South Miami CPAs | Toxic Employees

CPA in South Miami

Hiring is time-consuming, stressful, and sometimes costly. In some cases, this causes business owners to avoid firing an employee long after it has become clear that the person is damaging the overall work environment. Finding the right person for your office can be challenging. However, continuing to retain a toxic employee can be far more costly for you and your business.

What is a “toxic employee?”

A toxic employee is easily recognized for exhibiting several, if not all, of the following behaviors:

  • Bad attitude: This includes eye-rolling, muttering, snide comments, complaints, confrontational tone, and passive-aggressive speech or actions.
  • Lack of engagement: This can include work-avoidance, lack of enthusiasm, unwillingness to accept responsibilities, and being inattentive in meetings and huddles.
  • Dishonesty: Whether this involves refusal to accept accountability, blaming others for mistakes, or outright lies and thefts, dishonesty is harmful to your business and your team.
  • Poor work performance: While a new team member may experience a learning curve at first, the toxic employee never rises above the bare minimum of what has been explicitly listed as expected. In many cases, they may not even be fully or properly completing work. They are uninterested in feedback or training and unwilling to work to improve.

Do you recognize anyone in your office from these descriptions? If so, it’s time to pull the plug.

When you continue to keep a toxic employee on your staff, you may avoid the headaches of the hiring process in the short term. However, you are creating a host of other problems for yourself that will cost you a great deal more time, money, and energy to solve in the long term.

One toxic employee in your office can cause:

  • Loss of new customers: If a toxic employee is interacting with potential customers, they are creating a negative image of your business, which can lose hundreds or thousands of dollars in revenue.
  • Loss of existing customers: If your clients are treated poorly even once, they may choose to take their business elsewhere – and they may tell others.
  • Loss of your best team members: Your best people want to work in a positive environment where they feel supported and appreciated. By tolerating the complaints or shoddy work of one toxic person, you risk losing team players to a company that maintains a better atmosphere.

Don’t compromise your business or your best team members by refusing to fire toxic employees. For more strategies to improve your business, contact our office.

5975 Sunset Drive, Suite 802
South Miami, FL 33143

Phone: (305) 670-0400

33143 CPAs |Revitalize Revenues through Increased Investment

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Every business experiences trends of increasing and decreasing revenues. When new business slows and income begins to dip, many business owners react by cutting back on the item in their budget they think is most expendable: marketing.

The unfortunate reality is that this is almost definitely the wrong step to take. When you cut your marketing budget, you reduce your revenues as well.

Today’s business cannot survive through only word of mouth referrals. Your company needs to attract new clientele on an ongoing basis, not just in the weeks following a postcard blast or mass email. In addition, you need to engage and maintain the loyalty of your existing customers.

Consistent, effective marketing helps you achieve both ends.

One recent study examined the marketing budgets of several publicly-traded companies. The researchers found that businesses that were spending an average of 16.5% of revenue grew up to 15% annually, and those that spent an average of 22% grew 16% – 30% annually.

When your marketing budget increases, your revenue follows suit.

There are several factors that can influence how much your business should be spending on marketing.

  • Are you a new startup company? You may need to invest more until you have established a client base.
  • Is business established and you want to maintain growth? Compare your current rates of new customers to those lost annually to determine how your current budget is doing.
  • Is business stagnant or decreasing? Consider investing an additional 5% or 10% above your current marketing budget, at least until the trend reverses.
  • How competitive is your local market? Higher competition requires greater investment to grow business.

For more advice regarding your marketing budget and business growth, contact our office.

5975 Sunset Drive, Suite 802
South Miami, FL 33143

Phone: (305) 670-0400

South Miami Dental CPAs | Why You Should Join (or Start) a Dental Study Club

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Science is a field where the only true constant is change. Dentistry is no different. With advances in techniques and new technologies every year, it can be challenging to stay current, especially without breaking your budget.

Study clubs can be an ideal solution to this inevitable problem. There are many reasons why you should be gaining the benefits of membership in a dental study club. Here are some of the most valuable advantages you stand to gain:

Continuing Education

By pooling the resources of a group of dental professionals, you can attend continuing education lectures and clinical hands-on training in your local area, without all the time and expense of travel. This added source of training and education can be invaluable for staying current with new techniques and new technological advances. If you have a desire to focus your practice on one or more specific areas of dentistry, such as implants or sleep apnea treatment, a targeted study group can help you find and attend the courses you need to develop the skills and qualifications to reach your goal.

Peer Support

With a dental study club, you are interacting with other dentists and specialists in your area. Group discussions have been shown to be one of the most effective ways to share experiences, techniques, challenges, and new ideas with like-minded individuals for the benefit of everyone involved. This informal venue can allow you to explore new ways of approaching a problem or a treatment and allows you to benefit from what another has already tried.

