Category: Uncategorized

March 19, 2025

The Importance of Accurate Valuation for Your Dental Practice

Understanding the value of a dental practice can significantly influence its growth and future opportunities. Accurate valuation is not merely an exercise in numbers; it serves as a foundational component that affects major decisions, whether contemplating a sale or planning an expansion. At Schiff & Associates, CPA, located in Towson, Maryland, our team specializes in providing unparalleled accounting services tailored specifically to dental practices. By ensuring precise valuation, dental practitioners can make informed decisions that can enhance their practice’s profitability and longevity.

Many dental professionals may wonder why a precise valuation is essential. The reality is that an accurate assessment of a practice’s worth serves as the basis for various critical actions. Here are several reasons why understanding the value of a practice is crucial:

  • Informed Decision-Making: Knowing the practice’s worth equips practitioners with the necessary information to make sound decisions about the future, such as whether to sell, merge, or expand.
  • Strategic Growth: Accurate valuation helps identify areas of improvement, allowing for a strategic approach to growth that can enhance patient satisfaction and business performance.
  • Financial Planning: Understanding the value of a practice aids in proper financial planning and forecasting, enabling dental professionals to allocate resources more effectively.

When it comes to dental accounting, not all firms cater to the unique needs of dental practices. Schiff & Associates, CPA, specializes as a Dental CPA in Baltimore, ensuring that the particularities of a dental business are front and center in the services offered. The firm comprehensively assesses practice valuations by analyzing various factors, including patient demographics, revenue streams, and expenses. This specialized approach ensures that every aspect of the practice’s financial health is considered in the evaluation process.

Our accountants not only bring technical expertise but also a profound understanding of the dental field. Regularly, clients commend us for our thoroughness and attention to detail. One recent review highlighted how Schiff & Associates “made the daunting process of valuation straightforward and manageable,” which is crucial for any dental practice owner considering their options. This feedback affirms the dedication of our team in providing tailored, empathetic support throughout your accounting needs.

Another key aspect that sets Schiff & Associates apart is our commitment to ongoing education and support. Accurate valuation should not be a one-time event but rather part of an ongoing strategy to maintain and grow a dental practice. We offer continuous guidance and resources to our clients, assisting them through the inevitable changes and challenges that a dental practice may face over time.

Timely and accurate valuation can improve not only the financial landscape but can also enhance the overall management of a dental practice. Proactive financial practices benefit the entire operability of a practice, making efficient use of resources possible and improving patient care. This provides an added layer of assurance for clients, as they can feel confident in their practice’s financial health.

In conclusion, when looking to understand the worth of a dental practice, choosing the right accounting partner is crucial. Schiff & Associates, CPA, is ready to assist with precise valuations and offer insights that will guide your dental practice’s future. Clients can trust that our specialized knowledge leads to unparalleled service in the dental accounting niche. For further inquiries or to schedule an appointment, visit our website at Schiff & Associates, CPA. An accurate valuation can pave the way for a successful future; let us help you achieve it.

The information provided on this website is for general educational purposes only and is not intended as individual medical advice. While we strive to ensure the accuracy of the content, the dental practice is not liable for any harm or misunderstanding that may result from the information on this site. Please consult directly with a qualified dental professional for a personalized treatment plan tailored to your specific needs. Relying on general or vague educational content rather than following a customized treatment plan may lead to unintended consequences. Always seek the advice of your dentist or other qualified healthcare provider with any questions you may have regarding your oral health or a medical condition. This disclaimer applies to all content published on this website.

The content on this blog is for informational purposes only and should not be considered professional advice. While we strive for accuracy, we make no guarantees about completeness or outcomes.

