Category: Baton Rouge LA Dental Advisor

Dental Accountant in Baton Rouge | Financial Freedom is Within Your Reach

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Whether you’re starting up a new practice or have owned a practice for years, the financial stress that can come from being a business owner can sometimes overwhelm even the most consummate professionals. Our primary focus at AG Dental CPAs and Advisors is to help you achieve complete financial freedom so that financial worries and concerns never interfere with your ability to provide the best quality care.

Below are some tips you can follow on your own to help build a rock-solid foundation for your practice.

1. Set goals. Don’t hesitate to dream big. Your practice will only be as successful as you envision it. Setting goals allows you to have a clear ‘ruler’ to measure your success and can help you make better financial decisions in the present. By recognizing that every small decision you make now can have a true impact on the future, you’ll be able to start setting yourself up for success. Your future self and future team will thank you.

2. Have a plan. As the saying goes, “failing to plan is planning to fail.” In order to see true growth, you’ll need to have both short and long-term plans set in place for your practice. How will you allocate new earnings? How is your practice prepared to deal with slow times or another unexpected shutdown? How are you budgeting for new purchases? If you don’t already have answers to these questions, this is a great place to start. Planning for the unexpected and for the future can help safeguard your profitability from being derailed by unplanned expenses.

3. Act wisely. When starting or growing your practice, there can be benefits to taking on strategic debt. However, doing so in a manner that will benefit, rather than hinder your growth requires a firm understanding of the returns you can expect on your investments. Don’t make big purchases without a plan, but instead weigh the potential benefits and risks of all your financial decisions.

4. Stay organized. Disorganization can be the quick downfall of any business. In order to ensure that  you’re not letting anything slip through the cracks, it’s important to have systems in place that will guarantee that no details are missed. In addition to protecting you from unforeseen troubles, efficient organization can also help bring opportunities for improvement to the forefront.

If you want to take steps towards achieving true financial freedom, AG Dental CPAs and Advisors is here for you. Our goal is to make the process of managing and running your practice as smooth as possible, allowing you to focus on delivering quality care to your patients and growing your business. Contact us today to learn more.

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

Baton Rouge Dental Accountant | The Business Management Tool You Need For A Successful Practice

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Business management tools refer to the systems, applications, and methods used by dental practices in their day to day operations. These tools are used to ensure that they can keep up with changing markets, ensure a competitive position within those markets, and improve their performance. Many of these tools can be used to help manage your operations and guide your practice towards success. 

Mission Statements

These are short statements that define what your practice is and identifies your goals. According to Forbes magazine, a mission statement must answer these questions:

  • “What do we do?”
  • “How do we do it?”
  • “Whom do we do it for?”
  • “What value are we bringing?”

Mission statements provide a sense of direction that helps your practice make beneficial decisions and plan for the future. It also gives a clear, defined purpose, and acts as a motivational tool to encourage your staff to work towards a common goal. 

Strategic Planning

Strategic planning builds off of mission statements. It is the process of defining a direction for your practice, and making decisions that contribute towards that direction. A proper strategy outlines how your end goals will be achieved by the means you have. 

Strategic planning can be simple, and has a demonstrable impact on your practice’s success. Write down your core values, and create a vision of where you want to be within five years. Then determine what the steps are that will help you achieve that vision. Make sure to stress these goals and vision to your staff and explain how they tie in to your mission statement. This will ensure they work towards them every day.

Customer Relationship Management

Customer Relationship Management (CRM) is the act of using data analysis to improve business relationships with your current and potential patients. CRM compiles data from a wide range of sources, including your practice’s website, marketing materials, and social media. Using the CRM approach helps you learn about your patient base and how best to cater to their needs.

The best way to bring customer relationship management into your practice is to invest in a CRM system. These are software programs that can store patient information, record notes about their treatments, and manage marketing campaigns all in one central location. There are many of these systems designed specifically for dental practices, including Curve Dental, Dentrix Ascend, Denticon, and more.   

Leadership

You’re more than just an owner of a practice. You’re also the leader of your team. Having quality leadership skills is more than just being able to delegate and hire the right people for the job.  It’s about staying in control emotionally and being consistent in leadership. 

