A Dental Accountant Can Help You Retire Confidently | Baton Rouge LA Dental CPA

Baton Rouge LA Dental Advisor

Stephen Covey made famous a saying that has stuck with us for years. He said, “Start with the end in mind.” There is no time like the present to start planning for your retirement. These words can mean many things to many different people, but to us, they mean that you should never be too young to start. 

The planning required for your eventual retirement as a dentist with your own practice is much more extensive than that of the average person. Your financial waste can be reduced with the help of a dental accountant, allowing you to retire sooner. 

Approximately how much are you saving?

When you meet with our Dental CPA Baton Rouge accounting team, you will discuss your dental profit and loss, taxes, and long-term savings goals. Changing your investments during retirement may be beneficial to your savings as it may outpace inflation.

What is your exit strategy?

A written agreement that details who will buy you out when you retire would be helpful if you are a dental practice owner or partner. Determine whether you plan to retire outright or work part-time. Consider how taxes will impact your retirement savings. You should consider these and many other factors when planning your retirement. Our Baton Rouge LA Dental Consultant firm can help you with the details of the transition.

When you retire, what do you plan to do?

Your priorities and living expenses may have to shift if you are considering starting a new venture, traveling more, or embracing a hobby. Considering how rapidly the economy is changing, it is worthwhile consulting experts to help you future-proof your lifestyle.

How long will you be retired?

Life expectancy has increased dramatically due to advances in modern medicine. Depending on your health and family history, you may want to plan as if you’ll live to be 100 years old and estimate your needs accordingly.For example, have you considered long-term care insurance?

Will there be any other changes to expenses?

Even though retirement may eliminate your commute, work wardrobe, and team lunches, it also means higher medical costs. Consider what changes to your budget you may experience during retirement.

You can start working through this list at any time. The majority of accountants recommend meeting with your advisor annually to discuss your progress and make any necessary adjustments. 

Dental accountants are similar to financial coaches. Among the many services accountants can offer, they can assist in finding the right pensions, properties, and business opportunities for you to invest in while you are still employed. They can also help you understand where your money is going as your income grows, ensuring you have a better financial future once you retire.

In addition to helping you divide up your assets after you retire, an accountant ensures that they don’t fall into the wrong hands.

You shouldn’t have to work during retirement. Get financial peace of mind by contacting a Baton Rouge Dental CPA accountant today. Let’s talk.

AG Dental CPAs and Advisors
Phone: (225) 767-1020
Url: https://agdentalcpas.com/
6421 Perkins Road, Bldg A, STE 1B
Baton Rouge, LA 70808

Are You Making a Costly Mistake? | Dental Consultant Baton Rouge

Baton Rouge Dental Accountant

Dentists are experts at what they do. They maintain healthy teeth. Most of these dentists are less experienced in ensuring their books are kept accurately and reflect the financial health of their practice. Both of these skills are necessary to ensure longevity in your practice. In light of this, here are three common bookkeeping mistakes that could be costing you thousands of dollars and, ultimately, your business.

The Difference Between Cash Flow and Profit

It is not easy to understand financial reports. Inexperienced people can sometimes be confused by the complexity, leading to costly mistakes. It is common for dentists and in-house bookkeepers to mistake profit figures for cash. This is incorrect. Due to this mistake, dentists make purchases that incur overdraft fees, which can cost a lot of money for your practice. Profit is calculated using a profit and loss statement. However, cash flow is calculated using a cash flow equation and factoring in depreciation expenses, inventory, and accounts receivable.

Incorrectly recording transactions in the wrong period

It is another common mistake for practices to “close the books” at the end of each month. As your in-house bookkeeper reconciles accounts and prepares financial statements, transactions from previous periods can be entered incorrectly. If this mistake is not caught, all of your future reports, your tax documents, and your cash figures will be wrong. You can imagine how bad that is. The IRS can slap harsh penalties on individuals who misrepresent cash, regardless of whether it was an honest mistake.

