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Dental CPAs & Advisors

Baton Rouge LA Dental CPA | Common Characteristics of High Performing Teams

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Teamwork makes the dream work, or so the saying goes. With a team of rockstars behind you, your practice can truly soar into the success that you envisioned when you first started your own business. However, creating that amazing team can be more difficult than you may have thought. Even if you have the right people, there may be something that is holding them back from reaching their full potential. Look at this list of common characteristics of high performing teams. Which ones are your team performing well on? Which do they lack? By comparing this list to your own, it may just give you the insight you need to reach the next step.

No Individual Member is More Important than the Team:

In any business, there are going to be some members of the team that are in positions of power. However, this should not make them more or less important than any other member on the team. When your team knows that they are all equals working to accomplish the same goal of success for your practice, it can help create a team that relies on the necessary people to get the job accomplished.

Each Person Carries Their Own Weight:

It’s important for every team member to be performing optimally in their own role. When one person is falling behind, the rest of your team can struggle to pick up the slack while maintaining their own work. Ultimately, what this characteristic boils down to is mutual respect. If you have a team that respects each other, they’ll be working to ensure everyone has what they need in order to do their job as best they can. Without that respect, it’s likely that people will be performing the bare minimum in their role.

Trust:

As important as mutual respect is the level of trust your employees have in each other. When you have a team that trusts one another, it allows for strong cohesion, conflict management and natural agreement when issues arise. Cohesion built upon trust means that every member of your staff is working towards the same goals, knows how to work together, and can make the right judgement calls when problems arise.

Understanding Limitations:

Some of the best teams know when it’s time to ask for outside help. Whether it’s a task that your team may not have the experience or knowledge to fully complete, or the workload seems to be simply more than they can handle, outside assistance or perspectives are nothing to be ashamed about and can help your team succeed at a higher level.

If you and your team require help with tax prep, retirement planning, or any accounting related service, we are here for you. Contact your Baton Rouge dental CPA today and let us know how we can help. 

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.

Baton Rouge LA Dental CPA | The Power of Feedback in Improving Workplace Performance

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The exchange of feedback between leaders and their teams is an almost non-stop process. Official, or not, good leaders are as willing to listen to feedback as they are giving it out. Feedback is one of the most important aspects of improving performance, and yet it can be one of the most difficult things to hear. Very few people enjoy viewing themselves in a critical light. Below, we’ll outline some of the best ways to not only get constructive feedback, but also how to handle feedback for optimal benefit when it comes.

Don’t Be Afraid to Ask For It:

People will often assume that if something is wrong, they’ll be told and corrected. While in a perfect world, this may be the case, it is unfortunately not the reality. When you directly ask for feedback, you give your employees and your leaders the opportunity to give you valuable insights into the operations of your practice. Without asking, you may be missing out on mistakes being made, or innovations that have changed operations for the better.

Even if the feedback is not received in an official setting (such as an “on the fly” direction) it can give you the ability to bolster your systems and improve your practice. Make sure you ask for that chance as frequently as possible.

Don’t just React – Listen and Digest:

When feedback comes to us, it can sometimes be difficult to not feel personally attacked – especially if the feedback is critical. The worst thing you can do in this type of situation, would be to react without really considering what the other person is saying. Make sure you hear what them out and think about why they feel the way they do.

Do your best to stay clear headed and ask clarifying questions to help you fully understand the other person’s view point. Sometimes, the most positive and helpful feedback can be misinterpreted and turned into a destructive situation. If you need to take the time to digest, think about asking for time to do so. It never hurts to come back and be able to discuss feedback in more detail and from a different perspective. Taking whatever space and time you need will ultimately help you deal with feedback in a more constructive way and help you to understand your practice and your leadership style better.

Reflection is a Form of Feedback:

A conversation with a manager or employee is not the only way to get feedback. You can also learn a lot about your strengths and potential limitations by reviewing the successes and failures you have had in your position. Is the same failure happening over and over again? It may be time to figure out the root cause of the issue and create a plan to make sure it doesn’t happen again.

