as was dedicated to Cindy & her life. If you would like to listen to this Podcast, please click on the Hyper Link below. I am grateful for Art Wiederman, CPA (ADCPA Los Angeles CA) for dedicating the PODCAST to Cindy & her life.

https://blubrry.com/art_of_dental_finance/71634748/what-dentists-need-to-do-to-qualify-for-a-new-ppp-loan-in-the-next-round-of-stimulus/

Additional Coronavirus Response and Relief (ACRR)

This morning the text of the new Additional Coronavirus Response and Relief (ACRR) legislation was released. If the legislation is passed by Congress and signed into law, it will include the following items:

1.  PPP Deductibility – Expenses used to obtain loan forgiveness will be deductible.

2.  EIDL Grant taxability – The EIDL Grant (up to $10,000 received in April 2020) will be tax free and related expenses will be deductible.

3.  EIDL Grant impact – The EIDL Grant will no longer reduce PPP loan forgiveness. Under the CARES Act, if a practice received a $100,000 PPP and $10,000 EIDL, it would be eligible for $90,000 forgiveness and be left with a $10,000 PPP loan. That adjustment is being eliminated allowing for the potential to obtain full forgiveness.

4.  Simplified application – PPP loans of under $150,000 will be eligible for a one page simplified forgiveness application but still must retain documentation and meet the requirements of the program.

5.  2nd Round PPP – If your practice incurred a 25% or greater reduction in collections in any 2020 calendar quarter compared to 2019, it may be eligible for a 2nd PPP loan. Most practices should have incurred such a reduction for the 2nd quarter that includes April – June 2020. We need additional time and guidance to determine if there will be other limitations.

6.  Stimulus payments – Taxpayers with under $150,000 adjusted gross income (married filing joint) or $75,000 (single) will be eligible for an additional $600 stimulus payment or 2020 tax credit.

7.  Meals – Business meals provided by a restaurant paid in 2021 and 2022 will be 100% deductible but still require normal documentation including the business purpose, who attended, and what business was discussed. There is no change to business meals paid in 2020.

It is important to note that even if this legislation is passed without changes, it will take the Treasury Department, SBA, and IRS a few weeks or months to clarify some details. 

This is GREAT NEWS to all business owners! A early Christmas gift before Christmas!  :>)

Next Round of HHS Grant Relief Funds 12/16/20

Today, December 16, 2020, many of you should be receiving the next round of HHS Payments (Phase 3 Payments).  Please check your bank statement for they are ACH into your Business Checking Account. For those of you, that have had your 2020 year-end meeting with us, you may want to increase your Estimated Tax Payments due January 15, 2021, for these funds are taxable. Please contact your Schiff Team Member for any questions you may have. If your 2020 year-end meeting is coming up, we will need this info from you ASAP, so that we remain current.

Towson MD Dental CPA | Claim Financial Freedom

Whether you’re starting a new practice or have been an owner dentist for years, the financial stress that can come from being a business owner can sometimes overwhelm even the most seasoned professionals. Our goal is to help you achieve complete financial freedom so that financial worries don’t interfere with your ability to work well. 

Below are some tips you can follow on your own to help build a rock-solid foundation for your practice. Staying organized and up-to-date with your financials allows you to focus on delivering quality care to your patients. Contact our firm today to learn how we can help!

1. Have a plan. As the popular saying goes, “failing to plan is planning to fail.” In order to see true success, you’ll need to have both short and long-term plans for your practice. How will you allocate new earnings? How is your practice prepared to deal with slow seasons? How are you budgeting for new purchases? If you don’t already have answers to these questions, they could be a great place to start. Planning for the unexpected can help safeguard your profitability from being derailed by unforeseen expenses.

2. Set goals. Don’t be afraid to dream big. Your practice will only be as successful as you make it. Setting goals allows you to have a clear yardstick to measure your success against and can help you make better financial choices in the present. By recognizing the simple truth that every small decision you make now can have a huge impact on the future, you’ll be able to start setting yourself up for success. Your future self with thank you.

3. Be Smart. When starting or growing your business, there can be benefits to taking on strategic debt. However, doing so in a manner that will benefit, rather than hinder your growth requires an understanding of the returns you can expect on your investment. Don’t jump into big purchases without a plan, rather weigh the potential benefits and risks of all your financial decisions.