Managing your payroll

Dental practices often think handling payroll is a simple task. However, many minor mistakes can easily lead to major problems and penalties. Payroll errors can be frustrating and costly for both employers and employees. A mistake in state tax deductions can result in a sizable tax deduction from an employee’s last paycheck of the year, and this deduction may coincide with the holiday season. Missed hours or incorrect pay rates can also inadvertently decrease an employee’s pay, leading to frustration and lasting resentment. It is these mistakes that cause employee-employer strain and negatively affect your employees. For the employer, incorrectly calculated payroll tax obligations can result in fines and penalties. Generally speaking, dentists aren’t experts in the complex world of government tax regulations.

Not using experienced dental accountants

Managing your practice’s finances yourself or hiring an inexperienced bookkeeper can be disastrous. An unreliable accounting system can lead to high tax bills, theft, cash mistakes, and more. 

A dental accountant can help you save time and money by implementing an efficient system. Having an accurate understanding of your practice’s finances at all times will give you peace of mind. For more information, please contact our Baton Rogue Dental Accountant office.

AG Dental CPAs and Advisors
Phone: (225) 767-1020
Url: https://agdentalcpas.com/
6421 Perkins Road, Bldg A, STE 1B
Baton Rouge, LA 70808

Our Accounting Team Will Save You Time | Dental Accountant Baton Rouge

Baton Rouge Dental Accountant

The IRS, business management, and day-to-day business issues can all seem overwhelming. Most likely, you got into your field to do what you do best, not to do accounting, and even though accounting is essential, we know it might just not be your cup of tea. Most business owners feel the same way. Lack of interest or knowledge does not excuse you from responsibility. In addition, a good accountant can mean the difference between success and failure for your business. Hire our team of trusted CPAs as your best defense against the complexities of accounting.

In contrast to an accounting computer program, a specialized accountant provides more than basic numbers. If you do not have a background in accounting, you will need a CPA to organize and present the data effectively. An experienced dental CPA in Baton Rouge will go far beyond what a computer program will do. We will gather the right information about your business so we can identify what needs to be done and plan accordingly.

As a skilled dentist, you can perform a root canal from afar and spot a cavity from a mile away. When it comes to dental bookkeeping, you may be less confident. With our professional dental bookkeeping services, we can both improve accuracy and efficiency, as well as troubleshoot a specific problem. As a result of taking over your practice’s bookkeeping, you will have more time to attend to your patients and manage your practice.

Here are a few benefits of outsourcing your bookkeeping:

  • By saving time, you can focus on growing your dental practice.
  • By reducing production costs, you are only paying for what you need.
  • Our expertise in this field means you can trust the accuracy of your books.
  • Compliance with dental bookkeeping best practices.
  • Having access to the best bookkeeping software and data backup solutions is

Your CPA will ask questions and propose solutions to problems, such as: what is the financial health of your practice? Are there ways to reduce taxes and increase revenue? Is another team member needed?

Your CPA will provide you with services based on your needs. For example, you may only need your taxes prepared. But if you’re looking for the maximum benefit of a specialized accountant, they can also provide you with added security, tax planning, and expert business advice. Remember, an excellent accountant can save you both time and money while providing peace of mind. 

Our Baton Rouge dental accounting office can help you get started in your search for a CPA.

AG Dental CPAs and Advisors
Phone: (225) 767-1020
6421 Perkins Road, Bldg A, STE 1B
Baton Rouge, LA 70808

Is Your Business Healthy? | Baton Rouge LA Dental Advisor

Baton Rouge Dental Accountant

Success is subjectively defined. On the other hand, most people would agree that achieving a healthy work-life balance is one of the most important aspects of success. Our dental consultant in Baton Rouge says that you can prevent career burnout by establishing healthy business habits. You may be dissatisfied with your career and question the health of your business if you experience any unhealthy habits.

