South Miami Healthcare CPAs | Common Payroll Mistakes and How to Avoid Them

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South Miami Healthcare CPAsHandling payroll for a dental practice is often thought of as a simple task. The truth, however, is that there are many minor errors that can easily lead to major problems. Train your team to catch these small mistakes your practice might be making, so you can be sure to avoid them in the future.

Estimated Recordkeeping – Don’t wait until the day before payroll is due to log shifts worked for the pay period. Days can begin to blend together and it can be challenging to recall who worked which days and times after the fact. Looking through notes and emails to figure out past days’ activities can be stressful and even inaccurate, leading to incorrect pay.

Employee Misclassifications – There are many differences, at both federal and state levels, between an employee and a contractor. Make sure you classify your team members, temporary replacement workers, and anyone else in payroll correctly to ensure an accurate, streamlined process. Depending on the infraction and your area, heavy penalties can occur for misclassified worker pay.

Not Tracking Bonuses or Gifts – Work trips or group outings are no problem, but any sort of bonus or gift that has monetary value needs to be tracked. Gift cards are a common example of this. Make sure to keep a running log of any exchanges like these for year-end purposes.

Paying Employees Wrong Rates – When employees are hired, given a raise, or have their pay otherwise adjusted, make sure this is correctly logged in the system or software you use. Using an hourly wage in a program to pay as salary can have rounding problems, so double-check your work. Manual error or forgetting to process a raise on the books right away can lead to owing back-pay or other issues in the future.

Holidays or Haphazard Payroll – Try to set a fixed schedule for your payroll. When holidays affect the normal cycle, have an established plan to deal with it appropriately. Depending on your area, missing or late payroll can create tax headaches or incur penalties, as well as causing hardship for your team.

Payroll can be a straightforward and mistake-free process at your practice, but it requires proper oversight and attention. Keep an airtight system, follow up on any mistakes, and think ahead. For more information on how to handle payroll or tax concerns, contact our office.

Parlade & Schaefer, CPAS, PA
5975 Sunset Drive, Ste 802, South Miami, FL 33143
(305) 670-0400

South Miami Healthcare CPAs | Manage Your Calendar to Balance Your Life

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Appointments and continuing education consume most of your time. How do you manage to live a happy, well-adjusted, balanced life when you simply don’t have time? The key is in planning. Do you use a calendar to manage your time or do you simply make agreements and arrangements as they come up? Here is how you can balance your schedule by managing your calendar.

Set Clear Boundaries

The first step to achieving a work-life balance is to consider your basic responsibilities and obligations. Set aside blocks of time in your calendar to meet with patients, hold team meetings, and attend organizational group meetings. Your calendar should be your primary time-management tool.

Time Off Means Time Off

You need to set aside time for activities unrelated to work. When you decide to take a day off, make sure it’s in your calendar. If it’s not in there, your time off is likely to be consumed by an emergency patient appointment, unexpected meeting, or other business-related expense. Make your scheduling priorities clear with your office team so they are not left with the burden of how to handle unexpected situations while you are away.

It’s Not Just for Work

Your calendar doesn’t need to be exclusive to work. In fact, it may be beneficial for you to regularly include your other commitments. From your children’s school activities to anniversaries and birthdays, seeing these events alongside your work schedule can help you make better scheduling choices. You’ll be more reluctant to accept an invitation to a meeting or convention when you know it will conflict with another occasion. By including other events on your calendar, you minimize the risk of dealing with a stressful schedule conflict between your work life and your personal life.

Never let your calendar run your day. You have the ability to schedule your day by using your calendar as a tool for time management. Start by setting clear scheduling boundaries by blocking the time you need for your main responsibilities. Don’t be afraid to take time off, but always make sure it is a part of your schedule.  Also, consider including other life events and activities in your calendar to better manage your schedule.

For more tips on effectively managing your work schedule, contact our team today.