Networking While it is not the primary reason to join a study club, you should not overlook the importance of networking. Making other dental contacts in your area can be highly beneficial. Specialists, in particular, depend on referrals from other dentists. It can be much easier to refer a patient or gain a referral when you have developed a relationship with other professionals and know how they treat their patients, what technologies they use, and other such information.

For more information, contact our office.

5975 Sunset Drive, Suite 802
South Miami, FL 33143

Phone: (305) 670-0400

33143 Dental CPA | Are You Minimizing Your Work?

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Words have a powerful effect on perception. Are you selling yourself short when it comes to describing your practice or your services? Patients visit you because they trust you to be open, honest, and experienced in communicating the condition of their oral health in a way they will understand. To accomplish this effectively, you need to be mindful of your word choice.

“Check Up” or “Comprehensive Examination”

A “check up” sounds menial and unimportant. You might say you take your car in for a “check up” or “tune up.” Oral health care is diminished when it is referred in this way. Use the more professional sounding “comprehensive examination.” This emphasizes the fact that you and your team are doing a lot more than just checking the mouth and teeth. You are looking for signs of decay and oral cancer, providing a thorough cleaning, and offering recommendations for additional treatments. That’s a lot more than a “check up.”

“Just a…”

Don’t use this phrase when leading into a diagnosis. “Just a cavity,” or “just a little inflammation,” minimizes the importance for action. Your patient might heed this as permission to wait on further treatment. The public is often not aware of the importance of their oral health and how oral diseases can spread, worsen, and lead to other painful and costly problems. Be clear with patients when making a diagnosis, but never make it sound unimportant or that it can wait.

“Bleaching” is Not Synonymous with “Whitening”

When describing whitening treatments to patients, it may sound like a natural choice to use the word “bleaching.” Avoid using this term. To some patients, this may imply bleach is used in the whitening process. It also sounds far more painful than “whitening.” Using the term “Bleaching” sounds dangerous, or that it involves the use of harsh chemicals. “Whitening” is an ideal term to use as it also serves as a description for what patients can expect after treatment – a whiter smile.

Word choice matters. Patients are relying on you for information about their health. Be clear, be concise, and be honest with your patients. The public’s perception of dental professionals is not always positive. Clear communication is one way to bridge the gap between your team and your patients. Show your value to your patients by choosing strong words to describe your services, and avoid minimizing the importance of your work.

For more information, contact our office.

5975 Sunset Drive, Suite 802
South Miami, FL 33143

Phone: (305) 670-0400

CPAs in South Miami | 4 Ways to Grow Your Confidence as a Business Leader

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The up and down nature of confidence can be exemplified as a business leader because of the stressful nature of maintaining a high-ranking position. Confidence can grow with practice and effort. Here are four ways to grow confidence as a business leader.

Consistency is Key

Rapidly changing methods and ideas can prevent a business leader from feeling confident. The business should work for the business leader, not the other way around. Gaining a sense of consistency and stability with schedules, rules, and realistic expectations can lead to an increase in confidence that the business will run smoothly. Know and understand the key parts of the business, important dates, and the function of each role. You can only become confident in your business operations when you fully grasp the nature of the entire business.

Be Yourself

Being afraid to say what you think can be viewed as a lack of confidence. Speaking your mind, while still having a professional filter, can build confidence as it shows you are part of a team and contributing. Being yourself will also dispel any notion coworkers might have that you are not being a genuine person. Openness and authenticity will not only strengthen your bond with your employees, but are also essential traits for effective leadership.

Be Open to Criticism

Change cannot come from one person alone, and not all criticism should be seen as a slight against you. Listen to feedback from coworkers and customers and tailor that feedback into something positive. Do not let the criticism fester and destroy your confidence, take it and use it to grow as a person. Accepting constructive criticism and negative comments can help increase your confidence.

Know What You Are Talking About

Fully understanding what you are talking about can help improve your confidence. If you are a business leader, strive to know everything you can about the business and its operations. If you are speaking about a topic, research everything you can about that topic. Become the expert. You will be better positioned to demonstrate confidence when it is clear that you are invested in what you are discussing.

Confidence can not only make or break your career, it can impact the business as a whole. You can take your confidence to the next level, while learning how to prevent situations from arising that can be detrimental to your confidence.

For a consultation, contact our team.

5975 Sunset Drive, Suite 802
South Miami, FL 33143

Phone: (305) 670-0400

South Miami CPAs | The Bright Side of Customer Complaints

CPAs in South Miami

No matter how fantastic you and your team are, you will occasionally have a customer complain about something. When this happens, you and your team may feel discouraged, frustrated, or even annoyed, depending on the specific complaint and how it was shared. It can be easy to brush the complaint aside and tell yourself that the client was just having a bad day. However, changing the way you think about customer complaints can be highly beneficial to your business.