Develop healthier habits. Arrive at work at the same time every day. Being consistent with yourself and your team can make a world of difference in creating a peaceful work environment. Make time to work on your business and stick to it. The stress that comes from administrative work, important decisions, and other responsibilities of an owner can be overwhelming. This eventually affects your team and patient satisfaction. 

Make sure you know your number. Money is not the cause of all evil. It is also not the answer to every problem. It is an essential part of running a successful business. To make smart investments, it’s crucial to know where you stand financially. Consider how purchasing that $30,000 “high-tech solution to all of your problems” will help you provide better patient care. What is the return on investment? How have others in your position made this investment profitable? We will advise you on major financial decisions. You should always keep track of your numbers. We are here to help.

There’s an old saying that says, “You have to spend money to make money,” and that’s certainly the case in dental practice financial management. For dental practices, this often means investing in initiatives that increase patient satisfaction and increase practice visibility. Offer discounts or preferential treatment to long-term customers, such as priority scheduling for appointments. Improve the overall patient experience with the help of new technology and facility upgrades. Last but not least, set a marketing budget for the practice that includes offline and online marketing activities, including localized SEO.

The responsibility of owning a business can be very fulfilling and rewarding. Accomplishing everything on your to-do list can be challenging. Be sure to prioritize your responsibilities and set deadlines. Simply doing this will help you find time for the things that are often put on the backburner. When you are clear about your priorities, it will be easier to say “no” when necessary and to stay focused on checking off important items.

We can assist you in making wise financial decisions. Please contact our dental accounting office in Baton Rouge, LA today to schedule a consultation.

AG Dental CPAs and Advisors
Phone: (225) 767-1020
6421 Perkins Road, Bldg A, STE 1B
Baton Rouge, LA 70808

Signs That It Is Time To Hire A Dental Accountant | Dental Consultant Baton Rouge LA

Dental Consultant Baton Rouge LA

How do you know when it is absolutely time to hire our dental accountant in 70808? Occasionally there are certain tasks that you are able to do on your own, but these tasks may be very time consuming. When you are busy with clinical work, it is easy to overlook certain things or make financial mistakes. Here are a few signs that confirm you need help from our dental CPAs in Baton Rouge.

  1. You earn over $200,000 per year– Your odds of being audited once you start earning over $200,000 a year increase to nearly 4%. While this may not seem like a large number, it’s actually an increase of over 300%. Having your financials in order in case this does occur is vitally important once you become a high-earner.
  2. You are a business owner or are self-employed– Utilizing the services of an accounting professional is vitally important for any business owner or entrepreneur. Tax laws change annually. The current US tax code has over 7 million words in it. Making sure that all of your deductions are included, your assets are depreciating properly, and that you are maximizing your tax savings will wind up saving you money in the long run.
  3. You are setting money aside for others– When putting money aside for your children, grandchildren, or anyone you want to take care of, it’s very important to use a financial professional to decide which vehicles to use for tax-deferred or tax-free savings. This includes college savings plans or trusts.
  4. You are incurring large capital gains tax– The key to success in paying big  capital gains tax is paying at long-term rates. An accountant can help you with a Qualified Small Business Tax Credit, can help minimize your taxes, and can help you set long-term payment goals.
  5. You are experiencing rapid growth in your business– Not only is keeping your finances up-to-date time consuming, it’s also complicated. When you’re experiencing rapid growth, it’s time to call in an accounting professional. Having more customers, team members, and vendors is going to require more paperwork and number crunching and can rapidly become impossible for you to keep up with.

Contact our dental accounting firm in Baton Rouge, LA if any of these signs apply to you and your dental practice. We can help you organize the financial aspect of your practice.

AG Dental CPAs and Advisors
Phone: (225) 767-1020
6421 Perkins Road, Bldg A, STE 1B
Baton Rouge, LA 70808

Burnout Within the Dental Practice | Dental Consultant Baton Rouge LA

Baton Rouge Dental Accountant

Dentistry can be an overwhelming and stressful career, to the point where it can actually affect your productivity. Dental burnout is common among both dentists and their teams. Learn how to recognize the signs of burnout and how to manage it before it begins to significantly impact you and your dental practice.

