Are You Ready for an Audit? | Baton Rouge Dental Consultant

Baton Rouge Dental Accountant

The prospect of an IRS audit can be a daunting experience, especially now that the government is expecting greater levels of accountability. An effective way to beat the stress associated with that dreaded envelope in the mail is to be proactive. While a dental accountant can help to buffer you against an audit, there are a few steps you can take to be proactive.

Document Everything

Get in the habit of keeping up with your tax records year-round to be better prepared if you are targeted. Staying organized is critical. Use whatever personal filing system works for you so you always know where your files and documents are located. Be sure to make both a digital and paper trail for redundancy.

Learn How Audits Work

If you are unaware of what an audit entails, take time to learn about the process. Knowing what questions an IRS examiner might ask or what documents they will want to see goes a long way toward being prepared. A dental accountant can also explain the process and arm you with the knowledge you’ll need to feel confident.

Gather All Necessary Information

Before the audit takes place, ensure you have gathered all documentation that you will need to make available to the auditor. If you believe something is missing, be proactive and contact they vendor for the missing records. When you have all your documents in one place, lay out the information and label it for the auditor. This will help to make the process more efficient.

Beware of Red Flags

If you are a practice owner, you will need to be scrupulous in reporting income down to the penny. Be aware of red flags such as travel, entertainment, and vehicle expenses. Ensure you are substantiating all deductions so that they align with your reported income. 

Hire a Dental Accountant

While the tax laws are always changing, our dental accounting firm keeps up with the latest updates. We understand the nuances of deductions in your field and can answer questions in a way that DIY tax software can’t. 

Get a Pre-audit Compliance Report

If you have let your bookkeeping become disorganized, or you’re feeling overwhelmed, get on track with a thorough examination of your financial data. Our experienced dental CPA team will help you establish a system and provide the documentation if you are ever faced with an IRS audit.

For more information on audits, or additional accounting advice, contact our dental accounting office today.

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

Are You Making an Informed Acquisition? | Baton Rouge Dental Accountant

Baton Rouge Dental Accountant

Whether you are creating a startup or purchasing an existing practice, the acquisition process comes with tax challenges. Make sure you are prepared and have all the information needed to complete your forms. Our dental accounting firm can help you run the numbers and determine your costs.

Here are other factors to consider when purchasing a dental practice.

Determine Practice Value

Before you commit to purchasing a particular practice, get a professional appraisal of all tangible assets. This can include everything from the soundness of construction, to the useful life of the equipment. The location, cash flow, salaries, number of active patients, and goodwill should all be factored in. As dental accountants, we offer solid estimates of your acquisition costs and their tax implications

Verify Seller Information

To make an informed acquisition of a dental practice, research your prospect with care. Visit the location at different times of the day. When talks get serious, verify patient counts through practice management software, or viewing a sample of charts. If you are not buying the building, review the lease terms to see if you can get out of a disadvantageous situation.

Consider the Cost of Build-outs and Renovations

Factor in the costs of updating your new practice. Even the most aesthetically pleasing and technologically advanced office might require some renovations or changes to fit your vision. This is especially true for an older office that will need modernization. A great deal on a building might not be a bargain after all when you factor in renovation costs.

Reputation is More Important Than You Think

If you are seeking to purchase a practice, determine its standing in the community. If the seller has poor reviews or has difficulty retaining patients, consider those important potential hurdles to overcome. It is possible to build a better reputation for your new practice, but it will require a proactive approach. You might want to increase your marketing budget, host open houses to show off your new team and renovations, and build goodwill through community outreach and charity efforts.

If you need advice on the hidden costs of acquiring a dental practice, require tax preparation services, or could use financial guidance on running your practice, please contact our dental accounting firm in Baton Rouge, LA and request a complimentary consultation today.

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

Does Your Dental Office Make the Right Impression? | Dental CPA Baton Rouge LA

A lovely latin mother carrying her little girl at the dental clinic’s reception desk and smiling at the receptionist and dentist.

When patients walk through your office door, they form an immediate impression about your practice. No matter how competent you are, and no matter how friendly your team is, your practice will be judged by what people see up front. Increasingly, they want more than just a clean office.

Dental Accountant Baton Rouge LA

Make the Waiting Room Look Like a Living Room

Research, led by physician and author Esther Sternberg, shows that patients are putting a premium on healthcare design. They want practices that pay attention to aesthetics and sensory wellbeing. Baby Boomers respond to an upscale, hotel-like atmosphere, while Millennials and Generation Z value artwork and digital connectivity. All groups value a waiting area that feels more like a comfortable, but uncluttered living room than a sterile space. 