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

The Importance of Accurate Valuation for Your Dental Practice

Understanding the value of a dental practice can significantly influence its growth and future opportunities. Accurate valuation is not merely an exercise in numbers; it serves as a foundational component that affects major decisions, whether contemplating a sale or planning an expansion. At Schiff & Associates, CPA, located in Towson, Maryland, our team specializes in providing unparalleled accounting services tailored specifically to dental practices. By ensuring precise valuation, dental practitioners can make informed decisions that can enhance their practice’s profitability and longevity.
Many dental professionals may wonder why a precise valuation is essential. The reality is that an accurate assessment of a practice’s worth serves as the basis for various critical actions. Here are several reasons why understanding the value of a practice is crucial:
Informed Decision-Making: Knowing the practice’s worth equips practitioners with the necessary information to make sound decisions about the future, such as whether to sell, merge, or expand.
Strategic Growth: Accurate valuation helps identify areas of improvement, allowing for a strategic approach to growth that can enhance patient satisfaction and business performance.
Financial Planning: Understanding the value of a practice aids in proper financial planning and forecasting, enabling dental professionals to allocate resources more effectively.
When it comes to dental accounting, not all firms cater to the unique needs of dental practices. Schiff & Associates, CPA, specializes as a Dental CPA in Baltimore, ensuring that the particularities of a dental business are front and center in the services offered. The firm comprehensively assesses practice valuations by analyzing various factors, including patient demographics, revenue streams, and expenses. This specialized approach ensures that every aspect of the practice’s financial health is considered in the evaluation process.
Our accountants not only bring technical expertise but also a profound understanding of the dental field. Regularly, clients commend us for our thoroughness and attention to detail. One recent review highlighted how Schiff & Associates “made the daunting process of valuation straightforward and manageable,” which is crucial for any dental practice owner considering their options. This feedback affirms the dedication of our team in providing tailored, empathetic support throughout your accounting needs.
Another key aspect that sets Schiff & Associates apart is our commitment to ongoing education and support. Accurate valuation should not be a one-time event but rather part of an ongoing strategy to maintain and grow a dental practice. We offer continuous guidance and resources to our clients, assisting them through the inevitable changes and challenges that a dental practice may face over time.
Timely and accurate valuation can improve not only the financial landscape but can also enhance the overall management of a dental practice. Proactive financial practices benefit the entire operability of a practice, making efficient use of resources possible and improving patient care. This provides an added layer of assurance for clients, as they can feel confident in their practice’s financial health.
In conclusion, when looking to understand the worth of a dental practice, choosing the right accounting partner is crucial. Schiff & Associates, CPA, is ready to assist with precise valuations and offer insights that will guide your dental practice’s future. Clients can trust that our specialized knowledge leads to unparalleled service in the dental accounting niche. For further inquiries or to schedule an appointment, visit our website at Schiff & Associates, CPA. An accurate valuation can pave the way for a successful future; let us help you achieve it.
The information provided on this website is for general educational purposes only and is not intended as individual medical advice. While we strive to ensure the accuracy of the content, the dental practice is not liable for any harm or misunderstanding that may result from the information on this site. Please consult directly with a qualified dental professional for a personalized treatment plan tailored to your specific needs. Relying on general or vague educational content rather than following a customized treatment plan may lead to unintended consequences. Always seek the advice of your dentist or other qualified healthcare provider with any questions you may have regarding your oral health or a medical condition. This disclaimer applies to all content published on this website.
The content on this blog is for informational purposes only and should not be considered professional advice. While we strive for accuracy, we make no guarantees about completeness or outcomes.