Identify Signs of Dental Burnout

Feeling bored, tired, or finding it hard to concentrate are all signs that you are beginning to burn out. You may also notice that your team is beginning to lack the signs of enthusiasm that they once displayed. As soon as you begin to notice these things occurring, it is important to take action immediately. Don’t allow a temporary period of burnout to negate the countless hours of work and money that you put into your education and career. Instead, begin to look for ways to peak your interest again.

Identify the Problem Areas

When production numbers begin to take a dip, identify the area that is being affected. A dental accountant in Baton Rouge can help you analyze your numbers to see where things are falling. When the production numbers in the practice start to fall, team morale can be greatly affected. By identifying these areas promptly, things can be adjusted or fixed before the dissatisfaction in the office increases to a point of no return.

Identify New Areas to Explore

Learning a new skill or attending a convention/seminar are ways to bring excitement back into the workplace. Sign up for a CE course on a subject that interests you. Join a local study club to meet new peers. By expanding your skills, you can increase the number of services you provide which can help bring in new patients or boost production. To get the team involved, select a course that everyone can participate in or look into team building activities. This will greatly help improve team morale.

Burnout will most likely happen to everyone at some point during their career. Being proactive and identifying signs of burnout early on is the best way to get you and your team back on track. If you feel you may be experiencing burnout, contact a dental CPA in Baton Rouge with Apple Guerin to help determine areas of opportunity that are available in your practice.

AG Dental CPAs and Advisors
Phone: (225) 767-1020
6421 Perkins Road, Bldg A, STE 1B
Baton Rouge, LA 70808

How Patient Complaints Can Help Your Business | Baton Rouge LA Dental Accountant

Baton Rouge LA Dental Advisor

No one likes to see a patient complaint. Unfortunately, you can be the most compassionate dentist with an exemplary team and follow procedures to a T, and still get a few complaints. Our advice: use them as opportunities.

Baton Rouge Dental Accountant

The complaint may have a kernel of truth or completely baseless; the important takeaway is this: handle with care: about 94 percent of people use online reviews to choose a business; you do not want a complaint to snowball into a bad review. That can quickly lead to a loss of revenue. That is why it is critical to respond to them.

When complaints are brought to your attention, you and your team may feel frustrated, discouraged or annoyed. That is normal. It can also be easy to feel cavalier about a complaint you see as minor. After all, some complaints are objective: the office décor, wait times, or insurance issues that are completely out of your hands.

Handle All Complaints with Respect

Even concerns that feel trivial or unfair to you should be handled respectfully. That means making the patient feel heard; letting them know that you take the complaint seriously; and promising to look into it. Here are the steps you should take:

Acknowledge and thank your patient for bringing their concerns to you, without judgment: “I appreciate your taking the time to let me know what you experienced.”

Affirm by repeating the complaint back to the patient: “So you’re saying you had to wait 40 minutes for your appointment and no one checked on you. I’m sorry to hear that.”

Commit to taking action to correct the situation, if warranted. “Sometimes things get backed up. I’ll talk to the front desk team to make sure they are letting you know if there’s a delay.”

 Thank them again: “I do thank you for taking the time to let me know what happened. We appreciate that you put your trust in our practice and we’ll do whatever it takes to make sure you are satisfied.”

Follow through on your commitment, you will earn loyalty from that patient. A complaint is an opportunity for you to cement a patient’s trust.

Keep Building Patient Loyalty

Patient loyalty is a fragile thing, so it is essential to maintain it. Loyalty can translate into fewer rescheduled or cancelled appointments, increased case acceptance, and even referrals to friends, family, and social media connections. Over time, handing one complaint correctly can lead to hundreds or even thousands of dollars in revenue. It is also the right thing to do.

