How to Thrive in Your Practice with Bookkeeping Basics | Dental CPA in Baltimore

At Schiff & Associates, LLC, we recognize that the responsibilities of running a dental practice in Baltimore can seem endless. Managing your practice’s finances is often one of the most time-consuming and complex tasks. While there are several reliable software packages available for small business owners who wish to conduct their own accounting, partnering with a Dental CPA in Baltimore offers numerous benefits. Here’s how a specialized accountant can support your practice:

Industry Expertise

Our team at Schiff & Associates, LLC, specializes in the dental industry, staying abreast of trends that impact your profitability and bottom line. This expertise allows us to provide practice-specific tax advice to help you maximize your annual tax savings. We ensure that you remain compliant with the ever-evolving tax laws affecting your field.

Guidance on Equipment Purchases

Investing in the latest technology and equipment is crucial for keeping your practice on the cutting edge. Our specialized accountants can advise you on the financial benefits and potential liabilities of these investments, enabling you to make informed decisions that save money in the long run.

Big Picture Perspective

Specialized accounting professionals can provide useful benchmarks by comparing your practice to similar ones in the industry. This information can guide you in making informed decisions about hiring, adding new products and services, or expanding your business.

Retirement Planning Assistance

As a self-employed dental practitioner, you bear sole responsibility for your retirement planning. Our knowledgeable CPAs can advise you on suitable financial plans and help you strategize to achieve your long-term financial goals.

Professional Network

Whether you’re looking to purchase a larger facility or add a partner to your practice, our specialized accounting firm can connect you with banking professionals or loan officers who understand the nuances of the dental industry. This network can assist you in creating partnership agreements and securing necessary financing.

Comprehensive Financial Management

Accounting for a dental practice involves much more than preparing an annual tax return. Our skilled accountants provide valuable business advice, analyze your financial health, offer long-range financial planning, and guide you in making business decisions that are financially beneficial for your practice.

Contact Us

At Schiff & Associates, LLC, we offer small-business accounting services tailored to help your dental practice thrive. Contact us today to learn more about how our Dental CPA in Baltimore can support your practice’s success.

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

The Best Ways to Plan for Retirement | Dental CPA Near Me

At Schiff & Associates, LLC, we understand the importance of having a solid retirement plan in place, regardless of how long you’ve been practicing dentistry. Planning for your future is one of the most critical decisions you can make in your career. By taking action now, you can create a realistic savings plan that will allow you to enjoy a comfortable retirement. As you contemplate your retirement strategy, consider these essential questions:

What is the amount you are currently saving?

During your consultation with our Dental CPA team, we’ll review your profit and loss statements, taxes, and long-term savings goals. To ensure your savings can outpace inflation during retirement, it might be beneficial to adjust some of your investments. Our expert team can provide you with personalized advice to optimize your savings plan.

Have you developed an exit strategy?

If you own or are a partner in a dental practice, it’s crucial to have a written agreement specifying who will buy you out when you retire. Think about what you plan to do post-retirement, whether it’s working part-time, pursuing a hobby, or starting a new venture. Taxes can significantly impact your retirement savings, and all these factors should be considered in your retirement strategy. Our Dental CPA firm can assist you with the details of the transition process to ensure a smooth exit.

What do you plan to do in retirement?

Whether you dream of starting a new business, traveling extensively, or taking up a new hobby, planning for these shifting priorities and potential increased living expenses is crucial. As the economy evolves, seeking advice from experts can help secure your lifestyle. Our team at Schiff & Associates, LLC, can provide guidance tailored to your aspirations.

What is the expected length of your retirement?

With advancements in modern medicine, life expectancy has increased significantly. Planning as if you will live to be 100 years old and estimating your needs accordingly is a prudent approach. Consider your health and family history when planning, and don’t forget to think about long-term care insurance as a safeguard.

What other expenses will be affected?

