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Dental CPAs & Advisors

Maximizing Your Tax Return for Dentists | Baton Rouge Dental Accountant

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Tax season can be a stressful time for dentists, especially when it comes to trying to maximize their tax return and avoid any potential problems with the IRS. However, by understanding and taking advantage of the tax credits and deductions available to them, dentists can reduce their tax liability and keep more of their hard-earned money. 

The first step in maximizing your tax return is to be aware of all the deductions available to dentists. Some of the most common deductions include expenses related to running a dental practice, such as office supplies, equipment, and professional services. These deductions can often add up to significant savings, so it’s important to be sure to keep track of all of your dental-related expenses throughout the year. 

Another way to maximize your tax return is to take advantage of tax credits. Tax credits are a great way to reduce your tax liability and can often be used to offset any additional taxes due. For instance, if you have employees working for your dental practice, you may be eligible for the Work Opportunity Tax Credit (WOTC). This credit allows you to receive up to 40% of the first $6,000 of wages paid to qualified employees. 

In addition to taking advantage of tax credits and deductions, there are other strategies that dentists can use to maximize their tax return. One of the most effective strategies is to invest in retirement plans such as a 401(k) or IRA. Not only will this help to reduce your taxable income, but it will also help to ensure that you have a secure financial future. 

Finally, make sure to take advantage of any available tax-free savings accounts. Tax-free savings accounts can be used to save for future health care expenses, college tuition costs, and other qualified expenses. This can help to reduce your overall tax burden while helping to ensure that your money is working for you. 

By taking advantage of the tax credits and deductions available to dentists, as well as investing in retirement plans and taking advantage of tax-free savings accounts, dentists can maximize their tax return and reduce their overall tax liability. This can help to ensure that you’re keeping more of your hard-earned money and that you’re in compliance with the IRS. To learn how our accounting firm can help your dental practice, please contact us today to schedule a consultation. 

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

Unlock the Benefits of Accounting for Your Small Business | Dental CPA Baton Rouge LA

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One of the most important decisions a small business owner must make is how to manage their finances. Accounting is a vital part of any small business’s success, and it is imperative to understand how it can help. Accounting is the process of recording, organizing, and analyzing financial information, and it can provide small businesses with valuable insights into their financial health.

Accounting can help small businesses track their income, expenses, and cash flow. This is especially relevant for businesses that have limited resources and have to make decisions on a tight budget. By tracking their income and expenses, they can better understand their current financial situation and make informed decisions about how to spend their money. Analyzing cash flow is also critical, as it can help them identify areas where they are spending too much or not enough.

An understanding of the financial performance of a small business can also be gained through accounting. Their ability to identify areas of success and areas for improvement can be enhanced by tracking income and expenses. Analyzing financial performance can assist them in making decisions regarding how to allocate their resources, such as investing in upcoming products or services or expanding their business.

Small businesses can also benefit from accounting services by identifying potential problems before they become too large. In order to bring their budget back in line, small business owners should track their expenses to identify areas in which they are overspending. By doing so, they will be able to avoid costly mistakes and prevent financial disasters.

Finally, accounting can assist small businesses with their tax preparation. It is imperative that individuals keep track of their income and expenses in order to ensure that they are taking advantage of all available deductions and credits. They can benefit from this by reducing their tax burden and ensuring compliance with the law.

Accounting is an essential tool for any small business and can provide valuable insights into their financial health. It can help them track their income and expenses, understand their financial performance, identify potential problems, and make tax time easier. By taking advantage of these benefits, small businesses can stay on top of their finances and maximize their success. Our accounting firm is here to help with all of your business accounting needs. Contact us today to schedule a consultation. We are here for you.

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

How to Thrive in Your Practice with Bookkeeping Basics | Baton Rouge Dental CPA

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The responsibilities of a small business owner may seem endless. When it comes to managing your office’s finances, you’ve probably realized that there are many tasks that require more time and attention than you have available. There are several reliable software packages available for small business owners who wish to conduct their own accounting. However, hiring an accountant who is knowledgeable about your practice area can provide numerous benefits as well. An accountant, for example, would:

 Know your industry well.