How does your office stack up? Walk into your waiting room from the point of view of a new patient. How are the furnishings? Are the walls painted in a soothing color or a hue that is harmonious with your brand? Is the floor spotless? Does the waiting room smell clean and fresh?

If you and your staff just don’t have time to deep clean, consider a janitorial service. Your accountant can help you build this into your budget. 

Focus on Decor

Place a premium on making patients feel comfortable with decor. It doesn’t need to be expensive. A rustic or oriental-style rug on a hardwood or laminate floor adds warmth. Lighting can add dimension and a modern touch.

As for the walls and furnishings, healthcare decorators favor a mix of warm and cool colors, perhaps with an aquarium or a Zen-like fountain. 

Amenities count, too. Some dental offices are adding massage chairs, aromatherapy, paraffin hand-wax stations, and noise-cancelling Bluetooth headphones. Check out Pinterest for ideas and ask your patients what would add to their experience. Be sure to showcase your decor in your social media marketing to attract new patients. 

Look at Your Team

Ultimately, team interaction with patients is more important than decor. Make sure your office etiquette is up to par, that each team member greets visitors in a polite manner, and answers phone calls promptly and professionally.  

Keeping your dental office clean and inviting is more important than you might think for attracting and retaining patients. To learn how you can afford upgrades to your office, call our Baton Rouge LA dental accounting firm.  

The Financial Rewards of Work-Life Balance in Your Dental Practice | Baton Rouge LA Dental Advisor

Baton Rouge LA Dental Advisor

Work-life balance is essential for productivity and long-term financial success. Here are tips on how to balance personal time with business needs for both you and your team.  

Dental Consultant Baton Rouge

Motivating Your Team 

Work-life balance needs to be built into your practice values. If your employees are well-rested and feel their family life is manageable, they are likely to put more energy into their work and be happier overall. Those who feel stressed might request more sick days, which puts a financial strain on your practice. In fact, the Centers for Disease Control Foundation says lost productivity from absenteeism costs U.S. employers nearly $226 billion each year, or $1,685 per employee.

As a practice owner or manager, you likely can’t give your team the perks of a large corporation, such as subsidized daycare, FMLA, or an employee-assistance program; however, you can be sensitive to your team members’ needs, such as child or eldercare responsibilities, and schedule accordingly. Creating a strong team culture in this way also motivates employees to help one another. 

Consider implementing an employee incentive program for milestones met. A day off is ideal, but if that is unworkable, you can implement other meaningful perks, such as commissions, raises, and bonuses. However you choose to compensate your employees, it is important to remember that happy team members tend to be loyal, productive, and motivated to deliver excellent patient care.   

How to Achieve Work-Life Balance as a Dental Practice Owner

When you are responsible for teams as well as patients, you have double the workload. Add to that continuing education and paperwork, and it can be difficult to carve out time for reflection, organizing, and personal errands. The answer lies in planning.

Use a calendar or scheduling app to plan your day. Set aside blocks of time to work with patients, arrange team meetings, and attend organizational group functions. Your calendar should be your primary time-management tool. It can also include your outside commitments, such as children’s school activities, birthdays, and anniversaries. 

By including nonwork events on your calendar, you minimize the risk of schedule conflicts between your work and personal lives.

Honor Your Own Time Off

When you decide to take a day off, make sure you put it on your calendar and honor it. Make your scheduling priorities clear with your team members and make instructions clear so they are not left wondering how to handle unexpected situations while you are away.

The key to achieving work-life balance is creating clear boundaries for you and your team members and truly learning how to unplug. It can help your practice become a more productive place that in turn boosts profitability.

For more tips on creating a more harmonious, financially savvy dental practice, contact our Baton Rouge Dental Accountant team for a consultation.

How Do You Handle After-Hours Phone Calls? | Dental Advisor Baton Rouge

Baton Rouge Dental Accountant

Time is money, and if you are not taking advantage of after-hours phone calls at your dental practice, you could be missing out on new opportunities to connect with patients and grow your practice. 

You may have created an effective marketing strategy that is getting the phone to ring, and you have probably trained your team in proper phone etiquette; but have you considered what happens if a prospective patient calls on nights and weekends?

If someone phones you after hours seeking information or to reschedule an appointment, they will likely leave a message or call back during regular business hours. However, a potential new patient who needs emergency dental treatment is more likely to hang up and call around until they get a person to answer. 