4. Get Organized. Disorganization can be a killer for any business. In order to ensure you’re not letting anything important slip through the cracks, it’s important to have systems in place that will guarantee nothing is missed. In addition to protecting you from unforeseen troubles, efficient organization can also help bring opportunities for improvement to light. Whether it’s money that could be saved or resources that could be conserved, understanding the ins and outs of your financials can help you to understand exactly how your money is being used.

If you feel that you could improve in any of these areas, our firm is here to help! Our goal is to make the process of managing and running your practice as simple as possible, allowing you to focus on delivering quality work to your patients and growing your business. Contact us today to learn more.

100 West Road suite 410
Towson, MD 21204

Townson Dental CPA | Combat Burnout to Increase Production

Have you ever felt tired, stressed, and overwhelmed to the point where it impacts your production numbers? Burnout can happen to all dentists and their teams. Yes, this includes you. Before burnout starts to significantly impact your practice, you need to know how to recognize it and how to manage it.

Identify Signs of Burnout

If you start to feel unfocused, tired, or bored, you may be experiencing burnout. Does your team lack the enthusiasm they once possessed? When you start to notice these clues and behaviors, take action immediately. You and your team have invested countless hours in building a fulfilling career in dentistry. Don’t allow a temporary period of burnout to cause you to question your work. Instead, it’s time to reinvigorate your attitude.

Identify the Problem Areas

When production numbers begin to slip, look at where your numbers are starting to drag. A dental CPA can help you identify areas where your numbers a falling. When a department’s numbers begin to sink, your team members can start to feel low, impacting the office’s overall morale. Identifying the problem area allows you and your team to find and implement a solution before dissatisfaction spreads.

Identify New Areas to Explore

If you are experiencing burnout, the time may be right to learn a new skill. Sign up for a CE course or workshop on a subject that is new or intriguing. By expanding your skills, you can increase the number of services you provide, which can turn sagging appointment numbers around. Could your team benefit from additional courses? You may want to try selecting a course the entire team can participate in together. Not only will you all be learning new applicable skills, but you will be improving your relationships with each other which will lead to improved morale.

Burnout will happen to even the best dental team. When you start to notice the signs of burnout, don’t wait for things to improve on their own. Be proactive and identify the areas you or the team could improve. Whether it is improving the number of hygiene appointments, or taking a new CE course, take action immediately to combat signs of burnout.

A dental CPA team can help you evaluate areas of opportunity. Contact us today.

100 West Road suite 410
Towson, MD 21204

Maryland Dental CPA | Common Payroll Mistakes and How to Avoid Them

Handling payroll for a dental practice is often thought of as a simple task. The truth, however, is that there are many minor errors that can easily lead to major problems. Train your team to catch these small mistakes your practice might be making, so you can be sure to avoid them in the future.

Estimated Recordkeeping – Don’t wait until the day before payroll is due to log shifts worked for the pay period. Days can begin to blend together and it can be challenging to recall who worked which days and times after the fact. Looking through notes and emails to figure out past days’ activities can be stressful and even inaccurate, leading to incorrect pay.

Employee Misclassifications – There are many differences, at both federal and state levels, between an employee and a contractor. Make sure you classify your team members, temporary replacement workers, and anyone else in payroll correctly to ensure an accurate, streamlined process. Depending on the infraction and your area, heavy penalties can occur for misclassified worker pay.

Not Tracking Bonuses or Gifts – Work trips or group outings are no problem, but any sort of bonus or gift that has monetary value needs to be tracked. Gift cards are a common example of this. Make sure to keep a running log of any exchanges like these for year-end purposes.

Paying Employees Wrong Rates – When employees are hired, given a raise, or have their pay otherwise adjusted, make sure this is correctly logged in the system or software you use. Using an hourly wage in a program to pay as salary can have rounding problems, so double-check your work. Manual error or forgetting to process a raise on the books right away can lead to owing back-pay or other issues in the future.

Holidays or Haphazard Payroll – Try to set a fixed schedule for your payroll. When holidays affect the normal cycle, have an established plan to deal with it appropriately. Depending on your area, missing or late payroll can create tax headaches or incur penalties, as well as causing hardship for your team.

Payroll can be a straightforward and mistake-free process at your practice, but it requires proper oversight and attention. Keep an airtight system, follow up on any mistakes, and think ahead. For more information on how to handle payroll or tax concerns, contact our office.