Criticism, constructive or not, can be difficult to hear. Ultimately however, that brief time of difficulty will turn in to large dividends for both you, your team, and the practice as a whole. If you’re looking for constructive feedback from an outside perspective that can help your practice grow, contact our Baton Rouge dental CPA. We’ll be able to analyze your strengths and areas for improvement in order to help you bring your practice to the next level.

 

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge , LA 70808

Baton Rouge LA Dental CPA | Why a Real Dental CPA is Still Better Than Any Accounting Software

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As humanity expands ever outward into the digital age, the number of available accounting software that claim to be able to do it all for your practice are only going to increase. While you may be tempted to believe these claims, the truth is this: a real accountant is still better for your practice than any software. Why? We’re glad you asked.

Contrary to most people’s opinions of accountants, basic math is not our speciality. We allow computers to do most of the math for us in order to save ourselves the time to analyze and interpret the results.

Any computer can do the work it takes to balance your numbers, but none of them can understand whether those numbers are actually right, or what they mean to the financial future of your practice. Conversely, a dental accountant has the capability to analyze the financial health of your practice by comparing your numbers to benchmarks set by successful practices, tracking progress through past years, and determining proper overhead costs for your practice.

Our team is also here to help advise you on your goals, and what decisions need to be made in order to meet them. Another pitfall of software programs that many do not realize is that they can only tell you when something is wrong. Most of them are unable to tell you exactly why something is wrong and none of them are able to help provide you with a specialized solution.

Dental accountants know which financial strategies work in the dental field and which do not, because we have the experience to do so. Not only can we do the math, but we provide support during a financial emergency, or even when you just want to learn how to spend your money more wisely. 

While there is no arguing that these software tools can be useful in the right hands, they are often only as good as the person using them. If an inexperienced individual is attempting to manage all of their finances on their own, it may result in costly errors that could have been avoided with a professional.

Wherever you are on your career journey, an accountant can help you find success. Help your practice and yourself with professional accounting services from our team. We can assist you with everything from tax prep and minimization to business management, start up services, retirement planning, and yes, bookkeeping. Contact Apple Guerin Company LLC today to get started. 

 

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge , LA 70808

Dental CPA Baton Rouge LA | How An Accountant Can Solve Problems Through Creative Solutions

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Dental CPA in Baton Rouge

 Al Capone was a notorious mobster and crime boss who committed countless crimes either himself or through his organization. However, the crime that finally got him caught and sent to prison wasn’t related to his gangster reputation. Ultimately, Capone was arrested and convicted for income tax evasion. The man who had a seven year reign as crime boss of Chicago ended up being taken down by a team of accountants. 

While this story may not have much to do with dentistry, it is a testament to just how important accountants can be to any field. More than just the people who help you with your taxes, accountants are trained to understand businesses and create solutions that others may not think of. Here are just a few of the ways accountants can solve problems for your practice find success.

Understanding Dentistry:

While an accountant of any type may be able to be helpful to your practice, a dental CPA fully understands all the ins and outs of dentistry and is able to use that knowledge to help you. Dental accountants are uniquely qualified to assist you because they understand your issues in the larger context of dentistry and can examine an issue from every relevant angle. They know the business and therefore have a better grasp on will be the right solution for you. 

Big Picture Thinking:

Accountants are known for their analytical minds. When it comes to solving a financial problem in your practice, a new perspective that considers all the widespread consequences may be exactly what your practice needs. This capacity for lateral thinking is one of the reasons why dental accountants are able to make such significant contributions to your practice success.

Creativity:

Difficult problems require creative solutions. While accountants aren’t always respected for their originality, you may be surprised to know that their line of work takes quite a bit more creative flexibility than most believe. Combining their knowledge of the dental field with the ability to bring a unique approach allows dental accountants to come up with innovative solutions that work to meet and exceed your practice’s financial goals.  

