Tag: South Miami Healthcare CPA

South Miami FL Dentist | 5 Qualities Your Next Accountant Should Have

The easiest way to gage how well your practice is doing is to hire a professional dental accountant. However, not all accountants are the same, and you should know what you’re looking for before you trust your business to anyone. As you research your options, make sure your next accountant has these five qualities.

Informed

It may seem like a no brainer, but your accountant should be an expert in bookkeeping and accounting specific to the dental industry. Make sure they know the best options for dentists and stay on top of practice related financial details and information.

Organized

If you’ve tried to do your accounting yourself, you know just how quickly it can turn messy. Hire an accountant that knows how to clean up the mess and keep it that way. Not only will this allow you to reach your goals faster, but it was also help ensure your business is both efficient and compliant.

Credible

Trust is one of the most important factors when deciding on an accountant. You are often putting your practice, your financials and your life in their hands. In this case, reputation means everything. Find out everything you can about the company and accountant before signing anything. Consider contacting professional references for testimonies.

Responsible

The devil is in the details, and one mistake could cost your practice dearly. Discuss the ways that your accountant would avoid mistakes and stay familiar with your financials. You spend a lot of time familiarizing yourself with your patients, an accountant needs to do the same with your practice.

Dedicated to You

The top dental accountants understand that customer service is paramount. Your accountant should go above and beyond to help your practice become successful. Our team knows this to be the case, and gives each of our clients the respect and dedication they deserve. Contact our office today and see how a great accountant can help you. 

South Miami FL Healthcare CPA | Top Three Tips for a Profitable Dental Practice

Part of what makes being a dentist so exciting and fulfilling is establishing your own practice. Dentists can work on their own or in a partnership setting. In either case, though, they’re at the top of their business. Being the CEO of a small business comes with responsibilities outside of the appointment rooms. Dentists need to invest time making sure their practices are profitable. This means having a grasp of things like overhead, revenue, and marketing strategies. Here are some of the most important tips to help dental practices become more profitable.

Analyze Your Expenses

This should be the first priority for any practice focused on widening profit margins. Dentists should produce a detailed list of their monthly expenses. This includes equipment, supplies, employee salaries, liability insurance, and rental costs or property taxes. Carefully scrutinize this list for anything that’s not strictly necessary, or that your practice spends an excessive amount on. You may be able to reduce your overhead by cutting down on specific supplies, finding savvy ways to limit your insurance payments, or even writing off more expenses to reduce your taxes. There are myriad routes to pulling down your overhead. They all start with patiently poring over your expenses. Having a certified dental accountant is a great way to make sure this work is done accurately and effectively. 

Establish Growth Objectives

Businesses without specific goals are often their own worst enemy. That’s because when you lack concrete objectives, you’re more likely to fall into a state of complacency with your company. It goes without saying, of course, that complacency leads to stagnation and lost profits. Dental practices that want to be as profitable as possible should map out where they want their business to be in three months, six months, a year, and five years. Have a clear sense of the number of patients you want to gain within each time frame, and start developing strategies that help get you there.

Master Online Marketing

In 2019, the majority of people looking for a dentist in their area will use the internet to find one. In fact, statistics show that 90 percent of Americans use internet search engines to find local businesses. That includes dental practices. So how can dentists gain a foothold in these searches and put their practice’s website in front of as many eyes as possible? The answer is online marketing. More specifically, search engine optimization (SEO) marketing. SEO marketing has one simple, powerful objective: get a business’s website and content to rank as high on search engines as possible. In today’s marketplace, where Google, Bing, and Yahoo dominate the way we discover small businesses, this is a critical step in boosting profits.

For expert help in making your business as profitable as possible, contact our office today. We know how to help your business generate all new levels of success.

3 Ways to Buy Time: Boost Your Practice’s Productivity with Time-Saving Measures

3 Ways to Buy Time: Boost Your Practice’s Productivity with Time-Saving Measures

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. 

2. 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.  

3. 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 our office today.

South Miami FL Healthcare CPA | 4 Simple Ways to Reduce No-Shows

South Miami FL Healthcare CPA | 4 Simple Ways to Reduce No-Shows

Whether your patient is scheduled for a cosmetic consultation, restoration placement, or routine hygiene and screening visit, you want to be certain they will come. When your patient cancels with little or no notice, they delay important treatment and wreak havoc with your schedule. Even one missed appointment per day can lead to thousands in lost revenue in a single year. 

Reports indicate that about one in ten patients cancels or skips scheduled dental visits. Consider these 4 easily implemented strategies for reducing your practice no-show rate: 

  1. During a patient’s visit, clearly communicate the state of their oral health. Explain what treatment they need, why they need it, and when it needs to happen. Emphasize the benefits of receiving the treatment in a timely manner. Patients who understand the value of their treatment are more likely to remember and return as scheduled. 
  1. Ask your patient to choose how their appointments are confirmed. Offer to use text, email, mail, or phone calls, if possible, so they are more likely to receive their reminder. Consider offering your patient the ability to authorize you to contact a spouse, parent, or partner who most often handles scheduling or reminding them of commitments. 
  1. Whatever their method of choice, follow through with appointment reminders at least 24-48 hours prior to their scheduled window. If you speak to someone directly during a reminder, choose words that prompt the patient to agree to call if they cannot keep the appointment. Cancellations are less frequent when the patient feels they have made a commitment. 

4. Set aside time at least once a month for your team to reach out to patients who are not yet scheduled for their next visit. Use the preferred contact method on file and offer same day or next day appointments, if possible. This has the benefit of both bringing back inactive patients and filling openings left by cancellations or reschedules. 