It can take a long time to reach a point where you’re consistent, and that’s perfectly fine- but don’t settle for half-measures. Communicate with your team and ask them for suggestions about what you can do to lead better.

All of these management tools and more can help improve the performance of your practice. Our team has resources to help you learn more about business management tools and how to maximize your potential. Contact us to find out more.

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

Baton Rouge Dental Accountant | Key Performance Indicators in the Dental Industry

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Key performance indicators (KPIs) refer to a set of quantifiable measurements used to gauge a practice’s long-term performance. KPIs are used by dental offices to measure progress towards tangible goals, such as increasing collections by 20% in a year, or improving patient retention rates by 5%. Using these goals to evaluate specific areas of your practice will show you where you can improve in order to better your financial success. 

The Different Types of KPIs

KPIs can be organized into several different types, depending on what area of your practice they affect. There are five categories:

  • Inputs – Inputs refer to the resources used in producing outputs (see below). For a dental practice, inputs can refer to the supplies used during the day, such as tools and cleaning solutions, along with the time investment from the staff.
  • Process – Also called “activity,” these measure the processes used in producing outputs (see below.) For dentists, process KPIs measure the cost of performing procedures, such as how much fluoride is given to a single patient or how much anesthesia is used during a surgery.
  • Outputs – Outputs refer to measurements that indicate the amount of work done and what was produced. In most businesses, outputs refer to tangible products. In dentistry, outputs can be used to assess things like how many patients are seen in a day.
  • Outcomes – These KPIs are more abstract, focusing on accomplishments and impacts. Patient satisfaction and positive retention rates are two major outcomes practices can focus on.
  • Project – Like outcomes, project KPIs are rather abstract. They are meant to answer questions related to milestone progress towards important initiatives. For example, adding a specific amount of new patients via a marketing campaign is a project KPI.

How Can I Use KPIs In My Practice?

One important thing to keep in mind is that KPIs do not have to be tied to financial data. Outcome and project KPIs can help improve a practice’s relationship with their patients and community. Every aspect of a practice can be analyzed and improved through smart use of KPIs. Establishing them is an easy process:

  1. Write a clear goal for the KPI.  Tie the goal to a key business objective, something integral to the organization’s success. Make sure the goal is strategic, otherwise it will not translate into tangible outcomes.
  2. Communicate the new KPIs to employees. Be sure to not only explain what the goal they’ll be working towards is, but why they’re working towards it. Someone on staff may even have an idea to improve it.
  3. Review KPIs regularly. Use records and hard numbers to track progress. For example, if a process KPI is set to reduce fluoride use to make stock last 10% longer, compare the amount of fluoride used before and after the goal was introduced. 
  4. Evolve your KPIs if need be. If the results fall short of expectations, fine tune the goals or change directions entirely. Change may bring about a new, more efficient way of getting to the same destination.

Key performance indicators are an effective strategy to get your practice to where you want it to be. They are easy to define and act upon, making them reliable ways to track progress. For more information on KPIs and how they can be used to grow your practice, contact our experienced dental accountants today for more information.

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

Dental CPA in Baton Rouge | What You Should Know About Your Practice’s Finances

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As the owner of your own dental practice, you’re most likely also responsible for the financial health of your practice. As the leader of your own business, this responsibility probably isn’t one that you would change, but it may be one that you can improve on. Here are a few ways that you can better understand your finances to help ensure your growth and continued success. 

Do you Have a Strong Billing Strategy?

Managing the finances of your business means collecting payments from your patients and their insurance companies. Short of hiring an enforcer to collect payments like some kind of dental loan shark, a strong billing strategy can help you receive these payments in a timely and efficient manner. If you struggle to collect payment, take a look at what strategies you use and learn how to help improve the day-to-day functionality of your practice. An accountant may be able to help you create a more powerful billing strategy.  

How Are You Spending, and What Returns Are You Seeing?

By knowing this information about your practice finances, you’ll have a much clearer picture of your practice. From this knowledge, you can make more informed decisions about which expenditures continue to make sense, and which you could most likely cut back on without seeing a large dip in productivity. Understanding your practice’s finances and using that understanding to make better decisions is the main speciality of a dental CPA. If accounting and handling the finances of your practice isn’t your strong suit, our team is here to help. 