Parlade & Schaefer, CPAS, PA
5975 Sunset Drive, Ste 802, South Miami, FL 33143
(305) 670-0400

 

 

South Miami CPAs | Are You Setting the Right Goals?

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No matter how effective you are at vision casting, dreams require hard work and strategic planning to become a reality. Highly successful business owners know the benefits of setting realistic and measurable goals. Rethink the way you are setting goals for your business. Your ambitious plans will be successful only if you have a road map to reach them. By mastering the art of setting incremental, measurable goals, you’ll be able to more effectively to reach them. For more tips on managing your practice, contact our firm today.

 


Plan out the steps, not just the big picture.

Start small by establishing smaller goals on a quarterly, monthly, or even daily basis. It can be easy to let ambition take over and lose track of the work required to reach your ultimate objective. Setting smaller, incremental goals provides the opportunity for you to celebrate the small victories along the journey and reassess early if something isn’t working.

Measure your success.

How will you know if you achieved your goal if you cannot measure it? Goals should have a measurable standard. Perhaps you want to see 5 more new patients each month or to increase the number of referrals by 50%. Set specific goals that are easy to track. This will help you to definitively know whether or not you’ve reached them and, if not, have a tangible metric of how much you still need to accomplish.

Make your goals visible.

The more visible your goals are, the greater pressure you’ll feel to meet them. Make sure everyone in your practice is aware of what you’re trying to achieve. This will not only ensure that they’re actively helping you reach your goals, but will also provide a source of accountability to hold you to your word. Putting up visual reminders can also be a simple way to accomplish a similar effect. The more you’re reminded of your goal, the more likely you are to work towards it.

Real growth doesn’t happen passively. In order to take your practice to the next level, you need to set goals to help you get there. Whether these goals are financial, patient-oriented, or focused on personal development, we’re here to help. Contact us today to learn more!

Parlade & Schaefer, CPAS, PA
5975 Sunset Drive, Ste 802, South Miami, FL 33143
(305) 670-0400

Healthcare Accountant Near Me | Get Organized, Get Productive

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Time is money. If you want your practice to be as efficient and economically prosperous as possible, you don’t want to spend valuable time dealing with the effects of clutter and chaos. Disorganization is shown to have a direct negative impact on productivity and, by extension, your earning potential as a practice.

Whether you feel like you’re drowning in papers or you want to learn tips to take your efficiency to the next level, here are some tips to help you and your team get organized. Contact our team today to learn more about the strategies we can help you implement to ensure you’re getting the most out of your practice.

Clean Up the Clutter

When you have so many different things demanding your attention throughout the day, it can be difficult to keep on top of everything. If you’re not careful, papers and other clutter can accumulate faster than you realize. Once the pile starts to get away from you, it can be hard to ever work your way back through without having to set aside valuable time to sort through everything.

It’s easier to avoid getting yourself into this mess in the first place once you have organizational strategies in place. You might create a unique filing system for handling the various kinds of mail that comes through your office. Perhaps you set specific team members in charge of returning calls. The best system of organization is the one that works for you and your team.

Don’t Let Your Time Manage You

It can be difficult to prioritize the different duties of your work. It’s rare that even an hour will go by without a variety of different distractions. While you’ll have the occasional emergency that demands immediate response, most of these interruptions will not need to be addressed right away.

Resist the urge to drop everything every time a new email or task arises. Operating this way will only make it harder to actually accomplish any of your duties on time. Instead, learn to prioritize which things need to be addressed immediately and which can be done later. Delegate what can be passed to another and clarify deadlines for things that must be completed by you to allow accurate prioritization of tasks.

The day-to-day efficiency of your business can impact its long-term success. Don’t waste your time digging through clutter because you’re working without a plan. For more strategies for your success, contact our office.

Parlade & Schaefer, CPAS, PA
5975 Sunset Drive, Ste 802, South Miami, FL 33143
(305) 670-0400

Healthcare CPA | Data Security Best Practices

Though most of the attacks making headlines are those aimed at large organizations or political groups, roughly a third of all data security breaches in the last few years have occurred in the health care industry. Of these, employee error caused three times as many breaches as external attacks. In addition, more than half of the businesses who experience a security breach have fewer than 1,000 employees.