Towson Dental CPA | Converting Leads into Patients

Marketing is an essential part of attracting new business. Strong print and internet marketing materials can help introduce your practice to potential new patients. Glowing reviews and testimonials tell people that you have a trustworthy team and offer quality care. However, even the best marketing efforts won’t contribute anything to your business if you fail to convert leads into patients. There are a variety of reasons outside of your control that might stop someone from scheduling an appointment at your practice, but it’s important to make sure you do all you can to help motivate people to seek treatment with you. Below are some tips to help your team more effectively sell the value of your service to potential new patients.

Be responsive and available. As a dental professional, you know what it’s like to be busy. Often, your patients have busy lives of their own. Make sure your team is available to take calls as they come and try to offer flexible appointment times to help people work within their limited free time.

Don’t be too pushy. While it’s helpful to be clear about all the treatments offered at your practice, patients are often turned off by overly “salesy” approaches. Take the time to get to know a patient and their needs, goals, and budget before trying to sell them on dental solutions. This will make them feel valued and understood, increasing the likelihood of treatment plan acceptance.

Offer a friendly and welcoming environment. There are a number of people who absolutely dread going to the dentist. Because of that, some potential patients may already have a negative feeling towards you and your team despite no fault of your own. Work to overcome this discomfort quickly by offering a personable and kind environment. Make sure your team greets patients by name and gets to know a bit about them. A little can go a long way.

Don’t lose track of people. Repetition is one of the easiest techniques for cementing something into memory. If a potential new patient contacts your office, be sure to follow up if you don’t hear from them again. You never know the reason they didn’t call back, so taking that step for them can offer a second chance to make a connection and help your practice stand out more in their mind.

Many dentists find it difficult to think about their practice as a business. It is likely that you chose dentistry due to a passion for service and healing, not bookkeeping or sales. Yet nearly any successful retailer will say that the only way to gain business is to give customers what they want, when they want it. Contact our firm for more strategies on boosting new patient numbers and patient retention!

Update – Phase 3 Dept HHS Provider Relief Grant (PRG)

I wanted to reach out to offer some insight into the HHS Phase III Funding Application that I emailed you on Friday October 23, 2020.

This 3rd round of HHS funding will first go to Dental Practices who have not received funding from HHS within the previous two (2) HHS phases. This would include Start Up Dental Practices as well as those Practices that were rejected or did not apply for Phase 1 or Phase 2 Funding. After all applications have been processed AND all entities who qualified for the 2% of net 2019 collection payment have in fact received their payments, there is a possibility of additional payments from HHS if there are monies left over. There are no guarantees.

At this time we do not know how much funding, if any, will be left over to be distributed to practices that have already received their 2% of Net 2019 Collections payment from HHS. We will have to wait and see.

If you are in need of your P & L for Q1 2020, Q2 2020 and/or Q1 2019 and/or Q1 2019, please reach out to your Schiff Team Member. We can also supply you with your 2019 Income Tax Return as well.

BREAKING NEWS: VA Dentists Newly Eligible to Apply for up to $100,000 from Rebuild VA Grants

We are receiving a lot of inquiries with respect to “VA Dentists Newly Eligible to Apply for up to $100,000 from Rebuild VA Grants”. Please see the following email:
https://schiffcpa.com/wp-content/uploads/2020/11/Email.pdf

It is our opinion you should apply for these Grants. Please note, these GRANTS are TAXABLE

If you receive the Grant, it can be used for any of the following:

  • Payroll support including employee salaries, paid sick leave, medical leave, or family leave, and costs associated with the continuation of group health care benefits during those periods of leave
  • Mortgage Payments
    Rental or Lease Payments
  • Eligible Utilities:  Electricity, Gas, Water/Sewer, Telephone and Internet service
  • Principal and Interest Payments for business loans incurred prior to, or during the COVID-19 emergency
  • COVID Related Expenses – (applicants who received CARES Act funds are not eligible for reimbursement of these expenses under the Rebuild VA Grant)  (An example of this would be if you received the HHS Grant)

Here is a complete list of documents needed along with the required documentation:
https://www.governor.virginia.gov/media/governorvirginiagov/governor-of-virginia/rebuildva/RebuildVA-Business-Doc-Requirements_v3.pdf

Examples of Documentation – W-9, Business Income Tax Returns, Most recent Virginia Employment Commission Quarterly Report:
https://www.vec.virginia.gov/employers/VEC-FC-2120

PLEASE NOTE: You will need a DUNS NUMBER for the Completion of the W-9. If you do not have a DUNS Number, you can apply for one here:
https://www.dnb.com/duns-number/get-a-duns.html

Please reach out to your Schiff Team Member if you need any documentation from us (Tax Returns) during the Application Process.