Retirement might reduce expenses like commuting, work attire, and team lunches, but it often brings higher costs for medical care and prescription drugs. Contact us to discuss the types of budget changes you can expect during retirement and how to prepare for them.

Don’t let decisions about your future catch you off guard, even if you are currently young and healthy. Schedule a complimentary initial consultation with our office to get more information on tax planning and preparing for a comfortable retirement. Dental professionals trust Schiff & Associates, LLC, to help them achieve their professional goals throughout their careers. You can rely on our team for comprehensive assistance.

Contact us today to start planning your secure and fulfilling retirement with the guidance of our experienced Dental CPA team.

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

The Benefits of Patient Complaints | Towson MD Dental CPA


Dealing with patient complaints is a challenge no dentist enjoys. Even the most dedicated dentist with an exceptional team can face complaints, whether they’re warranted or not. However, complaints can be turned into opportunities if handled correctly. Towson MD Dental CPA, Schiff & Associates, CPA, offers some insights on how to handle patient complaints effectively:

Acknowledge and Respond
In today’s digital age, online reviews can heavily influence potential patients’ decisions. Responding to complaints promptly is crucial to prevent negative reviews from damaging your reputation. Even if you feel frustrated or dismissive, it’s essential to address every complaint respectfully.

Steps to Handle Complaints

  1. Thank the patient for bringing the issue to your attention: “Thank you for sharing your experience with us.”
  2. Repeat the complaint to show you understand: “So you’re saying you waited 40 minutes for your appointment without any updates?”
  3. Take action to resolve the issue: “I apologize for the wait. I’ll ensure our front desk informs you if there’s a delay in the future.”
  4. Thank them again and assure them of your commitment: “Thank you for your patience. We’ll do our best to make sure you’re satisfied.”

Building Patient Loyalty
Addressing complaints effectively is essential for maintaining patient loyalty. Satisfied patients are more likely to keep appointments, accept treatment plans, and refer others to your practice. Handling one complaint well can result in significant revenue over time and strengthen your practice’s reputation.

Don’t Neglect Patient Concerns
Patients whose concerns are ignored are unlikely to refer others or may even voice their complaints online. Keeping your patients satisfied is crucial for maintaining a steady revenue flow and a positive reputation in the community.

We’re Here to Help
At Schiff & Associates, CPA, we understand the importance of patient satisfaction for your practice’s success. For all your dental accounting needs in Towson MD, contact us today. We’re committed to ensuring your practice remains strong and thriving.

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

Accounting Solutions for Business Challenges | Maryland Dental CPA


In addition to handling your taxes, accountants can provide innovative solutions to your business challenges. Their expertise allows them to understand the intricacies of business operations and devise solutions that may not occur to others. Here are some creative ways Maryland Dental CPA, Schiff & Associates, CPA, can help you tackle business problems:

Identifying Your Business Type
Accountants, especially those specializing in specific client types like small businesses or high-net-worth individuals, understand the unique challenges you face. A Maryland Dental CPA comprehends the intricacies of your industry, offering tailored solutions that fit your needs. They bring a holistic perspective, considering your business context to recommend the most suitable strategies.

Taking a Long-Term View
To thrive in business, you need to focus on client satisfaction and growth. An accountant can save your business time and money by managing forecasting, tax preparation, and bookkeeping efficiently. They offer insights into both the big picture and the finer details of your business, helping you avoid costly mistakes and plan for the future effectively. Their ability to foresee problems and recommend preventive measures is invaluable.

A Creative and Strategic Approach
Complex problems demand creative solutions. Whether you’re launching a startup or entering a high-growth phase, a Maryland Dental CPA can help you manage cash flow and overhead effectively. Their strategic approach combines industry knowledge with innovative financial solutions tailored to your long-term goals, ensuring your business’s success.

