Streamline Your Practice with Better Accounting | Best Dental Accountant

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

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

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

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:

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.

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.

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.

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

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

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

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.

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

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

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

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.

Dental Broker Baltimore

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.

Retire Confidently With a Dental Accountant | Best Dental CPA

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

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.

Dental CPA in Maryland

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

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.

Dental CPA in Maryland | Is Your Business Healthy?

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

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

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

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:

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.

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.

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

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

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

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.

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.
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.
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.
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.
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

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

Effective Goal-Setting: Making Dreams into Reality

No matter how impressive your vision for your business may be, dreams require hard work, strategic planning, and a willingness to adapt to make them real. Highly successful business 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 business. 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 clients 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 business. 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 business success you have dreamed of achieving.

For more tips on managing your business, please contact us.

Dental Accountant | Four Financial Mistakes That New Dentists Make

Graduating dental school after four years of hard work and beginning your practice brings about a myriad of changes, which include embarking on a rewarding career. Unfortunately, many new dentists do not pay close enough attention to financial considerations. The team at Schiff & Associate can work with you to avoid the common pitfalls that new dentists often encounter. Take care to avoid these five common mistakes.

Poor Debt Management In 2018, the median debt for dental school graduates was $280,410. Compounding interest on school loans can add up quickly. While it’s tempting to buy cars and clothes that you previously weren’t able to afford, managing student loan debt during the first years of your practice can make the difference when the time comes to get a mortgage or expand your practice. Talking with our team of professionals can help you strike a balance between paying off your debt and taking advantage of the student loan income tax benefits.

Few or No Written Goals Having a financial plan for your life will help you set a course, even when the unexpected happens. Saving for retirement needs to happen early on. The average age of retirement for dentists is now 69, according to the American Dental Association. Not considering retirement can have you living beyond your means early on in your career. Because of schooling, many dentists are age 30 or close to it before they start earning a significant salary. Having a sound plan as soon or soon after you start working will set you up for the future.

Ignoring Changing Overhead Costs Newer dentists are often anxious to further their practices, but what comes along with that is an increased cost in overhead when more supplies, employees and the like are needed. Review your practices every few years to determine where you can cut costs or streamline processes to reduced overhead.

Insufficient Billing and Collections Procedures Every practice has bills that are eventually written off because of the failure of insurance companies and patients to pay. Working with your accountant to develop a plan can help minimize those write-offs and maximize profits.

If you’re a newly practicing dentist and want to get your professional career off on the right foot, contact our office to schedule a meeting. Developing a financial plan at the outset is one of the keys to creating a sound dental practice.

Schiff & Associates, CPA

Email: ASchiff@Schiffcpa.com

Phone: (410) 321-7707

Url: https://schiffcpa.com

100 West Road, Suite 410,

Towson, MD 21204

Dental CPA Allen Schiff Gives Back to Maryland Community

Towson, MD: Dental CPA Allen M. Schiff, CPA, CFE has continued to make philanthropy a priority in his community after providing financial support to the Maryland State Dental Association Foundation (MSDAF). The donations made by Schiff & Associates to the MSDAF in 2018 helped bring dental care to over 1,300 Marylanders in need.

The MSDAF has dedicated itself to improving the oral health of Marylanders through education and support of programs that improve access to dental care. Through donor participation and volunteer support, the MSDAF helps thousands of Marylanders overcome barriers of care, connecting them with the treatment they need but may be unable to afford.

By supporting the MSDAF, Allen hopes to give back to his Maryland community and improve the education and level of care for those around him. As a Dental CPA, Allen has committed himself to helping empower not just dentists, but the communities they serve as well.

Allen Schiff is the managing member of Schiff & Associates, LLC and also serves as President of the Academy of Dental CPAs (ADCPA). He has over 35 years of experience in dental practice management and has received the SMART CEO award six out of the last seven years as one of the top CPAs in Maryland.

In addition, Allen is an active speaker on a national level, helping dental practices achieve top success. He has presented to the American Dental Association (ADA), the Academy of General Dentistry (AGD), the American Academy of Pediatric Dentists (AAPD), local Mid-Atlantic societies, as well as various dental study clubs. Allen has also taught dental practice management at a local dental school for over 30 years.

For more information on Allen Schiff or to request a consultation, please call Schiff & Associates, LLC at (410) 321-7707 or visit https://schiffcpa.com/.

Schiff & Associates, LLC
100 West Road, Suite 410
Towson, MD 21204
(410) 321-7707
www.schiffcpa.com

57 Definitive Dental Practice Management Tips from 57 Dental Practice Consultants

Dental CPA

Allen Schiff, Dental CPA, has been featured in delmainanalytics.com’s latest article “57 Definitive Dental Practice Management Tips from 57 Dental Practice Consultants” giving advice regarding:

Management
Communication
Teamwork
Customer Service
Time Management
And Much More…

Please follow this link to see what these professionals have to say:

57 Definitive Dental Practice Management Tips from 57 Dental Practice Consultants

Dental CPA in Baltimore | Are You Prepared for the Future of Dentistry?

MD Baltimore Dental Broker

What will the dental profession will look like in 10 years? Are you and your team prepared to face the future with a successful action plan?

As a dentist, you are used to thinking about the big picture. This is true when you are caring for your patients, as they turn to you for your expertise to establish a lifetime of optimal oral health. But do you employ the same forward-thinking strategies to ensure the long-term health of your business?

Dentistry is changing. New technology is constantly being developed leading to entirely new procedures, which in turn creates a new market of patients who could benefit from your services. Furthermore, the business landscape of the profession is evolving. What used to be a field dominated by independently owned practices has become increasingly more corporate-based. Ask yourself where your practice fits into the landscape of differing business models in dentistry.

If one thing is for certain in dentistry, it is that the future will continue to bring change. Did you ever think you would be ordering supplies from your smartphone or connecting with potential new patients on Facebook? The future will likely bring innovations bridging the education and communication gap between dentist and patient.

Like today, the key to success will lie in your ability to build trusting, loyal relationships. It is essential that your marketing messages hone in on the unique qualities that make your practice and your team stand out from the crowd. A re-branding strategy can help freshen your practice’s appeal to your community and attract your ideal new patient.

You’ve probably heard the saying, “The more things change, the more they stay the same.” The future will bring changes to the dental profession, but that shouldn’t come as a surprise nor should it be a cause for concern. Face the future with optimism and an action plan.

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