The Health Insurance Portability and Accountability Act (HIPAA) requires all health care providers to take steps to protect the private information of their patients from hackers, thieves, and staff. While no data security system is foolproof, there are some best practices that can help to decrease your risk of an information breach, especially from employee error. Here are some of the best practices you should be enforcing:

  • All computers should be placed where screens are not visible to patients or visitors.
  • Every computer should have an encrypted password for access.
  • All passwords should contain a mixture of letters, numbers, and/or symbols and should be changed regularly.
  • Passwords should never be written down in any place accessible by the public. It is preferable that they not be written down at all.
  • Every staff member must be fully educated about the importance of data security practices, their responsibility to follow these practices, and the potential repercussions for failing to comply.
  • Office computers and internet should not be used to check personal email or visit non-work-related websites.
  • Ensure all firewalls, software, and operating systems are kept up to date.
  • Wireless networks should be shielded from public view.
  • Every computer should have antivirus software installed and kept up to date.
  • Do not access office data remotely from a shared computer or unknown WiFi network.
  • Smartphones, tablets, laptops that have access to any work systems or emails should be password protected in case lost or stolen.
  • All hard copies of patient data should be shredded.
  • All transmitted data should be encrypted.
  • Sensitive information, such as social security numbers, financial data, or other private information, should never be sent through email or instant messaging services.
  • Consider purchasing cyber insurance protection.
  • If a breach does occur, take appropriate action immediately. Contact your legal counsel for advice.

Your first and best defense against the theft of sensitive patient information is the integration of data security best practices into your practice policies. Meet with your team to discuss any changes you need to make and your expectations of compliance. Protect yourself, your team, and your patients by working to protect the integrity of your systems.

Accountant Near Me | Guide to Getting Your Finances in Order

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Many Americans live paycheck to paycheck. It can be a heart wrenching experience not being able to provide necessities for you loved ones. Americans are swinging in debt with many at no fault of their own. Financial hardships can pop up as fast as the next corner Starbucks. Or some people just overextend themselves. Our society is based upon consumption. Everyday we are blasted with advertisements for objects we are told we want. There’s a new smart phone every year, watches to go with that new phone, expensive sneakers, high-end headphones – these products boost our self-esteem. Make us feel high on the social latter. Buying even can just make us feel good.

Whether you are struck with a financial emergency or overextended yourself there are ways to get back on track. It takes sacrifice but the reward of not worrying about money is well worth it. Here’s a guide to getting back to financial freedom.

Know Your Debt

It easy to just no think about debt. Knowing what you owe and laying it all out is important. Look at it this way, this is the first step to financial freedom – and a lot less stress.

Time for a Budget

Once you know how much debt you have, compare it to what you bring in. After subtracting monthly bill payments how much is remaining? At this point think about how much you are spending on necessary and unnecessary items. Now, look at your bank and credit card statements to see what you are really spending. It may shock you!

Creating a budget spreadsheet is a great way to keep track of spending and keep on task. You will want to include the following items.

  • Net income – your final take home pay after deductions
  • Fixed expenses – these may include rent/mortgage, car payment, and utilities. Regular monthly bills fall into this category.
  • Variable expenses – expenditures which change month to month including but not limited to entertainment, groceries, gas, and clothing.

Reviewing your monthly spending will help you know which expenses can be cut. This will be a difficult process but humans are adaptable. This will not be forever. Don’t be discouraged!

Goals

What are your financial goals? Make a list of short and long-term goals. Reducing or eliminating credit card debt would be a good short-term goal. Saving for your child’s education or your own retirement would be a long-term goal. Remember, some goals may take years to accomplish – in the end it’s worth every penny!

