Category: Baton Rouge LA Dental CPA

Baton Rouge Dental Advisor | New Hire Onboarding: The 30-60-90 Day Benchmarks

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One way to introduce a new team member to the policies in your practice is through 30-60-90 onboarding. This method uses identifiable goals and metrics in order to show new employees how to integrate themselves into your team. You can successfully bring new team members into your practice and set them on the path towards personal and professional growth.

30 Days

An employee’s first thirty days on the job are essential to building relationships. They are also vital to ensuring he or she knows the expectations of their position. Collaborate with new team members on a set of three or more goals that they can work on during their first month. Emphasize that the focus should be on absorbing as much information as possible.

60 Days

After the first thirty days, your new hire should be familiar with your practice’s routine. They should be able to effectively execute the tasks they learned during the first thirty days. At this point, team members should adjust their focus from learning about daily operations to focusing on contributing to the practice’s mission.

90 Days

By ninety days your new team members should be fully integrated into your practice’s workflow and executing their tasks independently. More importantly, they should be able to take the lead on projects and responsibilities without supervision. When problems arise, your new team members will be able to react and solve them while also being proactive in preventing them from happening again.

How Can You Make An Effective 30-60-90 Plan?

The best 30-60-90 plans take an extra step to look beyond numbers. You want your new employee to think critically as they settle into their new role. With that in mind, there are a number of things you can keep in mind as you create a 30-60-90 plan that will lead your employees to great success.

  • Emphasize the big picture – Think about why you hired this specific person for this role, whether it be to fill a need in your practice or expand your team. Make sure they plan goals and metrics that reflect your overall priorities.
  • Ask and answer questions –  Your new hire needs a baseline understanding of the status quo in order to be effective in their new role. Encourage them to ask whatever questions they need to understand their priorities and direction.
  • Be flexible – Don’t worry about if your new hire doesn’t grasp things immediately. 90 days is a significant length of time, and there is often an adjustment period. Provide constructive feedback and course-correct as necessary.

With proper planning using the 30-60-90 method, you can introduce new team members to your practice and provide them with a baseline knowledge to help you achieve long-term goals. Consistent contributions from every member of your team are vital to making your practice a success. Contact us today at AG Dental CPAs and Advisors to learn more about what 30-60-90 planning can do for you.

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 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 LA Dental CPA | Bookkeeping Basics to Help Your Practice Thrive

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As a small business owner, you likely wear a lot of hats. When it comes to managing your office finances, you’ve likely realized that there are many tasks that demand more time and attention than you have to offer. While there are reliable software packages designed to streamline do-it-yourself small business accounting, there are also numerous benefits associated with hiring an accountant trained in your practice field. For example, a skilled accountant:

Understands your industry. Specialized accounting professionals will stay abreast of trends that impact your profitability and bottom line. That means they can offer you practice-specific tax advice to make sure you maximize your annual tax savings. They are also knowledgeable about new tax laws so you stay compliant in your ever-evolving field.

Can offer advice on equipment purchases. Investing in the latest technology and equipment is an important part of keeping your practice on the leading edge. A specialized accountant can advise you on the financial benefits and liabilities associated with these types of investments, so you can make informed choices that save you money in the long run.

Is trained to help you see the big picture. Industry-specific accounting professionals can provide useful comparisons that benchmark your practice against other similar ones. This kind of insight can help you make informed choices when it comes to hiring, adding products and services, or expansion decisions that require a financial investment.

Can assist with retirement planning. If you are self-employed (and many dental practitioners are), responsibility for retirement planning is solely up to you. A good CPA can advise you on the right types of plans for your situation and help you strategize on your long-term financial goals.

Is connected with other industry professionals. Perhaps you want to purchase a larger facility or add a partner to your practice. A specialized accounting firm can connect you with banking professionals or loan officers who understand the nuances of your field, and also advise on business structure best practices when it comes to creating a partnership agreement.

Accounting for a dental practice encompasses so much more than simply preparing an annual tax return. A skilled small-business accountant can offer sound business advice, help analyze the financial health of your practice, provide long-range financial planning, and guide you toward business decisions that keep you in the black. To learn more about how our small-business accounting services can help your dental practice thrive, contact Apple Guerin Dental CPAs today for more information.