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

March 17, 2025

The Importance of Accurate Valuation for Your Dental Practice

Understanding the true value of a dental practice is essential for any practice owner contemplating future decisions such as selling, expanding, or investing in new technologies. Accurate valuation goes beyond just crunching numbers; it requires a deep appreciation of multiple factors like revenue, client base, market trends, and operational efficiencies. At Schiff & Associates, CPA, we specialize in providing top-tier accounting services designed for dental professionals in Baltimore. This expertise uniquely positions us to facilitate precise evaluations of dental practices, ensuring practitioners are well-informed before making significant business moves.
Knowing your practice’s worth can determine the course of future planning. Whether the goal is to sell to a new owner or apply for a loan for expansion, a correct valuation acts as a solid foundation for these ventures. Here are a few critical reasons why precise evaluation is vital for any dental practice owner:
Informed Decision-Making: A clear understanding of a practice’s value allows for strategic planning. Owners can set realistic goals and make informed investments that would enhance growth.
Negotiation Leverage: When selling a practice, accurate valuation offers leverage during negotiations with potential buyers. A well-documented appraisal lays the groundwork for justifying your asking price.
Future Planning: Knowing the worth of the practice sets the stage for long-term planning. It enables the owner to evaluate the impact of various scenarios, such as entering new markets, launching new services, or simply upgrading equipment.
Schiff & Associates, CPA brings considerable expertise to the table, especially in serving clients within the dental industry. Our team understands the nuances of dental practice valuation, ensuring that every variable is accounted for. Unlike typical accounting firms, our specialized focus on dental practices allows us to provide tailored services that speak directly to the unique needs of this niche business.
Our firm is located at 100 West Road, Suite 410, Towson, MD 21204, and regularly receives positive feedback from our clients. One satisfied client recently stated, “Schiff & Associates not only helped me understand the true value of my practice but also guided me through the selling process with unparalleled professionalism.” These testimonials reflect our dedication to both technical proficiency and client satisfaction.
Accurate dental practice valuations are not just numbers but strategies that can drive growth and profit. Over the years, Schiff & Associates, CPA has developed a systematic approach to valuation. This includes thorough analyses of your revenue stream, an assessment of your client demographics, and a review of competitive market conditions. All these elements contribute to a holistic understanding of situational factors affecting your practice’s worth.
The valuation process should not be a one-time event but an ongoing review that reflects changes in the market and practice. Regular valuations can reveal growth trends and allow for proactive adjustments to business strategies, ensuring that practice owners are well-positioned for future success.
In conclusion, accurate valuation is critical for every dental practice navigating the complexities of growth, transition, or sale. Selecting Schiff & Associates, CPA means partnering with professionals committed to ensuring that dental practices achieve their financial goals. To explore a tailored approach that can help accurately determine the worth of a dental practice, it is encouraged to reach out for more information or to schedule an appointment. Our team is eager to assist in paving the way for future success.
The information provided on this website is for general educational purposes only and is not intended as individual medical advice. While we strive to ensure the accuracy of the content, the dental practice is not liable for any harm or misunderstanding that may result from the information on this site. Please consult directly with a qualified dental professional for a personalized treatment plan tailored to your specific needs. Relying on general or vague educational content rather than following a customized treatment plan may lead to unintended consequences. Always seek the advice of your dentist or other qualified healthcare provider with any questions you may have regarding your oral health or a medical condition. This disclaimer applies to all content published on this website.
The content on this blog is for informational purposes only and should not be considered professional advice. While we strive for accuracy, we make no guarantees about completeness or outcomes.

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

February 15, 2024

3 Ways Dental Office Owners Can Save on Their Taxes |

The dental industry is highly competitive, and margins can be tight. So, it’s important to save money wherever you can—and that includes your taxes. Here are three ways dental office owners can save on their taxes:

1. Take advantage of small business tax deductions.

As a small business owner, it’s important to take advantage of all the tax deductions and credits that are available to you. This can help reduce your tax liability and leave you with more money to reinvest in your business.

There are several small business tax deductions available, and the best way to take advantage of them is to work with a tax professional. They can help you identify the deductions you qualify for and file the necessary paperwork.

While taking advantage of small business tax deductions can save you money, it’s important to remember that they can also add complexity to your tax return. So be sure to work with a tax professional who can help you navigate the process and maximize your savings.