Many dental practices do not have phone coverage outside standard hours of operation or during lunch; others have an answering machine. Both can feel impersonal and frustrating to patients and prospects. 

Dental Accountant Baton Rouge LA

If your patient discovers late one night or on a Sunday that they need to reschedule an appointment the next business day, chances are your team won’t hear the voicemail until it’s too late to make changes. If your phones are being answered outside working hours, issues like this can be addressed more promptly, leading to better scheduling and happier patients.

If you are interested in 24/7 phone coverage, you can either hire an answering service or train your team to share the responsibility. If a professional answering service makes sense for you, talk to a dental accountant about the cost of building it into your budget and the possible return on investment it could yield. 

The other option, sharing the responsibility among team members, may cost you less and offer a more personal interaction. No one has better knowledge of your practice, your patients, and your schedule than your own team. Discuss with your accountant the most effective way to compensate team members for this time, such as paying them a set amount per shift or per call answered.

If you believe lack of 24-hour phone availability is detrimental to your business, talk to our team about adding this service into your fixed costs and exploring the tax ramifications. Arrange a free initial consultation today. 

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

Smart Ways to Plan for Retirement | Dental CPA Baton Rouge

Baton Rouge Dental Accountant

No matter how long you have been practicing dentistry, it’s important to put a retirement plan in place. Act now to create a realistic savings timeline for a comfortable senior lifestyle. Here are some questions to ponder as you consider your retirement strategy. 

How much are you currently saving? When you meet with our dental accounting team, you will review the details of your P&L, taxes, and your long-term savings objective. During retirement, it may be beneficial to change some of your investments to help your savings outpace inflation.

Do you have an exit strategy? If you are a dental practice owner or partner, it would be helpful to create a written agreement about who will buy you out when you retire. Ask yourself whether you plan to retire outright or work part-time. Think about how your retirement savings will be affected by taxes. These issues and more should inform your strategic plan for retirement. Our dental accounting firm can guide you through details of the transition process.

What do you plan to do during retirement? If you have your heart set on starting a new venture, traveling more, or embracing a hobby, you may have to plan for shifting priorities and greater living expenses. The economy continues to change, and it is worth your while to lean on experts to help future-proof your lifestyle. 

How long will you be retired? Advances in modern medicine have increased life expectancy dramatically. Depending on your health and family history, you may want to plan as though you will live to be 100 and estimate your needs accordingly. Have you considered long-term care insurance, for example?

What other expenses will change? Retirement may eliminate your commute, work wardrobe, and team lunches; however, for most people, the golden years is a time of higher costs for medical care and prescriptions. Talk with us about the types of budget changes that are likely to occur during retirement.

Don’t let decisions for the future creep up on you, even if you are young and healthy. For more information on tax planning and looking ahead to a comfortable retirement, contact our office and schedule a complimentary initial consultation. We are experts in helping dentists achieve their goals during their active working life and beyond.

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

Dental Consultant | Increase Investments for Revitalized Revenue

Baton Rouge Dental CPA

Like most businesses, dental practices are not immune to the effects of the economy, and, lately, the pandemic. Peaks and valleys in revenues are normal. Any time revenues begin to inch down, many practice owners react by cutting back on the line item they think is most expendable: Marketing. This is almost always a mistake.

When you cut your marketing budget, you effectively slam the door on new patients, and you reduce your potential revenue. If you are new to the profession, you may not realize how closely linked marketing and revenue are.

The competition for patients is too fierce to stop marketing your practice — the kind of marketing that is tailored to the people you want in your chairs. Your practice might be near a school and benefit from drawing young families who like convenience. You might want to advertise your excellent restorative work to a retiree-rich zip code or teeth bleaching and veneers to young professionals. How do you reach them?

Today’s businesses cannot survive through word of mouth and referrals alone. Your practice needs to attract new patients on an ongoing basis, not just in the weeks following a postcard blast or mass email. A scattershot approach is a waste of money. You want to capture potential patients’ attention week after week, month after month. It takes at least seven exposures for them to remember you. This is especially true with a profession that still, unfortunately, invokes fear; it is imperative that you establish trust.

In addition to attracting new patients, you need to solidify and maintain the loyalty of your existing patients. It is important to keep them looped into any specials you want to run, new services you offer, and the latest developments in the dental world. Social media marketing can be just the solution.

Consistent, effective marketing keeps you top of mind.

