Effective Goal-Setting: Making Dreams into Reality

Dental CPA in TowsonNo matter how impressive your vision for your business may be, dreams require hard work, strategic planning, and a willingness to adapt to make them real. Highly successful business owners learn to set goals realistically and effectively. Master the skills of effective goal-setting, strategic planning, and assessment to find greater success in your business.

Set Incremental Goals

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

Make Goals Visible

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

Goals Need to be Measured

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

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

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

ASSOCIATE DENTIST, FULL TIME Carroll County, Maryland

MONDAY -THURSDAY 8:30 – 4:30  Carroll County, Maryland

Wonderful opportunity to provide excellent care in a beautiful, fast-growing, and thriving private dental practice in affluent Howard County, Maryland.  We average 75+ new patients each month!  No obligation to purchase but owner doctor is nearing retirement and beginning to look for his replacement.

  • Modern a-dec equipment in all six operatories
  • Digital practice management, scheduling, X-rays and CEREC cad/cam
  • Virtually unlimited income potential
  • Compensation based on production, not collection
  • Daily guaranteed minimum throughout, not just to start
  • Paid liability insurance and continuing education
  • Employer contribution to health insurance
  • Profit sharing 401k plan
  • Additional days available if desired
  • Will consider new graduates and those with experience
  • Owner takes pleasure in mentoring new graduates
  • Wonderful staff committed to your success
  • Very visible location with plenty of parking
  • Position available immediately

If interested, please email Allen Schiff, CPA, CFE at ASchiff@Schiffcpa.com  your Resume / CV

 Dental Accountant | Four Financial Mistakes That New Dentists Make 

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

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

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

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

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

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

Schiff & Associates, CPA
Email: ASchiff@Schiffcpa.com
Phone: (410) 321-7707
Url: https://schiffcpa.com
100 West Road, Suite 410,
Towson, MD 21204

CPAs in Towson | Protect Your Practice Against Employee Fraud

Towson CPAs

Did you know that at least one in three dental practices have been victim to some sort of embezzlement? Protect your practice against employee fraud by understanding the tactics involved, and how to watch for them with tips from a Dental CPA.

Check Fraud

Oftentimes, patients will pay for their portion of fees by check. One instance of fraud can happen by a team member instructing the patient to leave the payee section blank, letting them know they have a stamp for the payee section. Then, it’s as simple as writing in their own name or business and depositing the check. To combat this, do not allow the use of payee stamps and ensure that your checks are reviewed carefully, both before and after they are deposited.

Altering Book Transactions

Committing fraud is a two-part process — siphoning money or resources, but also covering up the tracks. As a business owner you need to be aware of both. A fraudulent employee may alter transactions in your accounts receivable to create a false trail that shows payment was made in the right steps. Ensure that any additions, deletions, or adjustments of activity in your accounting or bookkeeping software are properly logged and audited.

Skimming Cash or Patient Credits

A fraudulent employee may be stealing money directly from cash transactions, or indirectly, by refunding patients’ credit balances onto their own credit cards. Both of these examples of fraud are easy to catch with the proper systems in place. Tally your cash balance at the end of every office day and have it confirmed by more than one employee. In addition, ensure a proactive approach to any credit balances that patients might accrue so that they will not remain and be forgotten about.

Quick Tips from a Dental CPA to Protect Yourself

In addition to keeping watch for the potential fraud examples above, here are a few pointers to help avoid others:

  • Reconcile every payment logged in your accounting software by confirming them on the bank’s end.
  • Implement a business credit card to easily track any purchases made for the office, and to reduce the need for reimbursement.
  • Investigate transactional history that does not make logical sense or is overcomplicated.
  • Bring another agency aboard to monitor and control your accounting duties to ensure quality and validity.

If you feel that your business is at-risk for fraud or you have already been a victim to it, contact Dental CPA Allen M. Schiff today to schedule a consultation.

100 West Road, Suite 410
Towson, MD 21204
(410) 321-7707

Dental CPA Allen Schiff Gives Back to Maryland Community

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

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

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

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

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

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

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

Towson Dental CPA | 3 Tips to Empower Your Dental Team and Your Practice

As the front line of your practice, your dental team is crucial to your business goals. Their performance, attitude, and communication can determine if a patient has a fantastic visit or a frustrating one. Here are four tips that can help you empower your team, improving patient retention and overall happiness in the workplace.