2. Invest in energy-efficient dental equipment.

If you’re looking to invest in new dental equipment, you may want to consider energy-efficient options. Energy-efficient dental equipment can help you save money on your energy costs, and it can also help you reduce your carbon footprint.

There are a variety of energy-efficient dental equipment options available on the market today. From energy-efficient dental chairs to LED dental curing lights, there are plenty of options to choose from. You can even find energy-efficient dental handpieces that can help you save even more money.

If you’re looking to invest in new dental equipment, energy-efficient options are definitely worth considering. Not only can they help you save money, but they can also help you reduce your impact on the environment.

3. Hire an accountant who specializes in dental office taxes.

As a dental office, you have unique tax needs that require the expertise of an accountant who specializes in dental taxes. Dental offices are subject to many of the same taxes as other businesses, but some unique taxes apply specifically to dental offices. For example, dental offices are required to pay a special tax on the sale of dental supplies.

Accountants who specialize in dental office taxes will be familiar with all the tax laws that apply to your business. This will help ensure that you are complying with all the tax laws and that you are taking advantage of all the tax breaks and deductions that are available to you.

In conclusion, dental office owners can save on their taxes in a variety of ways. The most effective way is to contact a dental accountant and schedule a consultation. Other methods include taking advantage of tax breaks and hiring a tax accountant. By taking these steps, you can save money on your taxes and improve your bottom line. Please contact our office today to learn how we can help.

February 1, 2024

3 Dental Bookkeeping Mistakes You’re Probably Making (And How to Fix Them) | 21204 Dental CPA

Owning a dental practice is a demanding position. In addition to seeing patients and managing your staff, you also have to keep track of your finances. While bookkeeping may not be your favorite task, it’s important to make sure that you’re doing it correctly. Otherwise, you could end up making mistakes that cost you money.

In this blog post, we’ll discuss three common dental bookkeeping mistakes and how to fix them.

Dental Bookkeeping Mistake #1: Not Tracking Your Income

One of the most important aspects of dental bookkeeping is tracking your income. Without accurate records of what you’ve earned, it’s impossible to make informed financial decisions for your practice. Yet, many dental practices fail to track their income properly, leading to all sorts of problems down the road.

If you’re not tracking your income, you could be making some serious mistakes that could have a negative impact on your practice. Here are just a few of the things that can go wrong if you’re not keeping accurate records of your dental practice’s income.

  • You could miss out on tax deductions: Without accurate records of your income, you could miss out on important tax deductions that could save you money.
  • You could make poor financial decisions. Without knowing how much money you’re bringing in, it’s difficult to make sound financial decisions for your practice.

Dental Bookkeeping Mistake #2: Failure to Track Expenses

One of the most important aspects of running a successful dental practice is keeping track of your expenses. This can be a difficult task, as there are many different items that you need to keep track of. However, it is essential to track your expenses in order to maintain a healthy financial situation for your practice.

One of the biggest mistakes that dental practices make is not tracking their expenses. This can lead to major financial problems down the road. Tracking expenses can be done in a variety of ways, but consistency is the key to success. 

You can use a simple spreadsheet to track your expenses, or you can use more sophisticated financial software. Whichever method you choose, make sure that you track all of your expenses on a regular basis. If you are not tracking your expenses, you are putting your dental practice at risk. 

3rd Dental Bookkeeping Mistake: Failing to Keep Up with Accounts Receivable

One of the most important aspects of dental bookkeeping is staying on top of your accounts receivable. This refers to the money that is owed to you by your patients. When patients don’t pay their bills on time, it can put a strain on your cash flow and make it difficult to keep up with your own bills.

One way to stay on top of your accounts receivable is to use a software system that can track payments and send reminders to patients who are behind on their payments. There are a number of different software systems available, so be sure to do your research to find one that will work well for your dental practice.

Another way to stay on top of your accounts receivable is to hire a bookkeeper or accountant to handle this aspect of your business. This can be a good option if you don’t have the time or resources.