Prepare For the Future, Whether it Holds Growth or Decline

You solve problems for your practice every day. This won’t change in the future, but you can ensure that you’re equipped to handle even the most difficult of problems by preparing for the future with your finances. 

Setting aside a little money consistently can help you have a large fund when opportunities for growth pop up. This fund can also be used if you ever find yourself in an emergency. Either way, having a financial plan is essential for a thriving business and a stable financial future. 

If you’re ready to take your practice to the next level, give our team of skilled accountants a call. We can help with more than just your taxes. Together, we can discuss the current financial health of your practice and devise a plan for growth and a more secure financial situation. Whatever your needs, our expertise is here to help your practice grow.

Apple Guerin Company LLC

Phone: (255) 767-1020

Url: https://agdentalcpas.com/

6421 Perkins Road, Bldg. A, Ste. 1B Baton Rouge , LA 70808

Dental CPA in Baton Rouge | Our Dental Accountants Can Help Your Practice Grow

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As a practicing dental professional and business owner, you have a lot of your plate. With so many competing demands, you may find you struggle to find time for proper accounting. One consideration that can help streamline your practice and give you more time for other priorities is hiring a professional dental accountant. Our team of experts can provide you with the expertise and knowledge you need when you don’t have time to do your own accounting. Of course, in addition to the time saving benefits, there are many reasons why a dentist might need a dental accountant, including: 

  • Stay Compliant With Tax Laws. Accounting professionals will keep up on the trends in your industry. Our dental accountant will make sure your practice doesn’t end up paying more annual taxes than you need to. Tax laws are always evolving, and staying compliant with all the various changes can be difficult if you aren’t a dental accountant. 
  • Assisting With Retirement Planning. Whether you’re in the first year of your practice or you can see retirement within the next couple years, it’s always a good idea to think about retirement and planning for the future. Having an accountant can help you set goals and plan for your future and the future of your practice. 
  • Opportunities to Grow. Eventually you’ll want to invest in new equipment for your practice. As your practice grows, you may consider moving to a bigger office. Our dental accountant will look at your financials and advise you to make the best decision for your practice. 

When it comes to running a successful practice, managing your finances is a key concern. If you’re looking to optimize how you spend your time and resources, consider speaking with a member of our team. Our dental accountants can offer you the expertise and support you need to manage this all-important area of your business so you can focus more on patient care and even take your practice to the next level. If you’re ready to learn more about how our team can help you, schedule your consultation today.

Apple Guerin Company LLC

Phone: (255) 767-1020

Url: https://agdentalcpas.com/

6421 Perkins Road, Bldg. A, Ste. 1B Baton Rouge , LA 70808

Baton Rouge Dental CPA | How to Be a More Effective Practice Leader

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At the core of any thriving dental practice is an effective and powerful leader. When a team has direction, intention, and a clearly articulated purpose, they’re able to achieve the desired goals. With that in mind, it’s important to be the best leader you can possibly be. Whether you’re opening a brand new practice for the first time, or have been leading a team for multiple years, there’s always room to grow. 

Effective leaders create a compelling direction. 

People work best when they have a set of goals they’re working to achieve, and your team is no different. When communicating, make sure you set concrete and attainable goals for your employees. Make sure they understand why these goals are important, not only to the success of your practice, but to their own personal success. As they work to achieve these goals, it’s important to monitor their progress in order to make sure everyone is performing at an optimal level. 

Effective leaders create lasting solutions. 

When an issue inevitably arises in your practice, how will you address it? If your solution is a temporary fix, it will only lead to more headaches and struggles for your team later. The difference between a leader and a follower is that a leader won’t settle for a quick fix when they know their team is capable of more. Just like in dentistry, it’s important to treat the root cause of the issue, rather than just the symptoms themselves. 

Effective leaders know when to be flexible, and when not to be. 

