Tag: Dental Practice Sales

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/.

21204 Dental CPA | What Sets Dental CPAs Apart

Towson, MD Dental CPA

towson md dental cpaCPAs are a valuable resource for business owners of all kinds. Whether you’re looking to ensure that you remain legally compliant while saving as much as possible during tax season or are looking for guidance in how to allocate incoming resources well, a CPA can help you run a more efficient and profitable business. At Schiff & Associates LLC, we recognize the benefits that come from working with a dental-specific firm. As a proud member of the ADCPA, we understand the specific needs unique to dentists and will help you run your practice better.

Below are just some of the benefits that come from working with a dental CPA. For more information about the difference we can make for your practice, contact Schiff & Associates today!

Wealth Management: A dental CPA can help plan and implement wealth management strategies for your practice that will help you get the most out of your earnings in both the short and long term.

Tax Preparation: We can prepare your taxes and ensure that you’re complying with all laws while minimizing liability, allowing you to keep more of your earnings. We’ll also represent your practice before tax agencies if needed.

Practice Analysis: Our firm will analyze your practice to find areas of opportunity, measure efficiency, and evaluate overhead and profitability. The first step to improving your practice is to recognize ways in which you could grow.

Purchasing Advice: We will help you understand the pros and cons of big ticket investments such as equipment and real estate. Understanding the earning potential tied to a purchase is important in determining whether or not it’s a good investment.

Team Management: Whether you’re looking to grow your team or discern whether an existing employee needs to be terminated, we’re pleased to offer business insights tailored to help your practice thrive.

Legacy Planning: Whether you’re thinking of selling your practice or want a plan in place for the unforeseen loss of a partner, we can help you analyze the ideal trajectories for your practice and create plans for a number of different potential situations.

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

57 Definitive Dental Practice Management Tips from 57 Dental Practice Consultants

Dental CPA

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

  • Management
  • Communication
  • Teamwork
  • Customer Service
  • Time Management
  • And Much More…

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

57 Definitive Dental Practice Management Tips from 57 Dental Practice Consultants

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

MD Baltimore Dental Broker

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

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

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

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

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

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

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

Dental Broker

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.

  1. 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.

  1. 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. Contact us today. 

100 West Road suite 410
Towson, MD 21204