A Healthy, Positive Culture

Your first priority toward a loyal, productive team should be establishing a welcoming and comfortable office culture. Being open to feedback and transparent in your motives will make the atmosphere of your practice something that your team looks forward to each day. Encourage your team with attainable goals and ensure that all criticism is constructive, yet humble.

Communication Goes Two Ways

When it comes to proper communication, don’t forget that listening is just as important as speaking up. Your team should feel comfortable with voicing their concerns.

As the leader, there are times when it is important to gain the approval of your team. If issues arise in performance, between employees, or surrounding changes, don’t ignore them. Talk to your team and listen to their perspective. Be fair in your assessment and just in your decisions.

Bring Out the Best

A powerful team requires powerful recruiting. Finding talented team members depends on competitive salaries and the chance for growth. By rewarding your team for their best efforts, you can help them feel confident and loyal to your practice.

Even more important than recruiting, however, is retention. Train your team to strengthen their skills, and step in when they are feeling the strain. Make sure you cross-train where appropriate, to reduce the impact that vacations or turnover may have on your team’s wellbeing. If you ensure their work environment allows them to thrive, then they will.

Building your dream team can push your practice ahead while establishing a positive experience for patients, employees, and yourself. If you are in need of a healthy change for your practice, then don’t hesitate. Our team at Schiff & Associates can bring you the management consulting you need to empower your practice and your staff. Contact us today to schedule a consultation.

100 West Road, Suite 410
Towson, MD 21204
(410) 321-7707

Dental CPA in Towson | Career Tips for New Dentists

Towson Dental CPA

Starting your professional career as a new dentist can be one of the most exciting (and anxious) times of your life. Whether you are beginning your own practice or joining one, there are several important aspects to keep in mind. We have compiled a quick guide that will help you manage your priorities as a new dentist with confidence.

  1. Protect Your Work-Life Balance – While you might be used to a heavy schedule during your years in academia, don’t let yourself burn out. You deserve a healthy work-life balance. By setting expectations and following them, you can enjoy your time with friends, family, or hobbies without feeling tread on by your work schedule.
  2. Know Your Strengths – Your practice should center on two things: what you are compassionate about, and what you are incredible at. Don’t pursue a specialty just to appeal to your community if it isn’t something you are excited about. Focusing on your strengths will bring you more satisfaction in your work as well as higher quality to your service.
  3. Manage Your Debt – Dental school graduates usually have a significant trail of student debt following them. Whether you refinance, make extra payments, or choose an alternate repayment plan, focus on reducing your balance instead of simply paying off the interest. Don’t forget to contribute early to your retirement fund, either. The best time to start saving was yesterday.
  4. Successful Practice Management – A dental practice is a business, and a business needs a strong leader. Dental schools don’t typically prepare you for the financial and leadership elements of your career, so don’t be afraid to seek coaches or consultants. With the right mentor, both you and your practice can succeed.
  5. Continue Your Education – The last advice you want to hear as a new dentist is ‘more schooling,’ but it’s true. Once you have settled in, you should look for new opportunities to hone your skills. There exists a world of workshops, lectures, and courses that can further your passion in dentistry, bring you confidence in your work, and improve the value of your practice.

With the right mindset and plan, you can build yourself up as a new dentist, achieving your leadership and financial goals. If you are considering starting your own practice, our team at Schiff & Associates will be the resource you need to secure your future in success. Contact us today to schedule a consultation.

100 West Road, Suite 410
Towson, MD 21204
(410) 321-7707

Towson, MD Dental CPA | Top 10 Accounting Mistakes

Dental CPA Near Me

Maintaining a dental practice is often a lot of work and can seem daunting – especially when you are running the whole operation yourself. You must find a balance between caring for your patients, balancing your books, and attracting new patients, all while maintaining work-life balance.

As a solo practitioner, you may feel like the room is spinning, and at the end of the day the last thing you want to do is look at the numbers. With so much going on it is easy to make mistakes, so our team at Schiff & Associates want to give you a quick list of common mistakes to avoid so you don’t end up in trouble.