However, if patients leave your office feeling that their concerns were not heard, they are unlikely to refer others to you, or worse, complain on online reputation sites and social media.

Satisfied patients help keep your revenue flowing; our firm is there to keep it strong. Call Baton Rouge LA Dental Accountant for all your dental accounting services.   

Can One Toxic Employee Spoil Your Practice? | Baton Rouge Dental Accountant

Baton Rouge LA Dental Accountant,

Hiring new employees is time-consuming, stressful, and sometimes expensive. It’s no wonder, then, that many businesses find it more cost-effective and less emotionally taxing to retain employees, even if they turn out to be a negative influence. Enter the devastating effect of the toxic employee. 

Baton Rouge Dental Consultant

Dental offices tend to be small and close-knit, which makes it even more difficult to confront someone about their behavior and let them go. While finding the right fit for your practice can be a challenge, holding onto a toxic team member can be far more costly.

What is a Toxic Employee?

A toxic employee may be a competent worker, or started out that way, and they may be decent people at heart. For whatever reason, however, their actions and attitude become a drag on the workplace culture. See if you recognize these red flags in your practice:

  • Poor attitude: This type of person will exhibit passive-aggressive characteristics. They may agree with a directive on the surface, but accompany it with eye-rolling, exaggerated sighs, sarcastic comments, muttering, complaints, or a confrontational tone.
  •  Dishonesty: Whether blaming others for their own mistakes, refusing to accept responsibility, or outright lies and thefts, this type of toxic employee can harm your bottom line as well as morale – especially if you don’t confront it. 
  • Lack of engagement: This type of employee avoids work, lacks enthusiasm and is lackadaisical toward responsibilities. They are often inattentive at meetings and huddles. 
  • Falling work performance: The toxic employee will not do any more than the bare minimum of what is expected. They appear disinterested in feedback or training and are otherwise unwilling to improve.
  • Bullying behavior: Anyone who intimidates other team members, is disruptive, or otherwise makes others feel uncomfortable, could be a toxic employee. 

If you recognize any of these indicators, you have two choices. You can give them another chance or let them go. There is almost always an underlying reason for someone’s toxic attitude: The employee may be going through personal turmoil or carrying forth maladaptive behaviors from childhood. Some toxic employees don’t even realize they are behaving in a negative way until someone points it out. 

While practices are often family-like, keep any discussion strictly work-related. Outline your findings in a factual manner and document, if possible. Create an improvement plan and a timeline. Consult labor laws in your state for additional guidance. 

Your second choice is to outright fire the toxic employee. You may have no choice if you have found an issue that puts patients at risk or involves financial malfeasance.   

If you are still on the fence about letting a negative team member go, consider these consequences of keeping a toxic employee.

  • Loss of new patients: If a toxic employee is interacting with potential patients, they are creating a negative image of your business, which can lose hundreds or thousands of dollars in revenue.
  • Loss of existing patients: If they are treated poorly even once, they may choose to take their oral care elsewhere – and they may tell other people.
  • 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, bullying, or shoddy work of one toxic person, you risk losing valuable team members.

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

Don’t Ignore Negative Reviews | Dental Accountant Baton Rouge

Don't Ignore Negative Reviews

Finding a bad review of your practice is a slap in the face and it happens even to the most conscientious practitioners. Someone might be having a bad day and take it out of you. Sometimes the review is deserved and presents a growth opportunity. While we all act differently to criticism, the one thing you should not do is ignore a bad review. When ignored, negative feedback can have a detrimental impact on your practice. 

Dental Advisor, Baton Rouge LA

Can You Afford to Lose Patients to Bad Reviews? 

Potential patients who are considering using your dental services will invariably look at your reviews. If any bad reviews are ignored, they may not give you a second glance. They might make the assumption that you don’t care about your patients or care to address deficits. That is a sure way to lose out on new business and any referrals they might make in the future. This applies not only to potential patients but current ones who keep track of reviews. 