Client complaints may involve anything from office décor or other customers to the time, cost, or outcome of a business transaction. Even concerns that feel trivial or unfair to you should be handled with respect and appreciation. Like any consumer, your client wants to feel like you care about their experience and their feelings. A complaint is an opportunity for you to win back a customer’s trust.

If you thank your customer for bringing their concerns to you, commit to taking action to correct the situation, and follow through on your commitment, you will earn loyalty from that client. This loyalty can translate into additional business from the client, and even referrals to friends, family, and social media connections. Over time, handing one complaint as an opportunity to improve can lead to hundreds or even thousands of dollars in revenue.

However, if customers leave your office feeling that their concerns are unimportant to you, they will likely look elsewhere for business in the future. Unhappy clients do not stay with your business. They do not refer others to you. They may even tell others about their unpleasant experience with your office, which can cost you potential customers and revenue.

Every customer complaint you receive is a gift. Your team or business may have a weakness that you were unaware was an issue. If one client voices a complaint, it is likely that others have noticed the problem as well. Consider asking customers for feedback after a visit. Let them know proactively that you appreciate their input and are ready and willing to provide the best experience possible. When your customers feel valued, they will be more loyal to you, your team, and your company.

For more tips on providing a better customer experience, contact our office.

5975 Sunset Drive, Suite 802
South Miami, FL 33143

Phone: (305) 670-0400

33143 CPA | Making Informed Acquisitions

CPA in South Miami

Purchasing an existing practice can be an exciting prospect. Whether it’s your first practice or you’re an established owner, the process can be lengthy as you weigh all the pros and cons of the potential investment. Making sure you know everything you need to about a practice before considering an acquisition will help protect you from making a poor choice that could end up costing you in the long run. Below are some considerations to keep in mind when looking to purchase a practice.

Acquisition is Just the Beginning

Even the most aesthetically modern and technologically advanced practice will require some renovations to make it match your branding and culture. This is especially true for older practices or ones that simply aren’t up to the standards you hold. A great deal on a building might not seem so great if you’ll have to pay twice as much to get it patient-ready.

Assess the Assets

Before you commit to purchasing a practice, a professional appraisal of assets is highly recommended. This can include everything from the soundness of the construction to the usability of the existing furniture or the functionality of the existing equipment. It’s essential to know exactly what is included in your potential purchase and to make sure it’s worth the amount you will be paying for it.

Reputation Matters

When looking to purchase a practice, figure out what reputation the current owners have built in the community. If it has particularly poor reviews or has a hard time retaining patients, those are important potential hurdles to keep in mind. While it’s not impossible to build a new reputation for your new practice, it will require more effort on your part to establish your separation from the previous ownership.

These tips may help you think more comprehensively about practice acquisition. If you need advice on a potential acquisition you’re considering or are simply looking for additional guidance in running your practice well, contact our firm today!

5975 Sunset Drive, Suite 802
South Miami, FL 33143

Phone: (305) 670-0400

CPAs in South Miami | Are You Getting All Your Tax Deductions?

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Underpaying your taxes is a serious problem, but overpaying taxes by missing eligible deductions can be nearly as harmful to the growth of your dental practice. Tax deductions are powerful tools to reduce your taxable income, allowing you to save more of your revenue. Keep these important and easily-forgotten tax deductions in mind throughout the year so you’ll have your documentation ready for filing.

Marketing and Advertising
Is your dental practice engaged in marketing or advertising? In addition to being an important avenue to grow your patient base, marketing and advertising are also tax deductible. According to the IRS, as long as your expenses related to this are reasonable and are not aimed at promoting business activity outside of your industry, then you can write them off in their entirety.

Utilities and Overhead
Keep detailed records of your practice’s utilities so that you can write them off at the end of the year. Gas, electric, water, internet, phone – these are all deductible. Other overhead payments such as rent or mortgage can also be written off, so make sure to log them.

Lab Fees
A significant part of your annual budget, lab fees can make a substantial difference in your taxable income. Keep track of all expenditures for crowns, dentures, or other outside work that your business relies on to serve your patients. Save on your taxes by writing off these expenses.

Supplies and Equipment
From cotton swabs to top of the line equipment, track everything purchased for your dental practice. Save receipts and invoices, make a spreadsheet, or use software to log and categorize these costs. You will thank yourself at the end of the year for being meticulous.

Tax and Legal Fees
Services such as attorney consultations or tax professionals are also deductible, reducing your taxable income and offering you clarity while navigating tax laws.

Don’t overpay your taxes and stifle your practice’s growth potential. To be certain you are getting every possible deduction, contact our dental CPA office for a consultation.

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

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

CPAs in South Miami | Data Security Best Practices

South Miami CPA

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.

For more information, contact us today.

5975 Sunset Drive, Suite 802
South Miami, FL 33143

Phone: (305) 670-0400