Tag: Healthcare Financial Advisor

Miami Accountant | Smart Money – Filing Taxes with an Accountant

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.

A dental CPA team can help you evaluate areas of opportunity. Contact us today. 

Parlade, Schaefer,& Schortz CPAS, PA Email: info@psscpas.com Phone: (305) 670-0400 Url: https://cpasps.com/ 5975 Sunset Drive, Ste 802 South Miami, FL 33143

CPA Near Me | Career Tips for New Dentists

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 will be the resource you need to secure your future in success. Contact us today to schedule a consultation.

Parlade, Schaefer,& Schortz CPAS, PA Email: info@psscpas.com Phone: (305) 670-0400 Url: https://cpasps.com/ 5975 Sunset Drive, Ste 802 South Miami, FL 33143

South Miami CPA | Opportunity Called – Did You Answer?

CPA in South Miami

The first step to growing your practice is attracting new patients. Your website, social media, and marketing are all geared toward the idea of getting people to call your office. To help convert this interest into new patient appointments, you have probably spent time selecting and training the team members who answer the phones during office hours. But have you considered what happens when a prospective patient calls when the practice is closed?

If a person calls your office for information about a service or comparison shopping, they may decide to call back within your business hours. Chances are, they were not ready to schedule an appointment at the time of the call, so they may accept the delay and still call back. However, a new or current patient who is experiencing a dental emergency is far more likely to hang up and try calling another dentist who has someone answering the phones and ready to help.

Many dental practices do not have any coverage for phone calls outside their hours of operation or during lunch hour. Others have an impersonal answering machine advising callers of the practice hours and perhaps offering to record a message. This can be extremely frustrating for your patients, both current and prospective.

If your patient discovers on Friday afternoon or evening that they will need to reschedule an appointment set for Monday morning, chances are that message will not be heard until it is too late to move another patient into the opening. If your phones are being answered outside working hours, this can be addressed much more promptly, leading to better scheduling and happier patients.

You may be wondering how to arrange to have 24/7 phone coverage. There are a few options available, but one of the most economical and most personal for your practice is to train some of your team members to share the responsibility. No one has better knowledge of your practice, your patients, and your schedule than your own team. You will want to decide on the best way to compensate them for the added time, such as paying them a set amount per weekend or evening day or an amount per call answered.

Once this is determined, arrange a rotation for the team members who will participate. Your main phone line can be forwarded to a practice-owned mobile phone during off-hours, which can be held by the team member on call. Be sure that each person has your after-hours contact information in case of an emergency, especially when you are first launching this system.

After a few months, hold a meeting with all the involved team members to review the number of after-hours calls you receive, what times are most common, and how many are converted into new appointments for your practice. This can help you value the ROI for this new plan of action and to determine whether your office benefits from full 24/7 coverage or if a more limited extension of hours is more cost-effective.

Call for more information.

Parlade, Schaefer,& Schortz CPAS, PA Email: info@psscpas.com Phone: (305) 670-0400 Url: https://cpasps.com/ 5975 Sunset Drive, Ste 802 South Miami, FL 33143

South Miami CPAs | Boost Your Case Acceptance by Connecting with Patients

CPAs South Miami

For many dentists, treatment acceptance can be a difficult topic. Nobody enjoys feeling pushy about a service they provide or a product that they offer, and the same concept holds true in dentistry. However, did you know that you can improve your case acceptance rate by simply reworking the way you talk to your patients? Learn how to have two-sided patient communication in our latest blog.

Help Them Understand the Benefits

When approached with an important decision from an outside source, people tend to be on the defensive — especially when it comes to something as intimate as healthcare. That’s why you should rethink the way that you handle case acceptance.

  • Your patient needs to understand their situation, whether it is a cosmetic issue, a preventative measure, or an urgent oral health concern.
  • Patients need to be able to follow your reasoning for why the service is necessary and how exactly it can change their oral health for the better.

Once they have a true understanding of the ‘problem’ and the ‘solution,’ they will feel more compelled to accept the treatment they need.

Stop Speaking and Listen

During your patient appointments, don’t simply run through the checklist of explaining their treatment. Patients want to feel that they’ve been listened to, not talked at. 

Ask what their goals, needs, and concerns with regards to their oral health, confidence, and quality-of-life. Then, let them speak. Giving them the chance to voice their own opinion shows you care about them and how they feel, both before and after their treatment.

Educate and Elevate

Patient education is important. While there is a fine line between explaining and over-explaining, you should do your best to educate your patients about their oral health.  Avoid judgment and being too graphic, but provide a thorough explanation of their current dental and oral health. 

If they are curious about tiny cracks in their teeth, explain craze lines. If they want to know why their gums bleed when they floss, explain periodontal health and how to prevent it. When patients feel that you are invested in not only their wellbeing but their education, too, they feel more confident in the care you’re providing.

You can increase patient acceptance by having a two-way conversation with patients and including them in their oral health.  These conversations will ensure patients understand their problem and are given a solution, are allowed to discuss their own concerns and goals, and are educated on treatment and services.  Patients will feel that your suggestions are being given with their best interest in mind — that you care about your patients as individuals, not just as a mouth to fix or a goal to meet.

Schedule a consultation with our team today to discuss more techniques on how you can boost treatment acceptance and improve your practice.

Phone: (305) 670-04 Parlade, Schaefer,& Schortz CPAS, PA Email: info@psscpas.com Phone: (305) 670-0400 Url: https://cpasps.com/ 5975 Sunset Drive, Ste 802 South Miami, FL 33143

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

33143 CPAs | How to Prepare for an Audit

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The prospect for an audit can be daunting. The best way to combat the stress and anxiety induced with this process is to prepare yourself and your company before it happens. Below are a few tips to keep your stress levels low and your preparations high through the process.

Know what it will entail

If you are unaware of what an audit entails, it is a good idea to do your research and learn about the process. Knowing what questions the IRS examiner might ask or what documents they will want to see can help control your anxiety and show you are well prepared.

Document thoroughly

Get in the habit of keeping up with your primary and secondary tax records year-round to be better prepared for when an audit happens. Staying organized using a personal filing system will help you know where everything is. Be sure to have a digital and paper trail as well incase anything happens to either filing system.

Gather the Information

Before the audit happens, make sure you have all the necessary documentation that will be asked of you to present. If you believe something is missing, you can try to recreate the records as accurately as possible or contact the place where you submitted it to for their records. Since you will have all your documents in one place, lay out the information and label it for the auditor for an efficient process.

Pre-audit compliance report

If you feel overwhelmed or disorganized, get on track with a thorough examination of your financial data to prepare and compile your documents. Our experienced team will help you set up a system and provide you with confidence if facing an audit.

For more information on audits, or addition accounting advice, contact us today.

5975 Sunset Drive, Suite 802
South Miami, FL 33143

Phone: (305) 670-0400