Schiff Dental Clients- HHS Phase 3 – Update October 23, 2020

HHS Grant Relief Fund – Phase 3

Yesterday, the HHS changed the rules yet again, to now include the loss of Gross Revenue during the Pandemic. As a result of this change, we are encouraging clients to file for the additional funding under Phase 3 of the Provider Relief Fund (PRF).

You can apply again, even if you already applied. You can apply if you are a “start up” Dental Practice (January through March 2020). You can apply if you did not receive the proper amount of funding under Phase2. Please keep in mind, these funds are currently taxable.

There will be reporting requirements in the future (July 2021) in order for you to substantiate the funding. If you cannot support the funding, the excess will have to be repaid back to HHS. What can you use the HHS Funding for, besides the loss of Revenue? Here is a list of expenses.

a. Supplies: Expenses paid for purchase of supplies used to prevent, prepare for, or respond to the coronavirus during the reporting period. Such items could include: personal protective equipment (PPE), hand sanitizer, or supplies for patient screening.

b. Equipment: Expenses paid for purchase of equipment used to prevent, prepare for, or respond to the coronavirus during the reporting period, such as ventilators, updates to HVAC systems, etc.                                                          

c. Information Technology (IT): Expenses paid for IT or interoperability systems to expand or preserve care delivery during the reporting period, such as electronic health record licensing fees, telehealth infrastructure, increased bandwidth, and teleworking to support remote workforce. 

d. Facilities: Expenses paid for facility-related costs used to prevent, prepare for, or respond to the coronavirus during the reporting period, such as lease or purchase of permanent or temporary structures, or to modify facilities to accommodate patient treatment practices revised due to coronavirus.

e. Other Healthcare Related Expenses: Any other actual expenses, not previously captured above, that were paid to prevent, prepare for, or respond to the coronavirus.

We are encouraging all clients, to start to maintain a list of Covid Expenses you have incurred within your practice between the period of March 15, 2020 and June 30, 2022.

For additional information on the HHS Phase 3, please click on the following links:

ADA News – October 22, 2020 – https://www.ada.org/en/publications/ada-news/2020-archive/october/hhs-provider-relief-fund-open-for-phase-3-applications?utm_source=DEC_DIQ+Morning+Briefing&utm_medium=email&utm_campaign=CPS201022074&o_eid=5213J4648590B4Z&rdx.ident%5Bpull%5D=omeda%7C5213J4648590B4Z

What is the Provider Relief Fund? – https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/for-providers/index.html?language=es#what-is-the

HHS Webcast – November 2, 2020 – click here to register – https://webex.webcasts.com/starthere.jsp?ei=1392456&tp_key=eddc1773dc

ADA – FAQ’s – HHS – https://success.ada.org/~/media/CPS/Files/COVID/HHS_Provider_Relief_Fund_FAQ.pdf

HHS Client Assistance à If you have questions, please contact the HHS Provider Support Line at 1-866-569-3522 during the hours of operation from 7 a.m. to 10 p.m. CT Monday-Friday.

Schiff Dental CPAs | Medicine for Your Business

The business world often goes hand in hand with stress. Pressures to attract new customers, meet quotas, or increase productivity can make working feel like an unpleasant chore. If you have begun to dread going into the office due to an oppressive atmosphere, chances are strong that you are not alone in your feelings. Turning things around for you and your team may be easier than you think. Consider adding fun back to your business with a daily dose of laughter.

 While the addition of humor to the workplace does not move deadlines or reduce the expectations for performance, it can help create a more enjoyable environment for everyone there. When the office feels fun and engaging, the work feels lighter and more accessible. Scientific studies have shown that laughter relieves tension, boosts the immune system, and relaxes the muscles. Additionally, laughing can increase memory, energy, and creativity and elevate the mood. Every office can benefit from these effects.