Avoiding IRS Audits
While the likelihood of an audit is low, it’s essential to be prepared. Working with a skilled accountant ensures you have detailed records to address any government inquiries. If you face an audit, hiring a CPA can save you time, stress, and money. Moreover, they can help you prevent future issues like poor record-keeping and errors.

Schiff & Associates, CPA, is committed to guiding you through your business finances ethically and compliantly. If you’re facing a challenging accounting issue, let our team of professionals find the solution you need. Contact us today to schedule a consultation and take the first step toward business success.

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

Dental Practice Start-Up | Maryland Dental CPA


Welcome to Schiff & Associates, CPA, your trusted partner in dental accounting solutions. As Maryland Dental CPA specialists, we understand the unique financial journey of dental practitioners and are committed to providing expert guidance every step of the way. Let’s explore key considerations for starting and managing a successful dental practice.

  1. Entry Strategies:
    Whether purchasing an existing practice or starting from scratch, strategic planning is crucial. Our expertise in dental practice acquisitions and start-ups ensures informed decision-making and optimal outcomes for your practice.
  2. Practice Location:
    Selecting the right location is vital for practice success. Partnering with a dental and medical office space specialist ensures access to prime locations tailored to your practice needs, maximizing visibility and accessibility for your patients.
  3. Financial Readiness:
    Assessing your financial and emotional readiness is essential before embarking on practice ownership. Our comprehensive financial analysis helps you evaluate your readiness and plan for the financial demands of practice start-up and development phases.
  4. Lead Generation and Marketing:
    Effective lead generation and marketing are vital for practice growth. Our specialized marketing strategies and practice management expertise empower you to attract and retain patients, driving practice success and revenue growth.
  5. Cost Considerations:
    Start-up costs vary based on revenue goals, entry strategy, and location. Leveraging the insights of commercial real estate firms and dental practice lenders ensures cost-effective decision-making and financial planning tailored to your practice goals.
  6. Specialized CPA Support:
    Partnering with a dental practice CPA firm like Schiff & Associates, CPA, is essential for comprehensive support in practice acquisition, business structure, accounting, and tax issues. Our specialized expertise minimizes risks and maximizes efficiency, enabling you to focus on practice growth and success.

Embark on your dental practice journey with confidence and expertise. Contact Schiff & Associates, CPA, today to discover how our specialized dental accounting services can support your practice’s financial health and prosperity. With our team by your side, you can navigate the complexities of practice ownership with ease and achieve your professional goals.

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

The Most Common Dental Bookkeeping Errors | Schiff Dental CPA


Welcome to Schiff & Associates, CPA, your trusted partner in dental accounting excellence. As Schiff Dental CPA specialists, we understand the unique financial intricacies of dental practices and are dedicated to helping you avoid costly bookkeeping errors. Let’s explore some common mistakes and how our specialized services can help mitigate them.

  1. Neglecting Monthly Book Closure:
    Dental practices must close their books monthly to reconcile accounts and prepare accurate financial statements. Failure to do so can lead to discrepancies and potential IRS penalties. Our proactive approach ensures timely book closure, helping you maintain financial accuracy and compliance.
  2. Using Non-Standard Chart of Accounts:
    Utilizing an industry-standard chart of accounts tailored to dental practices is essential for effective financial management. Our expertise in dental accounting allows us to customize your chart of accounts, streamline expenses, and optimize profitability.
  3. Understanding Cash Flow vs. Profit:
    Profit and cash flow are distinct aspects of financial health. While profit reflects revenue minus expenses, cash flow considers receivables, inventory, and depreciation. Our comprehensive analysis helps you grasp these concepts and make informed financial decisions.
  4. Proper Classification of Expenses:
    Misclassifying personal expenses and distributions can result in tax underpayment and compliance issues. Our meticulous approach ensures accurate categorization of expenses, minimizing tax liabilities and maximizing deductions.
  5. Specialized Accounting Services:
    Choosing a general accountant may overlook the unique needs of dental practitioners. Our dental accounting firm specializes exclusively in serving dental professionals, offering tailored solutions for tax planning, financial reporting, and practice management. With Schiff Dental CPA, you receive dedicated support from experts who understand your industry inside and out.

