Category: Maryland Dental Practice

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.

2. 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.

3. 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. 

4. 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.

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.

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.

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 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.