Dental CPAs in Baton Rouge | 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:  

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.  

AG Dental CPAs & Advisors

Phone: (255) 767-1020 6421

Perkins Road, Bldg. A, Ste. 1B

Baton Rouge, LA 70808

Baton Rouge Dental CPAs | There’s Power in Numbers

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Being a member of the exclusive Academy of Dental Certified Accountants (ADCPA.org) allows our team the benefit of providing collective experience, national averages and best practices. The ADCPA meets twice per year to learn and grow together. By joining with dentistry’s top dental accountants, we have the ability to expand our service offerings, continually improve our communication and technology, as well as learn about ancillary supporting services which benefit our dental clients.  

If considering a general CPA for your dental practice, consider the advantages to hiring an ADCPA member.  

When uniting with other top dental CPA’s, our team has the ability to learn alternative ways to serve our clients. We discuss controversial topics and learn where our peers stand in terms of providing the most ethical, and beneficial tax strategies. Having a CPA that is well versed in tax law and is up to date on best practices can save you time and money.  

Dental CPAs provide a wide range of dental specific accounting needs. As your Practice grows, your taxes become more complex. Dental CPAs will share effective techniques for maximizing your tax savings. Aside from tax planning and support, we offer proficient insight on current trends and relevant issues that aid in making sound decisions for your business. Whether starting your first practice or managing your established growth, you can rest assured knowing your our team is by your side, providing you with strategic advice, every step of the way.  

For more information on how our team will help you, contact us.  

AG Dental CPAs & Advisors

Phone: (255) 767-1020 6421

Perkins Road, Bldg. A, Ste. 1B

Baton Rouge, LA 70808

Dental CPAs in Baton Rouge | How Team Morale can Make or Break Your Dental Practice

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Team morale can make or break your dental practice. It’s a bold statement, but there are several reasons why it is true. The morale of every member of your team impacts other team members, your patients, and over time, even your bottom line. If you want your dental practice to be a success, team morale needs to be a priority.

Unhappy staff are less productive. When a member of your team is unhappy in their job, they work more slowly, are less efficient, and are less likely to “go the extra mile” to ensure a great patient experience. When an unhappy staff member isn’t giving a great patient experience, that patient is less likely to be a repeat patient and unlikely to refer anyone else to your practice. Over time, this could potentially cost you dozens of patients and thousands of dollars.

Unhappy staff make other staff unhappy. When one person is feeling unmotivated, unappreciated, or disgruntled, their attitude affects those around them. Other staff are forced to work harder to compensate for the lack of productivity. One person complaining about being unhappy can hurt the morale of every other person in your office. What starts as a seemingly small problem can quickly gain momentum if it isn’t addressed quickly and correctly.

Unhappy staff are more likely to quit. On the surface, this may seem like a good thing: take the poor attitude and low morale out of the equation. However, the cost of finding, hiring, and training a replacement can be high. Even more, the most common reason why an employee quits a job is that they feel unappreciated and/or unsupported by management. Chances are good that if one of your staff feels that way, others aren’t far behind.

Overcome team morale issues with good leadership. As the dentist and CEO of the practice, you are the primary person your team is looking to for leadership. Hold yourself accountable to your team for following through on your promises. Deal with conflicts as soon as they arise. Have an open door policy that makes your staff feel comfortable coming to you with problems so you can address them before they become unmanageable.

Hold regular effective team meetings to ensure every team member understands their place in your vision for the practice. Recognize individual and team successes. Show appreciation. Ensure that you are supportive of any staff empowered to make decisions. If you need to coach them on a change in policy, do so privately to avoid undermining their authority.

You are the leader of your team. The trust, support, recognition, appreciation, and respect you give to your team is the foundation of your team’s morale. When you create a great working environment, your team morale is high. High team morale creates a better patient experience and greater productivity, which benefits everyone. To ensure your practice thrives, make your team’s morale a priority.

If you’d like assistance with employee morale, contact us.  

AG Dental CPAs & Advisors

Phone: (255) 767-1020 6421

Perkins Road, Bldg. A, Ste. 1B

Baton Rouge, LA 70808