Don’t let accounting mistakes hinder your practice’s success. Contact Schiff & Associates, CPA, today to learn how our specialized dental accounting services can optimize your financial performance and propel your practice to new heights. Partner with us for peace of mind and prosperity in your dental journey.

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

What Can a Dental CPA Do for Your Practice? | Maryland Dental CPA



Wondering why you should opt for a dental CPA over a traditional one? Partnering with a Maryland Dental CPA like Schiff & Associates can revolutionize the way you manage your dental practice, allowing you to focus more on dentistry while maximizing profitability. Here’s how working with a dental CPA can benefit you:

  1. Comprehensive Financial Insights:
    A dental CPA offers specialized knowledge tailored to the unique needs of dental practices. You’ll gain valuable insights into your practice’s financial health, enabling you to make informed decisions for both personal and professional growth. From assessing profitability to strategic planning, a dental CPA provides invaluable guidance to help you achieve your goals.
  2. Expert Bookkeeping Services:
    One of the foundational services offered by a dental CPA is solid bookkeeping. With their industry expertise, they ensure that your financial data is accurately recorded and presented in a clear and useful manner. Monthly bookkeeping services, coupled with regular financial statement reviews, ensure that you have a clear understanding of your practice’s financial status at all times.
  3. Strategic Planning and Projections:
    Planning for the long-term success of your practice is essential, and a dental CPA excels in this area. Leveraging their knowledge of dental industry trends and expense patterns, they can create accurate projections to guide your practice towards its goals. Whether it’s tax planning, retirement savings, or funding your children’s education, a dental CPA helps you navigate complex financial decisions with confidence.
  4. Holistic Consulting Services:
    Beyond financial management, a dental CPA offers a wide range of consulting services tailored to your practice’s needs. From profitability assessments to fee schedule reviews, they identify areas for improvement and help you capitalize on opportunities for growth. By combining financial expertise with practice management insights, a dental CPA serves as a trusted advisor for optimizing your practice’s performance.

At Schiff & Associates, CPA, we specialize in providing comprehensive accounting and consulting services for dental professionals. Whether you need assistance with bookkeeping, strategic planning, or practice management, our team is here to support you every step of the way. Schedule a consultation with our dental accounting firm today to discover how we can help elevate your practice to new heights.

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

Advantages of Outsourcing Your Dental Accounting | Schiff Dental CPA



Managing a dental practice involves a multitude of responsibilities, from providing top-notch patient care to ensuring operational efficiency. However, when it comes to bookkeeping and accounting, you might find yourself grappling with uncertainties and time constraints. After all, your passion lies in dentistry, not in numbers and paperwork. If you’ve ever questioned the accuracy of your financial records or felt the need to improve efficiency, it may be time to consider outsourcing your bookkeeping and accounting tasks.

Outsourcing these critical functions to experts like Schiff Dental CPA can have a profound impact on your practice’s productivity and profitability. By entrusting your books to professionals, you can redirect your focus towards enhancing the overall patient experience and growing your practice.

Here are several compelling reasons why outsourcing your bookkeeping and accounting makes good business sense:

  1. Accuracy and Informed Decision-Making:
    Expert accountants will ensure the accuracy of your financial records, empowering you to make well-informed decisions about your practice. With reliable bookkeeping in place, tax time becomes less stressful, and surprises are minimized.
  2. Peace of Mind and Financial Preparedness:
    Accurate accounting records provide peace of mind, allowing you to maintain better control over cash flow and stay informed about your practice’s financial standing. This level of preparedness enables you to navigate unforeseen challenges, such as a global pandemic, with confidence.
  3. Strong Personal Financial Planning:
    A financially healthy practice sets the stage for robust personal financial planning, including aggressive retirement savings. By outsourcing your accounting tasks, you create space to focus on long-term financial goals both personally and professionally.
  4. Specialized Expertise:
    Accountants specializing in dental practices bring a wealth of industry-specific knowledge and experience to the table. From managing cash flow to providing meaningful data insights, these professionals play a pivotal role in optimizing financial management.
  5. Cost Savings and Flexibility:
    Outsourcing eliminates the need to hire and train in-house staff, saving on employee benefits, payroll taxes, and recruitment expenses. Additionally, dental accountants offer flexible solutions tailored to your practice’s specific needs, ensuring optimal support whenever required.