If you’re reading this, chances are you’re making at least one of these three dental bookkeeping mistakes. But don’t worry, we can help! Our dental accounting office offers a wide range of services to help you get your bookkeeping in order. We’ll work with you to find a solution that fits your needs. So, please contact us to schedule a consultation. We look forward to hearing from you!

November 15, 2021

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

21204 dental CPA

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

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

Sound Financial Advice for Dentists

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

Fraud Prevention

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

A Smart Investment for Your Dental Business

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

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

November 1, 2021

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

21204 dental CPA

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

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

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

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

Look for Common Red Flags

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

Schedule an Outside Audit

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

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

August 15, 2021

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

Baltimore Dental CPA

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

Don’t Be Afraid to Ask For It:

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

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

Don’t just React – Listen and Digest:

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

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

Reflection is a Form of Feedback:

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

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

August 1, 2021

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

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.

Dental CPA Baltimore

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.  

June 15, 2021

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

Best Dental Accountant

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

Maryland Dental CPA

Analyze Your Expenses

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

Establish Growth Objectives 

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

Master Online Marketing 

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

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

June 9, 2021

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

Best CPA

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

Dental Accountant Baltimore

They’re Specialists

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

They Can Analyze Your Firm’s Financial Health

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

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

Industry Benchmarks

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

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

May 1, 2021

Thousand Dollar Mistakes You May Be Making | 21204 dental CPA

Thousand Dollar Mistakes You May Be Making

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

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.

April 7, 2021

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

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

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

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

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

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

April 1, 2021

Dental CPA in Maryland | Is Your Business Healthy?

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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.

March 1, 2021

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

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

1. Re-evaluate Your Management Tactics

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

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

2. Utilize Apps to Maximize Efficiency

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

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

3. Consider Express Check-In

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

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

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

October 23, 2020

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

HHS Grant Relief Fund – Phase 3

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

September 16, 2020

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

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

Set Incremental Goals

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

 

Make Goals Visible

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

Goals Need to be Measured

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

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

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

September 2, 2020

Dental CPA in Maryland | Finding Opportunity in Hygiene Appointments

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

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

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

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

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

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

 

August 26, 2020

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

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

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

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

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

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

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

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

August 19, 2020

Maryland Dental CPA | How to Prepare for an Audit

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

Know what it will entail

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

Document thoroughly

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

Gather the Information

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

Pre-audit compliance report

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

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

July 16, 2020

Free Exclusive Webinar: 4 proven strategies to reduce practice overhead to 60% or less

One thing I believe in is “if it’s been done before then it must be possible.”

This quote was shared by one of my mentors, Dr. Omer Reed who has been an inspiration to both myself and my clients, to truly believe in the fact that it is not impossible to achieve our dreams and goals.

As we face these uncertain times, I am reminded of how we bought our practice, LifeSmiles in May of ‘07, (which at the time was a practice that was dysfunctional in every possible way), and then faced a nationwide economic crisis during ‘08 and ‘09.

We did not know the future of our practice during those times yet we managed to not only survive the downturn of the economy but also thrive in the midst of it.

In fact, in a market where 400 dentists failed, Life Smiles was able to thrive in the midst of it.

I believe this story brings tremendous hope to those who hear it.

The strategies I will be sharing during this webinar are the very same strategies that helped us develop LifeSmiles into our ideal practice.

Therefore, I encourage you to join me and my good friend Allen Schiff, on Tuesday, 28th July at 5 PM PT (7 PM CT/ 8 PM ET) to learn The 4 Proven Strategies to Reduce Your Practice Overhead to 60% or Less and implement them in your practice with the knowledge that, “if it has been done before, it must be possible”.

I also look forward to answering all your questions during the live Coaching / Q&A segment.

Here’s the link to Register: www.thrivingdentist.com/webinar/adcpa/ 

I look forward to seeing you at this exclusive live webinar!