Accounting professionals who are specialized in this field will stay abreast of trends that have an impact on your profitability and bottom line. Therefore, they can provide you with practice-specific tax advice in order to ensure that you maximize your annual tax savings. As well as being knowledgeable about new tax laws, they will ensure that you remain compliant in your ever-evolving field.

Offer advice on the purchase of equipment.

In order to keep your practice on the cutting edge, you should invest in the latest technology and equipment. A specialized accountant can advise you on the financial advantages and liabilities associated with these types of investments. This will enable you to make informed decisions that will save you money in the long run.

Be trained to assist you in seeing the big picture.

Accounting professionals who specialize in your industry may be able to provide you with useful comparisons that benchmark your practice against similar practices in your industry. You can utilize this type of information to make informed decisions regarding hiring, adding products and services, or expanding your business.

Provide retirement planning assistance.

You are solely responsible for retirement planning if you are self-employed (as are many dental practitioners). In addition to advising you on the types of financial plans that are appropriate for your situation, a competent CPA can also help you strategize about your long-term financial goals.

Maintain relationships with other professionals in the industry.

Perhaps you would like to purchase a larger facility or add a partner to your practice. If you are seeking assistance with creating a partnership agreement, a specialized accounting firm can connect you with banking professionals or loan officers who are familiar with the nuances of your industry.

Accounting for a dental practice involves much more than preparing an annual tax return. A skilled accountant can provide valuable business advice, assist in analyzing your financial health, provide long-range financial planning, and guide you towards making business decisions that are financially beneficial to your business. Contact us today to learn more about how we can help your dental practice succeed with our small-business accounting services.

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

The Best Ways to Plan for Retirement | Baton Rouge, LA Dental CPA

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The importance of putting in place a retirement plan should not be underestimated, regardless of how long you have practiced dentistry. Taking steps to prepare for your future is one of the most significant decisions that you can make in your career. Take action now in order to create a realistic savings plan that will allow you to enjoy a comfortable retirement. As you contemplate your retirement strategy, consider the following questions:

What is the amount you are currently saving? As part of your meeting with our dental accounting team, you will review the details of your P&L, taxes, and long-term savings objectives. In order to ensure that your savings are able to outpace inflation during retirement, it may be beneficial to change some of your investments. 

Have you developed an exit strategy? When you retire as an owner or partner of a dental practice, it is advisable to create a written agreement that specifies who will buy you out. Consider what you will do after you retire, whether you plan to work full-time or part-time.Taxes can have a significant impact on your retirement savings. All of these factors should be considered when developing a retirement strategy. We can assist you with the details of the transition process through our dental accounting firm.

When you retire, what do you plan to do? If you have your heart set on starting a new business, traveling more, or taking up a hobby, you may need to plan for shifting priorities and increased living expenses. As the economy continues to change, it is worthwhile to seek advice from experts who can help secure your lifestyle.

What is the expected length of your retirement? As a result of advances in modern medicine, life expectancy has increased dramatically. You may wish to plan as if you will live to be 100 years old and estimate your needs accordingly, depending on your health and family history. For example, have you considered long-term care insurance?

What other expenses will be affected? Although retirement may eliminate your commute, your work wardrobe, and team lunches, for most people it is a time of higher costs for medical care and prescription drugs. Get in touch with us to discuss the types of budget changes that are likely to occur during retirement.

Don’t let decisions about your future creep up on you, even if you are young and healthy. Contact our office to schedule a complimentary initial consultation if you would like more information regarding tax planning and planning for a comfortable retirement. Dental professionals rely on us to assist them in achieving their professional goals throughout their active working lives. You can rely on our team for assistance.

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

The Benefit of Patient Complaints | Dental Accountant Baton Rouge

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Complaints from patients are never welcome. It is unfortunate that even the most compassionate dentist with an exemplary team who follows procedures meticulously can still receive complaints. Take advantage of them.

Whether the complaint is true or not, the most important thing to remember is to handle it with care. About 94 percent of people use online reviews to choose a business; you do not want a complaint to snowball into a bad review. It can quickly result in a loss of revenue. Therefore, responding to them is crucial. 