Schiff Dental CPA offers comprehensive accounting services designed to streamline financial management for dental practitioners. From account reconciliations to payroll journal entries, our experienced team handles it all, allowing you to focus on what matters most—your patients and practice growth.

If you’re feeling overwhelmed by bookkeeping tasks or simply seeking to offload this responsibility, outsourcing to Schiff Dental CPA is the solution you need. Let us help you succeed by leveraging our expertise in dental practice finance. Contact us today to explore how we can support your practice’s financial success!

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

Do Dentists Need a Dedicated CPA? | Dental CPA Near Me

There are a number of reasons why dentists need a dental CPA. You can grow your revenue and cut costs with the help of financial housekeeping.

In addition to keeping track of your books and maintaining your accounts, dental accountants are also responsible for ensuring that you take advantage of all government schemes and programs that support small businesses. Additionally, they ensure that you are always in compliance with the policies. Dental CPAs are also responsible for tax preparation and optimization.

Many experienced CPAs offer virtual CFO services to help dentists scale their practices through budgeting, forecasting, planning, and strategic implementation of financial decisions. The guidance and mentorship of a virtual CFO is invaluable for ambitious dentists who are interested in expanding and scaling their practices.

Dental Accountants: What You Should Consider

It is common for small business owners and dentists to overlook some crucial elements when choosing a professional dental accountant, which can end up costing them a lot in the long run. When hiring a dental CPA for your practice, consider these factors.

1. Provided Services

CPAs can either be generalists or specialize in serving a specific segment of the industry. Ask your CPA about their range of services and how any additional services that they recommend will impact your revenue at your next meeting. If your CPA only offers a few services, it may be time to switch. 

2. Dental accounting knowledge and experience

When searching for a dental CPA, you should consider the level of experience and expertise they bring to the table.

An experienced dental accountant will optimize your tax position, claim necessary deductions, and take advantage of specific government programs. In addition to ensuring accounting compliance, dental accountants can often be a jack of all trades and help your business grow.

3. Transparency and communication 

Many dental accountants don’t disclose their activities and strategies transparently due to the complexity of the field. It may not be a good fit for your business to hire an accountant who isn’t openly communicating, guiding, and mentoring you. Transparency and the quality of communication are therefore crucial factors to consider.

4. Providing value for money 

Revenues and costs are two essential components of a business. Hiring a dental CPA should provide you with more value than the cost itself in order for it to be a worthwhile investment.

Choosing the best option doesn’t mean choosing the cheapest. Consider the cost and benefits of your investment before making your decision.

5. Fees that are clear and transparent 

Dental bookkeeping and accounting costs need to be transparent and clear in order for you to plan your dental expenses effectively. Wouldn’t it be nice to avoid unpleasant surprises down the line? The dental accountant you hire should offer transparent pricing and be open to discussing all the costs involved in hiring them before you sign on.

6. Having the ability to answer complex questions 

You rely on your dental accountant for a variety of things related to money and finances. Would you want to work with someone who can not answer complex questions? It is unlikely that you would. A dental CPA with a background in accounting should be able to answer any money-related question you may have openly and transparently.

The best people to work with are those who are always able to provide you with the correct answers whenever you have a question. It is only possible for them to accomplish this if they have a clear understanding of what they must do and what dental practices require from their accountants.