February 14, 2018

Think Before You Buy New Equipment

It’s inevitable. Eventually, your dental equipment will need to be replaced. Sometimes it is because newer technology has made your equipment obsolete. Purchasing new equipment is an investment that should be taken with caution and critical thinking. Here are a few tips to help you get started on making an informed and practical decision regarding your office’s equipment.

Take Your Time

Never rush into a purchase as crucial as new equipment. We strongly suggest you meet with our team to discuss the implications a purchase might have, particularly on your practice’s taxes. There may be an optimal time of the year to make a purchase.

Consider Its Use

How often will you utilize this equipment? Where will it fit in your office? Carefully consider how this new piece of equipment will be used in your day-to-day operations. If you are struggling to answer these questions, it may be a sign that the new equipment is not needed immediately.

Will This Help My Practice Grow?

Ask yourself if investing in new equipment will allow your practice to grow. Will it expand the available services you offer your patients? Perhaps it will improve the comfort, efficiency, and amount of time it takes to treat or serve patients. When marketed effectively, these can be excellent sources for driving new patient numbers or improving loyalty among your existing patients.

What About Cost?

You should never buy equipment if you are unsure how you will receive a return on investment from it. Consider how your pricing structure will offset the costs of the investment. Can you still be competitive in your market if you must raise costs?

Your office equipment plays a central role in allowing you to deliver quality care for your patients. New technologies are constantly making the patient experience more comfortable and safe. Before you rush to purchase new equipment, it is vital that you consider how the investment will impact your business.

Our team is here to help you make these decisions. For a consultation, contact us today.

January 11, 2018

Informed Decision Making During Acquisitions

Deciding to purchase an existing practice can be an exciting prospect and open doors for new opportunities. Regardless of whether you are an established practice or a new dentist, the acquisition process can be lengthy and complex. It is important that you weigh all the pros and cons of this potential investment. Remaining well informed during the process is your best defense against making a poor choice that could end up costing you more money. We have included some considerations to keep in mind when looking to purchase a practice. For more guidance in practice acquisition, finances, or management, contact Schiff and Associates.

Acquisition is Just the Beginning
Changes are going to be necessary. Even a new, modern, and technologically advanced practice will require some renovations or changes to make it match your branding and practice culture. This especially holds true for older practices or ones that do not meet your standards. It is important to consider the costs involved in renovating, modernizing, and updating your new practice. A great deal on a building may be dampened if you end up paying twice as much to get it patient-ready.

Assess the Assets
It is always best to have a professional appraisal of the practice you are acquiring before you commit to purchase it. The appraisal might include everything from the physical construction quality of the building to the usability of existing furniture and even the functionality of existing equipment. It’s important to understand exactly what is included in your potential purchase and to make sure it’s worth the investment.

Reputation Matters
Don’t rush to buy any practice without considering the reputation and standing it has in the community. Poor patient retention rates, negative online reviews, and a bad reputation in the community are important hurdles that you will need to overcome. While it’s not impossible to create a new reputation for your new practice, it will require greater effort on your part to establish separation from the previous ownership. This may result in additional marketing and branding expenses.

These tips are designed to help you think more comprehensively about purchasing a new practice. If you need advice on a potential acquisition or are simply looking for additional guidance in running your practice well, the Schiff and Associates team is here to help.

Contact us for a consultation today.

December 22, 2017

How to Be a Business-Minded Dentist

For most dentists, their primary focus throughout their career has been on developing the knowledge and technical skills needed to excel in dentistry. However, as a practice owner, one must also possess a strong business acumen and entrepreneurial spirit to thrive. Schiff & Associates LLC is a dental CPA firm that’s dedicated to helping dentists thrive in their profession. By offering CPA services and business advice unique to the needs of dentists, we’re able to help practice owners focus on delivering quality care to their patients.

Below are some of the characteristics of a business-minded dentist. If you recognize a need for improvement in any of these areas, contact our firm. We’re here to help!