Many new leaders make one of two mistakes. They either allow their team to walk all over them, giving in to any demand or complaint, or they take the opposite approach and refuse to change anything. Both are disastrous and will derail the success of your practice. There are times when you will have to go with the flow, making adjustments based on what your team and your practice needs. These changes can affect everything from your systems to your leadership style. However, there are also times when you must push your team and your practice forward. 

Effective leaders understand when they need support. 

Oftentimes, leaders believe that they need to handle it all themselves, having the weight of the entire practice on their shoulders. This isn’t the case. When you lack the time or expertise to complete a project at a high level, it’s more than acceptable to ask for outside help. If your accounting skills are holding you back from a greater level of success, our team is here to help you with expert accounting services. We know how to leverage your finances to help you achieve your goals and stay on track. Contact AG Dental CPAs for more information. 

 

AG Dental CPAs
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge , LA 70808

Baton Rouge LA Dental CPA | Can Your Practice Weather a Financial Storm?

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One of the core financial planning tenets is the need to establish an emergency fund. Having a financial safety net is essential, especially today when the economy and the world is facing so much uncertainty. Should an unexpected natural disaster, staffing upset, or other unplanned event interrupt the flow of business to your practice, are you prepared to ride out the difficulty?

Defining a financial emergency

The criteria for what constitutes a financial storm or emergency will be defined differently based on each practitioner’s unique circumstances. A large, financially stable practice may barely notice if several staff members suddenly quit. That same scenario could wreak havoc on a small practice. Of course, a fire, flood or other damaging event is likely to be disastrous for any practice if you are unable to see patients and generate revenue for an extended period of time. This is why having a business emergency fund in place is so vital: to help you carry on, make payroll and pay bills until things return to normalcy.

How much should you set aside?

Most financial advisors recommend saving between 3 and 6 months salary in individual emergency funds. However, these amounts will likely be insufficient for even a small dental practice. There are a number of variables, but here are some questions to consider as you calculate what makes sense for you:

·         What are your insurance limits?

·         How much time will you wait for insurance claims to be processed?

·         What risks are not covered by insurance?

·         How long can your practice survive if you are unable to generate revenue?

·         What would it cost to arrange coverage for staff members who quit unexpectedly?

·         How much are replacement costs for essential equipment that is damaged and inoperable?

Knowing where to start

Many people don’t save for a rainy day because they don’t anticipate financial emergencies until it’s too late to prepare. If you have not begun shoring up your practice against financial storms, now is the time to begin putting a plan in place. An excellent place to start is by scheduling a consultation with our office. We can assess your assets and your risk, and identify vital next steps to ensure your practice is financially secure, no matter what the future holds. Contact AG Dental today.

 

AG Dental
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge , LA 70808

Baton Rouge LA Dental CPA | Streamline Your Practice with Better Accounting

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As a dental practice owner, you have a lot on your plate. From seeing patients and managing your staff to staying abreast of trends in your profession, there is not a lot of extra time for balancing the books. Yet, profitability is always a priority, so how can you streamline your practice and create better efficiencies so that your practice can truly thrive? One of the best ways is to hire an accountant who specializes in your area of expertise. A dental-industry accountant can offer the following advantages:

1.   Keeping you abreast of industry trends. Specialized accounting professionals will be mindful of trends that impact your profitability. This means you’ll enjoy practice-specific tax advice suited to your practice size and location so you don’t end up paying more annual tax than you should. A specialized accountant is also aware of evolving tax laws and can help you stay compliant and avoid unwanted audits.

2.   Serving as a sounding board. At some point you will probably consider investing in new equipment or perhaps consider an office expansion. Staying competitive requires looking for opportunities to grow. A specialized accountant can consult with you and help you look at various pros and cons prior to making a financial commitment. Having a sounding board for important monetary decisions can help you avoid a poor investment that could cost you in the long run.

3.   Assisting with retirement planning. Even if you see retirement as a long way off, planning ahead can make the difference in terms of your future nest egg. Having a CPA who understands your goals, your business and your target retirement age can free you up to focus on other things, like caring for patients.

4.   Spotlighting best practices. When you engage the services of a dental-industry accountant, you can take advantage of all of their industry know-how. They can share lessons learned from similar practices, connect you with other professionals in related industries, and provide trusted advice about important business decisions.