Not saving receipts

While not all receipts are required by the Internal Revenue Service(IRS), we still recommend keeping a drawer or folder for your receipts to provide backup documentation which can prove valuable at tax time.

Not tracking reimbursements

As a small business owner, you have likely payed for a few items for your practice out of your own pocket. Be sure to track your private payments so you can be reimbursed by your company.  

Lack of communication

If you have an employee that handles your finances, they can only keep a good book if they are in the know. Keep communication open and regular involving anything with money.

No backup  

Always keep the backup documentation to what you put into your system. Having a paper trail of your business can be valuable if something goes wrong or you ever come under audit. 

Not deducting sales tax

Remember to deduct the sales tax from your sales to make sure you are honest about your total sales and don’t pay more when taxes are due.

Trying to do it all yourself

Maintaining a private practice can seem overwhelming. It can be easier to make mistakes when you try to do your accounting on your own. It is best advised to have at least another set of eyes on your numbers.

Neglecting cash flow forecasting

Your books are not only for keeping up with the past but also planning for the future. Stay informed by forecasting so you know where your practice is going.

Keeping track of city-specific tax regulations

If you are starting a new practice or have moved to a new city, it may be a good idea to keep abreast of your city’s tax regulations. These systems vary from city-to-city and can be hard to remember. 

Falling behind

Procrastination can be costly. Be intentional about keeping up to date with your books so you don’t forget things that happened days, weeks, or even months in the past.

Stick with the procedures

Systems are put in place to keep each other honest and efficient. By staying with the set procedures, you can assure yourself that you are not cutting any corners.

Keep these common mistakes in mind for when it comes time to go through your books. If you are having a hard time maintaining your accounting, contact us today at (410) 321-7707 or visit us online to learn more about our services at https://schiffcpa.com/.

General Dentist Wanted FT/PT: Bethesda, MD

GENERAL DENTIST WANTED FT/PT IN BETHESDA, MD

Amazing opportunity for a highly productive dentist to join our practice immediately.   We are an office of general dentists and specialists working together in 2 state of the art locations in Bethesda.  Must be personable, talented and committed to both the patients and their future with the practice.  Fax resume to 301 299 2228.  
 

General Dental Practice seeking PT Associate: Eastern Panhandle, WV

Blog-dentist wantedWell established Dental Practice located in the Eastern Panhandle of WV.  This dental practice is seeking a part time associate general dentist 2-3 days per week.  The practice strives to provide personalized, high-quality care to their patients.  This is a full-service general dental practice of dedicated, experienced dentists and team members who believe in working with patients to maintain and improve dental health.  This practice believes in providing comprehensive dental health care services to their patients in a friendly, relaxed atmosphere and in educating our patients as they work with them to achieve the best smile possible.  

The ideal associate would demonstrate a passion for dentistry and patient care, contagious energy, a willingness to learn and grow and at least 2-3 years of clinical experience.  Please send Resume and Salary History to: Allen Schiff aschiff@schiffcpa.com .
 

General Dental Practice Seeking Associate: Rockville/Gaithersburg, MD

Blog-dentist wanted

General Family Dental Practice seeking a motivated and enthusiastic associate to join our practice with all digital facility located in a high traffic area in Rockville/Gaithersburg, MD. Modern office with digital charts and x-rays. Dedicated staff members handle all administrative tasks. Looking for Part Time to start on Mon, Thur, Fri and then extend to Full time as needed.  Guaranteed base pay and profit sharing based upon performance.

Qualifications
– Active MD license
– Strong communication skills
– Passionate about patient care
– Must have 3 or more years experience

To learn more about this opportunity, please send Resume and Salary History to: Allen Schiff aschiff@schiffcpa.com .

General Practice Seeking Associate – Rockville, MD

Blog-dentist wanted

General Family Dental Practice seeking a motivated and enthusiastic associate to join our practice with all digital facility located in a high traffic area in Rockville/Gaithersburg, MD. Modern office with digital charts and x-rays. Dedicated staff members handle all administrative tasks. Looking for Part Time to start on Mon, Thur, Fri and then extend to Full time as needed.  Guaranteed base pay and profit sharing based upon performance.

Qualifications
– Active MD license
– Strong communication skills
– Passionate about patient care
– Must have 3 or more years experience

To learn more about this opportunity, please send Resume and Salary History to: Allen Schiff aschiff@schiffcpa.com .