Clear Vision and Goals

One thing that will hugely benefit a dentist is the ability to vision cast for the future. By setting clear goals for themselves and their practice, a business-minded dentist will be able to set and enact plans to help those goals become a reality.

Financial Understanding

While it’s not necessary for practice owners to manage their own finances, a basic understanding of the different aspects of practice finances is hugely beneficial in helping you manage your practice well.

Detail-Oriented Diligence

The more detailed and specific you are in your record keeping, the more you’re able to ensure you’re using resources efficiently, maximizing profits, and minimizing liability. Your whole team should be strong in this area.

Empowering Leadership

As an owner dentist, you have a lot on your plate. It’s unrealistic to expect to be able to oversee everything yourself. The way that you manage your team will have a huge impact on the success of your practice. It’s important to remember that good leaders create other leaders.

An Entrepreneurial Drive

In order to have a truly successful practice, you must recognize that it’s a business at its core. Losing sight of this simple fact can have a negative impact on your ability to grow. This is not to say that you should care more about profits than patients. Rather, it’s a reminder that putting a value to your expertise can be beneficial to your financial and practice growth goals.

October 27, 2017

Baltimore, MD Dental CPA | Combat Burnout to Increase Production

Dental CPA

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. 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.

July 25, 2017

Dental CPA Towson | Schiff and Associates Named One of Maryland’s Best

towson-dental-cpaSchiff and Associates is pleased to announce that our team has been named one of the best accounting firms by The Daily Record’s Reader Rankings 2017 list.

Schiff and Associates placed second in the category of “Best Accounting Firm.” Our team would like to extend our thanks and appreciation to our clients for allowing us to help you reach new benchmarks of success.

At Schiff and Associates, we are committed to providing personalized services for businesses including accounting, tax minimization strategies, profitability maximization, retirement planning, and more. Beyond focusing on your business’ numbers, we take the time to focus on your goals for your business. 

Businesses spotlighted by the Reader Rankings list were selected by readers of The Daily Record, who were asked to choose the best businesses in Maryland in numerous categories. The entire Schiff and Associates team would like to thank the readers of The Daily Record for their support and praise.

Together, let’s have a successful and fulfilling year.

February 14, 2017

Why Choose a Dental CPA

Why do you need a CPA?

As a business owner, you are faced with a host of responsibilities and decisions that can feel overwhelming.  Bookkeeping, financial planning, and practice management all take time you would likely prefer to spend with patients. The right accountant can help you minimize taxes, increase revenues, and improve the health of your business, while allowing you to focus more of your time and energy doing the dentistry you love.

What is a Dental CPA?

A Dental CPA is an accountant who works extensively with dental professionals. Dental CPAs invest time to learn the nuances of the dental industry, monitor trends and advancements in dentistry, and understand the unique business needs of a dental practice.

Why should you choose a Dental CPA?

A skilled Dental CPA can provide more specialized advice than an accountant who works primarily with other industries. Your Dental CPA has studied the tax codes for the best ways to minimize your tax burden now and will have strategies for affecting next quarter and next year, as well. They can provide personalized business and financial advice to help you grow your practice and reach your personal and practice goals.

What can a Dental CPA do for you?

Your Dental CPA knows how your practices finances reflect your business operations and will use your financial reports as a diagnostic tool to illustrate areas of opportunity in your practice. As a business advisor, they will use data on your practice health, fees, staffing, and more to see how you compare to your competitors. Your Dental CPA can suggest ways to achieve greater efficiency, productivity, and financial health. They can provide you with expert advice on the best time to add another dentist, invest in new equipment, or consider opening a new location.

How can you learn more about Dental CPAs?

You can learn more about Dental CPAs or find one in your area by contacting Allen Schiff, Dental CPA and president of the Academy of Dental CPAs. Visit https://welcome-11f6d10.netsolhost.com/ or call (401) 321-7707.