Make a Plan

Review your budget, know your debt, set realistic goals, and then start planning. Your plan should reflect the goals you made and how you will achieve them. Sometimes planning is a task you can tackle on your own. However, depending on your debt to income ration you may need to reach out to a financial planner. There’s no shame in it. In fact, most people should. If you are unable to afford a planner, find yourself a mentor. A friend or relative you can talk to is a great idea.

Helpful Tips

  • Use a savings account – money just sitting in your checking accounting is not gaining interest.
  • Auto-pay your bills – this will help to keep you on track and not get charged late fees.
  • Contribute to your 401K – if you company has one you should do it as most companies match contributions up to a certain percentage. That’s free money.
  • Check your credit score – there are many ways to see your score for free and without hurting your credit. This is a good way to see how your debt is affecting your score and to check for any fraudulent activities.
  • Have emergency savings – once you are back on your feet it’s necessary to have a small amount of money set aside for the unexpected.
  • Adjust your habits – always think before you spend as this is the most helpful advice of all.

Following your plan and stay on target! Please contact us for advice!

South Miami Accountants | 4 Questions to Ask Yourself Before Retiring

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Whether you have been working for a few years or a few decades, it is important to plan for your retirement. However, many people have never created a plan for retirement based on income and lifestyle. Here are four questions to ask yourself while thinking about whether or not you can comfortably retire on time:

  1.     What do you plan to do during retirement?

If you are planning to travel and visit family members more frequently, this will increase your expenses. Embracing a new hobby may also raise expenses compared to your working years.

  1.     What expenses will change?

Your commute, work clothes, and business lunches may stop, but you may have higher costs for medical care and prescriptions. Speak with us about the type of changes your budget will face during retirement.

  1.     How much are you currently saving?

When you meet with our financial planner, you will review the details of your current retirement savings plans and how your portfolio is performing. During retirement, it may be beneficial to continue some of your investments to help your savings outpace inflation.

  1.     Do you have a withdrawal strategy?

If you are an owner or partner in your business, is there a written agreement for buying you out when you retire? Do you plan to transition by working part time for a while or should you stop all at once? How are your retirement savings affected by taxes? All these questions should be a part of your strategic plan for retirement.

Don’t wait to plan ahead. What you do with your money now can significantly impact your life in the future. Our financial planning expert can guide you through the details of your retirement process.

For more information on planning for your retirement, contact our office and schedule a consultation.

Dental CPA South Miami | What to Look for in a Dental CPA

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Hiring a certified public accountant (CPA) to your dental practice grants you not only greater financial transparency, but also provides you with an excellent guide in making informed business decisions. You can also gain an increased ability to focus on your patients rather than being glued to QuickBooks between appointments.

If you’re considering hiring a CPA, it’s vital to know what you’re looking for in candidates. Below are the most important steps when looking for an ideal dental CPA.

Determine Your Need

Before you even start looking for an accountant, determine why you need a dental CPA. Are you looking for a CPA to fine-tune your financial business strategy? Do your bookkeeping? Or maybe you just need help filing your taxes? Once you pin down your specific needs, you can determine which skills you should look for in candidates.

Ask Around

Colleagues experienced in running their own practices can be a helpful resource. Don’t be afraid to ask for advice. Find out the traits they look for in a CPA. With their knowledge in mind, begin conducting your own research – guided by your particular needs.

Here are some general questions to ask yourself when looking for a dental CPA:

  • Do they meet my specific needs?
  • Are they up-to-date with their knowledge? Do they use modern software?
  • Are they established and reputable?
  • What dental practices do they currently represent?

Look for Dental Industry Experience

Many general accountants spend a majority of their time working with clients in a vast number of industries and don’t necessarily have specific experience with dentistry. If you are looking for an accountant with industry knowledge, contact us today.

It can take time finding the right team to work beside you. Skip this step and contact us to get to know our team. We offer a variety of services to fit everyone’s needs. We look forward to hearing from you.