Reviews are (Usually) Forever

Negative feedback on review sites is usually there, out in public, for all time. It is difficult if not impossible to remove bad reviews. This creates a lasting list of negative impressions on your practice that can be referenced by others. That is why it is important for dentists to address poor reviews whenever possible. Show the client or customer that you care about their thoughts. Do not attack; stick to facts and apologize if warranted. While it may not win a patient back, it may be appealing to future patients, especially if you also have many positive reviews.  

Show You Respect Your Patients

No one wants to be treated disrespectfully; we all want our voices heard and to be valued as individuals. If you ignore negative reviews, you are essentially telling both the reviewer and prospective patients that you don’t care what they have to say. While some reviewers just want to be nasty (or may be competitors trying to sabotage you), legitimate patients who do complain feel passionately enough about your business to voice their concerns. If you don’t validate those concerns, expect them to take their business elsewhere. 

Missing a Chance to Learn

You are not perfect; no one is. Mistakes present an opportunity for leaders to learn. It is even better when a patient presents those mistakes clearly. This will allow you to learn why the mistake happened and how to fix it so it doesn’t happen in the future. If you ignore feedback, you open the door to a mistake happening again. Negative reviews offer a chance to learn and grow your business; if you ignore them you miss that opportunity.

Great reviews are not the only ones that can help improve your practice. Bad reviews present an opportunity to learn from them and grow. If you choose to ignore poor reviews, the consequences could be disastrous. Not only could you lose current patients, but prospects, too. 

When you see a negative review, take a step back and see what you can learn from the experience. Address their concerns, by telephone if possible, and make every effort to create positive experiences in the future.

Contact our team for a consultation today on other ways to grow your business. Click to contact a Dental Consultant in Baton Rouge, today.

AG Dental CPAs and Advisors
Phone: (225) 767-1020
6421 Perkins Road, Bldg A, STE 1B
Baton Rouge, LA 70808

Information Sharing Through a Dental Study Club | Baton Rouge Dental Accountant

Information Sharing Through a Dental Study Club

Have you considered joining a dental study club? The dental profession is constantly changing, as are all health and science fields in general. It can be challenging to stay current with advances in techniques and new technologies every year. In leaner times, too, it is important to stay current within your continuing education budget. 

Dental Advisor, Baton Rouge LA

There are many reasons to consider joining a group of fellow dentists in exchanging knowledge and ideas. Here are some of the most valuable advantages you stand to gain.

Continuing Education

When travel and extended time off are not feasible, dental study clubs allow you to pool resources of a group of dental professionals and attend continuing education lectures. These groups also make it possible to participate in hands-on clinical training in your area. This added source of training and education can serve as a valuable way to stay current with new technology and techniques affordably. 

Learn a New Practice Area

If you want to focus your practice on one or more specific areas of dentistry, such as implants, Botox or sleep apnea treatment, a dental study group focused on those areas can help. You can find and attend the courses you need to develop the skills and qualifications to reach your desired goal.

Peer Support

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. With a dental study club, you are interacting with other dentists and specialists in your area. Informal gatherings allow you to explore new ways of approaching a problem or a treatment, bounce ideas off of other professionals, and benefit from what your peers have already tried.

Learn the Value of Networking

Getting to know your peers satisfies the need to interact with like-minded professionals and even gain a source of referrals. While it may not be the primary reason to join a dental study club, virtual and face-to-face meetings are 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 similar information.

The collegial exchange of knowledge, solutions to challenges, and support can be invigorating while the format is economical. Consider joining or starting a study club in your area, and let us know if we can help with setting financial goals and budgeting.  Click to contact a Dental Consultant in Baton Rouge.

AG Dental CPAs and Advisors
Phone: (225) 767-1020
6421 Perkins Road, Bldg A, STE 1B
Baton Rouge, LA 70808