There are many ways to inject some humor into your workdays. Try sharing a joke with your team to start the huddle and invite them to bring their own. Post a board in a shared space and challenge everyone to bring a funny image or comic strip to hang. Have a silly shirt day once a week or once a month. Take silly photos or videos of you and your team to share on social media.

Embracing a little more humor with your colleagues and team takes only a small investment of time and can yield large increases in mood, productivity, and worker morale. For more ideas on making your work more engaging, contact our Schiff Dental CPAs.

Dental CPA | Dental Practice Human Resources: FAQs

Whether you manage human resource decisions and concerns yourself or simply oversee your practice manager, as the business owner, you are responsible for ensuring your policies are legal, appropriate, and applied fairly. You may find it useful to take a moment to review a few commonly asked questions regarding aspects of human resources for dental practice owners.

What questions do I need to avoid during interviews?

There are a few basic, even common questions we would not think twice about asking during conversation that are not appropriate for an interview setting. Some of these include:

  • Are you married?
  • Do you have children?
  • What is the origin of your (unusual) name?

While all these questions can be meant to break the ice, they can also lead to the sharing of information about protected class status, such as disability, family status, ethnic or religious heritage, and others. Even if the answers would have no bearing on your decision, these questions can leave you open to a complaint or suit if the position is not offered.

What should I do if an employee refuses to sign their disciplinary action form?

Bring a witness into the room, note the refusal to sign, and have the witness sign confirmation that the disciplinary action form was provided. Additionally, remind the employee that refusal to sign does not nullify the disciplinary action and further infractions can still lead to more serious consequences.

We use software to track the hours our employees work. The program has a function to automatically deduct meal times so the employee does not need to manually clock in and out. Should we use that function?

Before you decide to implement an automatic system of this type, consider the time saved by not manually entering hours. Then compare that to the time lost by entering corrections if a team member misses lunch, returns early, or runs late. If your office rarely deviates from schedule, this may be beneficial. However, if you find that you are making corrections more than once or twice a week, it may be costing more time than it saves.

If you have other questions regarding staffing concerns, contact our office for a practice management consultation.

Maryland Dental CPA | From Dreams to a Reality: Effective Goal Setting

No matter how impressive your vision for your practice may be, dreams require hard work, strategic planning, and a willingness to adapt to make them real. Highly successful practice owners learn to set goals realistically and effectively. Master the skills of effective goal-setting, strategic planning, and assessment to find greater success in your business.

Set Incremental Goals

Start small when setting goals. Establish daily and weekly goals. It can be easy to let ambition take over while you dream of long-term goals. However, you cannot reach your long-term goals without smaller victories along the way. Setting smaller, incremental goals provides the opportunity for you to be in constant control of your practice. You will know if you miss a weekly goal, and you can then adjust your strategy to make sure it never happens again. If you are only setting quarterly or yearly goals it can come as a surprise when you miss them, or your team might be left struggling to meet them at the last minute.

 

Make Goals Visible

You and your team need a visual reminder of what your goals are and when you plan to achieve them. Put them up on a bulletin board in the office, include them on your calendar. Write your goals in a place you look daily as a constant reminder. We all have those back-of-the-mind thoughts or ideas that might be good if implemented, but they are frequently forgotten. Make your goals visible to you and your entire team.

Goals Need to be Measured

How will you know if you achieved your goal if you cannot measure it? Goals should have a measurable standard. Perhaps your goal is to see 10 new patients by the end of each month or to increase the number of referrals by 50% before the end of the quarter. Pick specific numbers and concepts that can be defined in a concrete way. Abstract goals are harder to reach because they are too difficult to define. When goals are measurable, you will know exactly what you need to achieve your desired result.

Rethink the way you are setting your goals for your practice. Your ambitious plans will be successful only if you have a road map to reach them. This is where effective goal setting comes in. Get into the habit of writing down your goals and measuring them. Effective goal-setting strategies take careful planning. Master these skills and you will be on your way to the practice success you have dreamed of achieving.

For more tips on managing your practice, please contact Schiff & Associates.

Dental CPA in Maryland | Finding Opportunity in Hygiene Appointments

What percentage of your total production consists of hygiene appointments? For many dentists, hygiene appointments make up a significant portion of total production numbers. According to a study last year, hygiene appointments comprise nearly one-third or greater of total production numbers for approximately 80% of all dentists.