While it’s better to have an accountant before trouble arises, we are here to help you no matter your circumstances. If you’re facing a problem that requires a special touch, contact our team of professional dental accountants today and find the solution for success you’ve been looking for. 

Baton Rouge LA Dental CPA | 5 Qualities Your Next Accountant Should Have

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

Informed

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

Organized

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

Credible

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

Responsible

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

Dedicated to You

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

Baton Rouge LA Dental Accountant | Top Three Tips for a Profitable Dental Practice

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

Analyze Your Expenses

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

Establish Growth Objectives

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

Master Online Marketing

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

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

Baton Rouge LA Dental CPA | Why a Dental CPA Is Your Most Valuable Asset

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Dental practices are businesses, and the dentists at the heart of them are CEOs. If you own a dental practice, or are one of several dentists in a partnership-based practice, you should be treating that practice like a business. That means looking for ways to grow revenue, trim overhead, maximize business deductions, and minimize your tax liability. A dental CPA can help dentistry firms achieve all these goals. Here’s how.

They’re Specialists

A dental CPA is more than just a generic accountant. Dental CPAs work exclusively with dentists and their practices. This means that they have specialized knowledge that other accountants lack. Dental CPAs have an insider’s grasp of the industry, including expenses, trends, and the best ways to lower a practice’s tax burden. They also understand what new equipment is delivering the best return on investment, and how to save money every year from the depreciation of assets unique to the dentistry field.

They Can Analyze Your Firm’s Financial Health

The benefits of having a dental CPA go far beyond just getting an advantageous grip on your business’s taxes, though. They can also apply their financial acumen to your overall business model. An experienced dental CPA will be able to look at a practice’s financial reports and determine how it can reduce its expenses and increase profits. They’re trained to recognize financial oversights and areas of inefficiency specific to the dental industry.

Given just a few months to carefully analyze your practice’s finances, a dental CPA will be able to make insightful, actionable suggestions that make an immediate difference.

Industry Benchmarks

Benchmarking is the practice of comparing a business’s performance metrics with both competitors and the highest standards in the industry. While a dentist in Ohio may have no idea how their practice compares with firms in California, Texas, or New York, a good dental CPA does. They’re thoroughly versed in the industry’s key performance indicators (KPIs). These include metrics like patient loads, profit margins, and the percentage of active patients that are currently under schedule.

Dentists primarily focused on their patients and the scientific aspects of their profession may have never even considered evaluating their practices in these ways. But benchmarks and KPIs are powerful ways to frame and understand your business. Dental CPAs can leverage those tools better than anyone. Our office offers you expert guidance on all of these financial strategies and more. Contact us today and learn more about the many ways a Dental CPA can help you.

Dental CPA Near Me | Retire Confidently With a Dental Accountant

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Dental CPA in Baton Rouge

There is a saying made famous by Stephen Covey that has stuck with us for years. The saying goes, “begin with the end in mind”. While these words can mean many different things to many different people, to us, they mean that it’s never too early to start planning for your retirement.

As a dentist with your own practice, your eventual retirement requires a great deal more planning than that of the average person. Hiring a dental accountant can reduce your financial waste, helping you to retire sooner with confidence.

If retirement planning feels like it’s still a long way down the road, consider what has to be accomplished in order to ensure success:

  • In-depth debt reduction strategies
  • A strong practice exit plan (estate planning)
  • A retirement funding plan
  • Understanding risk management
  • And, if necessary, providing for your family.

It’s never too early to start working your way through this list. In fact, its recommended by most accountants that you meet with your advisor at least once a year to report on your progress and make necessary adjustments.

Think of a dental accountant like a financial coach. Among the many services offered, accountants can help you find the right pensions, properties, and business opportunities to invest in while you’re still working. As your revenue starts to increase, they can also help you understand where your money is being spent in order to put you in better financial shape once you’re ready to retire.

When you do retire, an accountant will also help you divvy up your assets while making sure they don’t fall into the wrong hands.

Retirement shouldn’t feel like work. Start building financial peace of mind today with a certified dental accountant. Call our office to get started today. 

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