When your marketing budget increases, stronger revenue follows. Several factors influence how much your practice should allocate to marketing, including these:

  • Are you a new practice? You may need to invest more until you have established a solid patient base.
  • Do you want to maintain growth for your established practice? Compare your current rate of new patient acquisition to the number of patients lost annually to determine how your current budget is performing.
  • Is business stagnant or decreasing? Consider investing an additional 5 or 10 percent above your current marketing budget, at least until the trend reverses.
  • How competitive is your local market? Higher competition requires greater investment to grow business. You must find, build on, and market your differentiator — and not stop.

Can you still afford to market your dental practice in leaner times? You can’t afford not to. For customized advice regarding your marketing budget and business growth, contact AG Dental CPAs and Advisors today.

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 | Tax Time: Why File with an Accountant?

Dental Accountant Baton Rouge

When it comes to tax time, having a professional CPA on your team is important to protecting your investment, and ensuring the health and longevity of your practice. Before you consider taking shortcuts, stop and consider the consequences. Here are a few of the many reasons you should work with a professional accountant.

Dental accountants understand tax code. Tax code is not only complicated; it changes frequently. Interpreting and staying up to date on the current codes is a full-time job. As a dentist, you are busy enough running a practice without having to stay abreast of shifts in tax law. Accounting software may not help you take all the deductions that you are owed. Hiring an accountant who understands how dental practices operate is a wise investment. It can offer you with extra peace of mind every April 15.

Dental accountants know how to get you more deductions. Everyone wants to maximize their deductions, but only a professional financial expert can get you everything you are legally owed. Don’t leave money on the table and don’t overpay the government. This is exceptionally important advice for small businesses, including most dental offices. Partner with an experienced dental accountancy firm to offer advice, analysis and help with preparing quarterly estimates.

Dental accountants minimize your risk. Taxes are one area in which you don’t want to cut corners. One innocent mistake can unleash an audit and cause potential trouble. If you run into such a scenario,  you could wind up paying far more than you would have if you worked with a professional from the beginning. If your practice is an S Corporation, penalties bleed into your personal taxes and can have damaging repercussions on your family’s finances. Working with a dental CPA, like AG Dental CPAs and Advisors, throughout the year offers protection. Your accountant can ensure that you have your tax-related paperwork in order year-round. Accurate documentation ensures you will receive all allowable deductions and minimize errors.

Small business owners and entrepreneurs are risk-takers; it’s how they succeed. But risk has limits. Don’t jeopardize your dream by cutting corners on one of the most important tasks of the year. Work with a dental CPA and allow yourself the peace of mind to protect what you have worked so hard to build. Choosing the right dental accounting firm is critical. You want one that puts your interests first, helps you with long-term strategy, and offers analysis and advice.

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 CPA | Goal Setting Strategies

No matter how impressive your vision for your practice may be, dreams require hard work and strategic planning. Highly successful practice owners learn to set goals realistically and effectively. Master the skills of effective goal-setting, strategic planning, and assessment to find greater success in your business.

Set Incremental Goals

Start small when setting goals by establishing daily and weekly goals. It can be easy to let ambition take over while you dream of long-term goals. However, you cannot reach your long-term goals without smaller victories along the way. Setting smaller, incremental goals provides the opportunity for you to be in consistent control of your practice. You will know if you miss a weekly goal, and you can then adjust your strategy to make sure your team can stay on track moving forward. If you are only setting quarterly or yearly goals it can come as a surprise when you miss them, or your team might be left struggling to meet them in the eleventh hour.

Make Goals Visible

You and your team need a visual reminder of what your goals are and when you plan to achieve them. Put them up on a bulletin board in the office or include them on your calendar. Write your goals in a place you look daily as a consistent reminder. We all have those back-of-the-mind thoughts or ideas that might be good if implemented, but they are frequently forgotten. Make your goals visible to you and your entire team.

Measure Your Goals

How will you know if you achieved your goal if you cannot measure it? Goals should have a measurable standard. Perhaps your goal is to see a 20% increase in your monthly new patient numbers in a 6 month timeframe. By defining specific numbers and timeframes, your goals will lead to action. Abstract goals are often set and missed. When a goal is clear and measurable, you can more easily create a plan that accomplishes the goal at hand. Once you’ve set measurable goals, make sure you have a cadence for evaluating them. Will you be reviewing your progress weekly, monthly, or quarterly? This timeframe will vary based on the size of the goal and effort needed to evaluate change. 

Evaluate your goal-setting protocol to identify areas of opportunity. Master these skills and you will be on your way to the success you desire.

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

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