General Dental Practice Seeking FT Associate: Northern VA

Associate Dentist Wanted in Northern Virginia

World-class office expanding our schedule to accommodate demand. We are offering the ultimate full-time associate opportunity! Temporary position with opportunity for permanent position.   Current associate is going on Maternity leave. Super-fun team, with your own treatment coordinator, quality work, completely equipped with latest technology.   Fax resume to 703–858-0102.

Information about the associate position

Full Time – 4 1/2 days 40 hours per week

Two evenings per week 10 am – 7 pm

Two mornings per week 7am – 4 pm

No Saturdays

Pay based on percentage of collections with minimum of $500/day guarantee

Health benefits available through HRA

Dental Benefits for Associate and family

CE credits

General Practice Seeking FT Associate: Northern VA

Associate Dentist Wanted in Northern Virginia

World-class office expanding our schedule to accommodate demand. We are offering the ultimate full-time associate opportunity! Temporary position with opportunity for permanent position.   Current associate is going on Maternity leave. Super-fun team, with your own treatment coordinator, quality work, completely equipped with latest technology.   Fax resume to 703–858-0102.

Information about the associate position

Full Time – 4 1/2 days 40 hours per week

Two evenings per week 10 am – 7 pm

Two mornings per week 7am – 4 pm

No Saturdays

Pay based on percentage of collections with minimum of $500/day guarantee

Health benefits available through HRA

Dental Benefits for Associate and family

CE credits

General Dental Practice Seeking FT Associate: Owings Mills, MD

General Dental Practice Seeking Full Time Associate: Owings Mills, Maryland

Highly skilled and motivated General Dentist needed as a Full Time Dental Associate to join a successful State of the Art General Dental Practice located in Owings Mills, Maryland.  The ideal associate would demonstrate a passion for dentistry and patient care, contagious energy, a willingness to learn and grow and at least 2 years of clinical experience.  Please send Resume and Salary History to: Allen Schiff aschiff@schiffcpa.com .

General Practice Seeking FT Associate: Owings Mills, MD

General Dental Practice Seeking Full Time Associate: Owings Mills, Maryland

Highly skilled and motivated General Dentist needed as a Full Time Dental Associate to join a successful State of the Art General Dental Practice located in Owings Mills, Maryland.  The ideal associate would demonstrate a passion for dentistry and patient care, contagious energy, a willingness to learn and grow and at least 2 years of clinical experience.  Please send Resume and Salary History to: Allen Schiff aschiff@schiffcpa.com .

General Dental Practice Seeking Full Time Associate: Frostburg, Maryland

Highly skilled and motivated General Dentist needed as a Full Time (4 Days per Week) Dental Associate to join a successful General Dental Practice located in Frostburg, Maryland. 10 Opertory State of the Art Practice is currently collecting $2.4M annually and sees over 70 New Patients per Month.  $650k – $800k anticipated production in first year for associate.  Practice covers the employee’s malpractice insurance, lab fees, continuing education, 80% of an individual’s health insurance premium, and offers a 401k plan and free dental care for employee and his or her dependents. The ideal associate would demonstrate a passion for dentistry and patient care, contagious energy, a willingness to learn and grow and at least 2 years of clinical experience.  Please email Resume and Salary History to: Eric Schiff, Schiff Dental Brokerage; 410-321-7006 Fax; ESchiff@Schiffcpa.com

General Practice Seeking FT Associate: Frostburg, Maryland

Highly skilled and motivated General Dentist needed as a Full Time (4 Days per Week) Dental Associate to join a successful General Dental Practice located in Frostburg, Maryland. 10 Opertory State of the Art Practice is currently collecting $2.4M annually and sees over 70 New Patients per Month.  $650k – $800k anticipated production in first year for associate.  Practice covers the employee’s malpractice insurance, lab fees, continuing education, 80% of an individual’s health insurance premium, and offers a 401k plan and free dental care for employee and his or her dependents. The ideal associate would demonstrate a passion for dentistry and patient care, contagious energy, a willingness to learn and grow and at least 2 years of clinical experience.  Please send Resume and Salary History to: Allen Schiff aschiff@schiffcpa.com .