Dental CPA | Converting Leads into Patients

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Marketing is an essential part of attracting new business. Strong print and internet marketing materials can help introduce your practice to potential new patients. Glowing reviews and testimonials tell people that you have a trustworthy team and offer quality care. However, even the best marketing efforts won’t contribute anything to your business if you fail to convert leads into patients. There are a variety of reasons outside of your control that might stop someone from scheduling an appointment at your practice, but it’s important to make sure you do all you can to help motivate people to seek treatment with you. Below are some tips to help your team more effectively sell the value of your service to potential new patients.

Be responsive and available. As a dental professional, you know what it’s like to be busy. Often, your patients have busy lives of their own. Make sure your team is available to take calls as they come and try to offer flexible appointment times to help people work within their limited free time.

Don’t be too pushy. While it’s helpful to be clear about all the treatments offered at your practice, patients are often turned off by overly “salesy” approaches. Take the time to get to know a patient and their needs, goals, and budget before trying to sell them on dental solutions. This will make them feel valued and understood, increasing the likelihood of treatment plan acceptance.

Offer a friendly and welcoming environment. There are a number of people who absolutely dread going to the dentist. Because of that, some potential patients may already have a negative feeling towards you and your team despite no fault of your own. Work to overcome this discomfort quickly by offering a personable and kind environment. Make sure your team greets patients by name and gets to know a bit about them. A little can go a long way.

Don’t lose track of people. Repetition is one of the easiest techniques for cementing something into memory. If a potential new patient contacts your office, be sure to follow up if you don’t hear from them again. You never know the reason they didn’t call back, so taking that step for them can offer a second chance to make a connection and help your practice stand out more in their mind.

Many dentists find it difficult to think about their practice as a business. It is likely that you chose dentistry due to a passion for service and healing, not bookkeeping or sales. Yet nearly any successful retailer will say that the only way to gain business is to give customers what they want, when they want it. Contact our firm for more strategies on boosting new patient numbers and patient retention!

Miami CPA | Claim Financial Freedom

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Whether you’re starting a new practice or have been an owner dentist for years, the financial stress that can come from being a business owner can sometimes overwhelm even the most seasoned professionals. Our goal is to help you achieve complete financial freedom so that financial worries don’t interfere with your ability to work well.

Below are some tips you can follow on your own to help build a rock-solid foundation for your practice. Staying organized and up-to-date with your financials allows you to focus on delivering quality care to your patients. Contact our firm today to learn how we can help!

  1. Have a plan. As the popular saying goes, “failing to plan is planning to fail.” In order to see true success, you’ll need to have both short and long-term plans for your practice. How will you allocate new earnings? How is your practice prepared to deal with slow seasons? How are you budgeting for new purchases? If you don’t already have answers to these questions, they could be a great place to start. Planning for the unexpected can help safeguard your profitability from being derailed by unforeseen expenses.
  2. Set goals. Don’t be afraid to dream big. Your practice will only be as successful as you make it. Setting goals allows you to have a clear yardstick to measure your success against and can help you make better financial choices in the present. By recognizing the simple truth that every small decision you make now can have a huge impact on the future, you’ll be able to start setting yourself up for success. Your future self with thank you.
  3. Be Smart. When starting or growing your business, there can be benefits to taking on strategic debt. However, doing so in a manner that will benefit, rather than hinder your growth requires an understanding of the returns you can expect on your investment. Don’t jump into big purchases without a plan, rather weigh the potential benefits and risks of all your financial decisions.
  4. Get Organized. Disorganization can be a killer for any business. In order to ensure you’re not letting anything important slip through the cracks, it’s important to have systems in place that will guarantee nothing is missed. In addition to protecting you from unforeseen troubles, efficient organization can also help bring opportunities for improvement to light. Whether it’s money that could be saved or resources that could be conserved, understanding the ins and outs of your financials can help you to understand exactly how your money is being used.

If you feel that you could improve in any of these areas, our firm is here to help! Our goal is to make the process of managing and running your practice as simple as possible, allowing you to focus on delivering quality work to your patients and growing your business. Contact us today to learn more.