When you think about streamlining your practice, hiring an accountant may not be the first decision that comes to mind. But you may not realize how much of your time and energy is spent on the myriad of financial decisions and concerns that are inherent in running any small business. A skilled dental-industry accountant may be just the support you need to take your practice to the next level of success. 

To learn more about how our small-business accounting services can help your dental practice thrive, contact AG Dental today for more information.

 

AG Dental
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge , LA 70808

Baton Rouge LA CPA | Thousand Dollar Mistakes You May Be Making

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Baton Rouge LA CPA | Thousand Dollar Mistakes You May Be Making

Most dentists are experts at what they do. They keep teeth healthy. Many of those same dentists are less experienced in making sure their books are well kept and accurately reflect the financial health of their practice. Both of these skills are absolutely critical to maintaining the longevity of your practice. With that in mind, here are 3 common bookkeeping mistakes that could be costing you thousands of dollars and eventually your entire business. 

Misunderstanding the Difference Between Cash Flow and Profit 

Understanding financial reports is no easy task. The complexity can often be confusing for inexperienced people, leading to some costly mistakes. Commonly, a dentist/in house bookkeeper will mistake profit figures for the amount of available cash. This is not correct. As a result of this mistake, dentists make purchases hat incur overdraft fees and charges costing your practice a lot of money. Profits are computed using a profit and loss statement. Cash flow however, is measured using a cash flow equation and factoring in depreciation expenses, inventory, and accounts receivable.   

Accidently Recording Transactions in the Wrong Period 

Another common mistake is made as practices “close the books” at the end of each month. As your in house bookkeeper reconciles accounts and prepares your financial statements, transactions from previous periods can be wrongfully entered. If this mistake goes unnoticed, all of your future reports will be wrong as well as you tax documents and cash figures. As you can imagine, that is not good news. Misrepresentation of cash, whether or not it was an honest mistake, can mean a doubling of repair costs and harsh penalties from the IRS. 

Not Working With an Experienced Dental Accountant 

Trying to manage your financials yourself or hiring and inexperienced bookkeeper can spell disaster for your practice. High tax bills, theft, common cash mistakes and more are all results of an unreliable accounting system.  

Working with a dental accountant can save you time and money by implementing an effective system. Give yourself the peace of mind that comes with knowing you have an accurate understanding of your practice finances at all times. Contact our office for more information. 

AG Dental CPAs and Advisors
6421 Perkins Road • Bldg. A, Suite 1B Baton Rouge, LA 70808 (225) 767-1020

Baton Rouge LA Dental CPA | Is Your Business Healthy?

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The definition of success is subjective. However many can agree that accomplishing a healthy work-life balance seems to be one of the most important ways to achieve success on many levels. By establishing healthy business habits, you can minimize the occurrence of career burn-out. If you’re experiencing career dissatisfaction and questioning the health of your business, consider the following:  

Baton Rouge LA Dental CPA | Is Your Business Healthy?

Establish healthier habits. Arrive at work at the same time each day. Consistency for yourself and your team can make a difference in creating a peaceful work environment. Dedicate time to work on your business, and stick to it. When administrative work, important decisions and other owner responsibilities stack up, it’s common to carry that stress around with you. Eventually it affects your team and patient satisfaction as well.  

Know your number. Money is not the root of all evil. It’s also not the solution to every problem. It’s a necessary component to running a healthy business. It’s important to know where you stand financially and have the ability to make smart investment decisions. Before purchasing that $30,000 “high tech solution to all of your problems”, consider how it will truly aid in providing better care for your patients. What will the ROI be? How have others in your situation made this investment profitable? Our team will help advise your major financial decisions. When it comes to your numbers, it’s helpful to know where you stand at all times. We are here for you. 

Owning a business can be a very satisfying and rewarding responsibility. It can be difficult to find the time needed to accomplish everything on your to-do list. Prioritize your responsibilities and create deadlines. This alone will help you make the time for the important items that often get pushed to the backburner. Once your priorities are clear, it will become easier to say “no” when necessary and to have the focus required to check off important items.  

If you’d like assistance in making wise financial decisions, contact us.