Communication is key in reducing no-shows and reactivating patients. Before implementing new strategies for scheduling, hold a team meeting and discuss your new policies in detail. Be certain that every member on your team is ready and willing to explain the value of treatment, follow up with patients, and support the changes to your systems. 

For more ideas that can help your business thrive, contact our office for a consultation. 

Miami FL Healthcare CPA | 4 Ways to Grow Your Confidence as a Business Leader

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. 

Miami FL Healthcare CPA | 4 Ways to Grow Your 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. 

Dental CPA | Think Before You Buy New Equipment

It’s inevitable. Eventually, your dental equipment will need to be replaced. Sometimes it is because newer technology has made your equipment obsolete. Purchasing new equipment is an investment that should be taken with caution and critical thinking. Here are a few tips to help you get started on making an informed and practical decision regarding your office’s equipment. 

Take Your Time 

Never rush into a purchase as crucial as new equipment. We strongly suggest you meet with our team to discuss the implications a purchase might have, particularly on your practice’s taxes. There may be an optimal time of the year to make a purchase. 

Consider Its Use 

How often will you utilize this equipment? Where will it fit in your office? Carefully consider how this new piece of equipment will be used in your day-to-day operations. If you are struggling to answer these questions, it may be a sign that the new equipment is not needed immediately. 

Will This Help My Practice Grow? 

Ask yourself if investing in new equipment will allow your practice to grow. Will it expand the available services you offer your patients? Perhaps it will improve the comfort, efficiency, and amount of time it takes to treat or serve patients. When marketed effectively, these can be excellent sources for driving new patient numbers or improving loyalty among your existing patients.  

What About Cost? 

You should never buy equipment if you are unsure how you will receive a return on investment from it. Consider how your pricing structure will offset the costs of the investment. Can you still be competitive in your market if you must raise costs?  

Your office equipment plays a central role in allowing you to deliver quality care for your patients. New technologies are constantly making the patient experience more comfortable and safe. Before you rush to purchase new equipment, it is vital that you consider how the investment will impact your business. 

Our team is here to help you make these decisions. For a consultation, contact us today.  

South Miami FL CPAs| Combat Burnout to Increase Production

Have you ever felt tired, stressed, and overwhelmed to the point where it impacts your production numbers?Burnout can happen to all dentists and their teams. Yes, this includes you. Before burnout starts to significantly impact your practice, you need to know how to recognize it and how to manage it. 

Identify Signs of Burnout 

If you start to feel unfocused, tired, or bored, you may be experiencing burnout. Does your team lack the enthusiasm they once possessed? When you start to notice these clues and behaviors, take action immediately. You and your team have invested countless hours in building a fulfilling career in dentistry. Don’t allow a temporary period of burnout to cause you to question your work. Instead, it’s time to reinvigorate your attitude. 

Identify the Problem Areas 

When production numbers begin to slip, look at where your numbers are starting to drag. A dental CPA can help you identify areas where your numbers a falling. When a department’s numbers begin to sink, your team members can start to feel low, impacting the office’s overall morale. Identifying the problem area allows you and your team to find and implement a solution before dissatisfaction spreads. 

Identify New Areas to Explore 

If you are experiencing burnout, the time may be right to learn a new skill. Sign up for a CE course or workshop on a subject that is new or intriguing. By expanding your skills, you can increase the number of services you provide, which can turn sagging appointment numbers around. Could your team benefit from additional courses? You may want to try selecting a course the entire team can participate in together. Not only will you all be learning new applicable skills, but you will be improving your relationships with each other which will lead to improved morale. 

Burnout will happen to even the best dental team. When you start to notice the signs of burnout, don’t wait for things to improve on their own. Be proactive and identify the areas you or the team could improve. Whether it is improving the number of hygiene appointments, or taking a new CE course, take action immediately to combat signs of burnout. 

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

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

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

Handling payroll for an 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,& Schortz CPAS, PA Email: [email protected] Phone: (305) 670-0400 Url: https://cpasps.com/ 5975 Sunset Drive, Ste 802 South Miami, FL 33143

Florida Dental CPAs | Medicine for Your Business

Dental Accounting in Florida

The business world often goes hand in hand with stress. Pressures to attract new customers, meet quotas, or increase productivity can make working feel like an unpleasant chore. If you have begun to dread going into the office due to an oppressive atmosphere, chances are strong that you are not alone in your feelings. Turning things around for you and your team may be easier than you think. Consider adding fun back to your business with a daily dose of laughter.

While the addition of humor to the workplace does not move deadlines or reduce the expectations for performance, it can help create a more enjoyable environment for everyone there. When the office feels fun and engaging, the work feels lighter and more accessible. Scientific studies have shown that laughter relieves tension, boosts the immune system, and relaxes the muscles. Additionally, laughing can increase memory, energy, and creativity and elevate the mood. Every office can benefit from these effects.

There are many ways to inject some humor into your workdays. Try sharing a joke with your team to start the huddle and invite them to bring their own. Post a board in a shared space and challenge everyone to bring a funny image or comic strip to hang. Have a silly shirt day once a week or once a month. Take silly photos or videos of you and your team to share on social media.

Embracing a little more humor with your colleagues and team takes only a small investment of time and can yield large increases in mood, productivity, and worker morale. For more ideas on making your work more engaging, contact our office.

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

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: [email protected] Phone: (305) 670-0400 Url: https://cpasps.com/ 5975 Sunset Drive, Ste 802 South Miami, FL 33143