Hygiene is a significant source of overall production, but is there room for improvement? The same study uncovered a startling statistic – only 17% of dentists indicated that the majority of their active patients are receiving regular hygiene appointments every six months. This means there is a significant opportunity here. Hygiene numbers could increase as much as five times among current, active patients.

What steps can you take to encourage patients to schedule, and attend, regular hygiene appointments?

It is necessary to have an action plan in place. Create a consistent system that can be followed for confirmations. Some practices call or text one or two days prior to the appointment. This can help reduce the number of no-shows. Instill in your team the need to address the importance of hygiene examinations to patients. Most patients are not fully aware of all that goes on during the appointment and view it merely as a cleaning. Emphasize the need for regular oral cancer screenings as well.

Opportunity exists within your practice. Harness the potential that each patient brings with regular hygiene visits.

Boost hygiene production to improve your bottom line. Contact Schiff & Associates for financial insight and assistance.

 

Maryland Dental CPA | How Team Morale Can Make or Break Your Dental Practice

Team morale can make or break your dental practice. It’s a bold statement, but there are several reasons why it is true. The morale of every member of your team impacts other team members, your patients, and over time, even your bottom line. If you want your dental practice to be a success, team morale needs to be a priority.

Unhappy staff are less productive. When a member of your team is unhappy in their job, they work more slowly, are less efficient, and are less likely to “go the extra mile” to ensure a great patient experience. When an unhappy staff member isn’t giving a great patient experience, that patient is less likely to be a repeat patient and unlikely to refer anyone else to your practice. Over time, this could potentially cost you dozens of patients and thousands of dollars.

Unhappy staff make other staff unhappy. When one person is feeling unmotivated, unappreciated, or disgruntled, their attitude affects those around them. Other staff are forced to work harder to compensate for the lack of productivity. One person complaining about being unhappy can hurt the morale of every other person in your office. What starts as a seemingly small problem can quickly gain momentum if it isn’t addressed quickly and correctly.

Unhappy staff are more likely to quit. On the surface, this may seem like a good thing: take the poor attitude and low morale out of the equation. However, the cost of finding, hiring, and training a replacement can be high. Even more, the most common reason why an employee quits a job is that they feel unappreciated and/or unsupported by management. Chances are good that if one of your staff feels that way, others aren’t far behind.

Overcome team morale issues with good leadership. As the dentist and CEO of the practice, you are the primary person your team is looking to for leadership. Hold yourself accountable to your team for following through on your promises. Deal with conflicts as soon as they arise. Have an open door policy that makes your staff feel comfortable coming to you with problems so you can address them before they become unmanageable.

Hold regular effective team meetings to ensure every team member understands their place in your vision for the practice. Recognize individual and team successes. Show appreciation. Ensure that you are supportive of any staff empowered to make decisions. If you need to coach them on a change in policy, do so privately to avoid undermining their authority.

You are the leader of your team. The trust, support, recognition, appreciation, and respect you give to your team is the foundation of your team’s morale. When you create a great working environment, your team morale is high. High team morale creates a better patient experience and greater productivity, which benefits everyone. To ensure your practice thrives, make your team’s morale a priority.

Maryland Dental CPA | How to Prepare for an Audit

The prospect for an audit can be daunting. The best way to combat the stress and anxiety induced with this process is to prepare yourself and your company before it happens. Below are a few tips to keep your stress levels low and your preparations high through the process.

Know what it will entail

If you are unaware of what an audit entails, it is a good idea to do your research and learn about the process. Knowing what questions the IRS examiner might ask or what documents they will want to see can help control your anxiety and show you are well prepared.

Document thoroughly

Get in the habit of keeping up with your primary and secondary tax records year-round to be better prepared for when an audit happens. Staying organized using a personal filing system will help you know where everything is. Be sure to have a digital and paper trail as well incase anything happens to either filing system.

Gather the Information

Before the audit happens, make sure you have all the necessary documentation that will be asked of you to present. If you believe something is missing, you can try to recreate the records as accurately as possible or contact the place where you submitted it to for their records. Since you will have all your documents in one place, lay out the information and label it for the auditor for an efficient process.

Pre-audit compliance report

If you feel overwhelmed or disorganized, get on track with a thorough examination of your financial data to prepare and compile your documents. Our experienced team will help you set up a system and provide you with confidence if facing an audit.

For more information on audits, or addition accounting advice, contact Schiff & Associates today.