So there you have it! We hope that you now understand why dentists require specialized dental accountants. Our accounting firm specializes in assisting dentists. To schedule a consultation with one of our experts, please contact us today.

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

Identifying Overspending in Your Practice | Best Dental Accountant

You are responsible for many non-clinical tasks as a dental practice owner, including human resources, tax filing, contracts, and insurance. When ignored, these things can inhibit growth and even cause significant problems in a business.

The practice of keeping accurate accounting records is known as bookkeeping. A company’s sustainability depends on its records. In addition to managing cash flow and meeting financial obligations, accurate bookkeeping helps businesses plan their investments.

In the eyes of some business owners, it is a tedious task that must be completed before their CPA can file their taxes. Keeping clean books can help you do more than just file your tax return on time. You can use it to spot fraud, map business growth and identify areas of overspending.

Types of financial ledgers

A financial ledger shows your company’s profit and loss. A comparison is made between the revenue coming in and the expenses going out.

Profit and loss statements and balance sheets are the most important ones to review.

Balance Sheet

Essentially, a balance sheet is a statement of a company’s assets, liabilities, and owner’s equity at a particular point in time. The balance sheet is typically prepared at the end of a set period (e.g., quarterly or annually). There are two columns on a balance sheet. On the left, you can see the company’s assets. Liabilities and owner’s equity are listed to the right.

A balance sheet provides important information to a business owner about the health of the company. The owner, however, isn’t the only person who looks at the balance sheet. If you plan to sell your practice, lenders, investors, partners, or buyers will review it when you apply for financing.

Profit and loss statement

In finance, a profit and loss statement (P&L) shows a company’s revenues and expenses during a particular period. This statement explains how revenues are transformed into net income.

In addition to recording the practice’s collections, the P&L separates your statement into two sections:

  • Direct expenses: costs that vary according to production. As you see more patients, these costs will increase—like lab fees, supplies, hygiene, and chairside salaries.
  • Fixed expenses are costs that are specific to your company and remain constant regardless of the quantity of goods or services produced.The cost of your building rent, insurance, pension, or subscriptions, for example, is the same month to month, regardless of your production level.

By tracking both direct and fixed expenses, the business can identify overspending or areas for growth.

It is important to be organized.

No matter who manages this report, whether you do it yourself or hire a bookkeeper, a poorly organized P & L will not be helpful. Expenses should not be listed in separate categories on five pages. As with tracking your personal expenses, categorizing your expenses allows you to focus on the big picture. You will not use it if it is not usable.

An organized P & L allows you to sit down every year and review where your business is this year to date, last year, and even the year before. As a result, you can spot outliers and trends.

A monthly review is also very important. There may be things that come through that you will not remember at the end of the year. For example, if your insurance fees were extremely high last month, you will remember that you had paid your annual insurance premiums. Given everything you have going on, it is unlikely that you will remember each detail like this at the end of the year.

A CPA can not proactively plan your tax projections if your books are not up-to-date. Furthermore, if you only prepare them for a six- or nine-month period, they will be unable to strategize for you.

Outsourcing

It is important to leave financial statement management to a professional to ensure that all the categories are reported consistently, as well as to ensure that bank and payroll reconciliations are done on a monthly basis, which allows the owner to ensure that they are always tied to cash. It is also possible to detect fraud by staying organized.

In addition to other benefits, having good, clean books will make filing your tax return easier for your tax preparer. It can save you both time and money on your tax bill. As a result, it is cheaper, but it also prevents errors from occurring. You pay more in taxes when stuff gets missed.

It’s not only time-saving to have a professional accountant handle your monthly bookkeeping; it’s also strategic.

Rather than categorizing expenses, owners can now use the output strategically to enhance their businesses. It could be that accounts receivable have been running too high and have gone unnoticed, or lab supplies have gradually risen over the past six months. Early insight into changes can increase profitability in the short and long term.

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