Did you know that more than 65% of failed businesses blame financial mismanagement as their downfall? This is why forming a good relationship with a professional financial advisor is paramount to the longevity of your business.
When is the most important time to have this established relationship in place? That’s right – tax time. If you’re thinking about taking any shortcuts during this time (like using online software), you may want to reconsider. Why risk your entire business by cutting corners on something so crucial? Consider these reasons why you should work with a professional accountant.
Accountants understand tax code. Tax code is not only complicated – it changes frequently. It’s literally a full-time job interpreting and staying up to date. A financial professional will be able to guide you through this and take that stress off your plate. You’re already busy enough without having to keep up to date on tax law. Knowing you’re working with a professional can eliminate the stress of tax compliance. It’s hard to put a price on peace of mind.
Accountants know how to get you more deductions. Everyone wants to maximize their deductions, but only a true professional financial expert can get you everything you deserve. Don’t leave any money on the table and don’t overpay on your taxes. Working with an accountant throughout the year will ensure you have the documentation you need to get your deductions and not overpay your taxes. This is exceptionally important especially for small businesses, like most dental offices.
Accountants minimize your risk. Are taxes the place where you want to cut corners and take a risk with your business and your team’s financial future? One mistake can land you in a heap of trouble. No one wants to deal with any sort of issue with the IRS let alone an audit. If you run into one of these scenarios, you’ll wind up paying far more than you would have if you worked with a professional from the beginning.
Everyone is willing to take some risks, especially small business owners and entrepreneurs. Being brave enough to start your own business or follow your dreams is a risk in itself. Don’t jeopardize your dream by cutting corners on one of the most important tasks of every year. Work with a financial professional and allow yourself the peace of mind to protect what you’ve built. Contact Schiff & Associates, CPA today.
Dental CPA in Towson, MD
Practice leaders set the standard and pace of your work. Managers hover and maintain status quo. Which definition sounds like you? Changing the way your practice is structured or operates can be a vast undertaking. Use these tips to get started on a path for developing an innovative practice that you lead, not manage.
Leaders develop ideas that further practices. Managers use the framework that is already in place. Don’t hover over your hygienists or office staff. Let their work speak for itself and step in where necessary. Demonstrate to your team the qualities you want through your own actions.
Do What You Do Best
The bulk of your time should be spent with patients; that is the best use of your abilities. This means you must delegate tasks to other team members. Leaders delegate tasks. Let your office staff handle the clerical side of the practice. Utilize a hands-off strategy where appropriate to free your time for patients.
Track Team Tasks
Rather than micromanaging your team, have them write or email their daily tasks to you. This will allow you to track the team’s progress and use of time. It will also save you from constantly asking, “What did you do today?” Hold your team accountable for their tasks. Request that your team define their tasks in quantitative terms. Spot-check as you feel necessary.
Know When to Hire and Train
When your practice feels swamped, hire and train. Leaders can recognize if their team is unable to handle the current workload. Pushing your team beyond their limits is not going to produce the results you are striving to achieve. Your team will work best when they have the necessary time and resources to do their tasks.
Leaders don’t have the time to micromanage. Leaders know when to back off and let the practice run on its own. This doesn’t mean you should let your entire operation always run on auto-pilot, but focus on letting each team member contribute their abilities in the best capacity. The only way to break through the status-quo is to allow for new ideas and strategies to take hold. This cannot be achieved if you are spending your time hovering over your team. Transform the way you manage your practice and your practice will transform itself.
To learn more, contact our office.
Sell Your Maryland Dental Practice!!
Are you contemplating on whether or not now is the right time to sell your Maryland dental practice. Our most recent Maryland General Dental practice closing sold for 100% of Annual Collections with multiple offers on the table! Schiff Dental Brokerage is setting records in our market area. Up until now sellers have only been getting these prices in Southern CA where the desire to live is so high because of the climate. Contact Eric Schiff Today if you are thinking about selling your Maryland dental practice. www.schiffdentalbrokerage.com