You and your team may feel frustrated, discouraged, or annoyed when complaints are brought to your attention. It’s normal. You may also feel cavalier about a complaint that you view as minor. There are some complaints that are objective, such as office décor, wait times, or insurance issues.

Complaints should be handled with respect.

It is important to treat even trivial or unfair concerns with respect. It means listening to the patient, taking their complaint seriously, and promising to investigate. 

You should follow these steps:

  • Thank your patients for bringing their concerns to you without judgment: “I appreciate you taking the time to tell me about your experience.”
  • Repeat the complaint back to the patient: “So you’re saying that you waited 40 minutes for your appointment and nobody checked on you?” “My sincere apologies.”
  • Take action to correct the situation, if necessary. “There are times when things get backed up.” In case of a delay, I’ll make sure the front desk team informs you.” 
  • Thank them again: “Thank you for letting me know what happened.” Thanks for putting your trust in our practice. “We’ll do whatever it takes to ensure you’re satisfied.” If you follow through on your commitment, you’ll earn loyalty from that patient. Complaints provide you with a chance to cement a patient’s trust.

Maintain patient loyalty

The importance of maintaining patient loyalty cannot be overstated. It can lead to fewer rescheduled or canceled appointments, increased case acceptance, and even referrals to friends, family, and social networks. Taking care of one complaint correctly can result in hundreds or even thousands of dollars in revenue over time. Furthermore, it is the right thing to do.

Patients who feel their concerns were not heard will unlikely refer others to you or, more likely, complain online and on social media.

Keeping your revenue flowing depends on satisfied patients. We’re here to make sure it stays strong. For all your dental accounting needs, contact us today.

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

Accounting Solutions for Business Challenges | Dental CPA Baton Rouge

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In addition to helping you with your taxes, accountants can offer creative solutions to your business challenges. Their training allows them to understand how businesses work and create solutions that others might not think of. These are just a few of the creative ways accountants can help you solve business problems.

Identifying your business type

Accountants often specialize in serving specific types of clients, such as small businesses, large corporations, or high-net-worth individuals. Small-business CPAs understand your unique challenges and can use that knowledge to help you grow. An accountant who understands your field is uniquely qualified to assist you because they understand your issues in context and are able to consider the issue from all relevant perspectives. Because they understand the business, they can recommend the right solution for you.

Taking a long-term view

When you own a business, you want to please your clients and grow it. An accountant can save your business thousands of dollars and give you back the time you spend on forecasting, tax preparation, and bookkeeping. You need an accountant who can see both the big picture and the details of your business. By foreseeing problems, they can prevent you from making a mistake. A new perspective that considers all consequences may be the key to solving a financial problem in your industry. Accountants can make a significant contribution to your bottom line because of this.

A creative and strategic approach

Problems that are difficult require creative solutions. An accountant can keep track of your cash flow if you’re starting out and need help with a business plan or entering a high-growth phase. They can help you manage your money by taking an objective look at your overhead and costs. Accounting professionals can create innovative solutions that meet your long-term goals by combining their knowledge of your field with a high-level, strategic approach to your finances.

Take steps to avoid IRS audits.

The likelihood of an audit is small, but every business should be prepared in case one occurs. If you are working with a good accountant, they will have the detailed records needed to satisfy the government’s questions; if you are not working with an accountant and you are subject to an audit, you may want to hire one to save time, stress, and money. A CPA can also help you prevent future problems, such as spotty record-keeping and innocent errors.

Our accounting firm is committed to helping you navigate your business finances in an ethical and compliant manner. Let our team of professional accountants help you find the solution for success you have been seeking if you are facing an accounting issue that demands skillful handling. Contact us today to schedule a consultation.

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

Three Tips for Running a Profitable Business | Dental Consultant Baton Rouge LA

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Establishing your own success is one of the most exciting and fulfilling aspects of being a business owner. Entrepreneurs may work independently or as part of a partnership. Regardless, they’re at the top of their game. Being the CEO of a small business entails a number of additional responsibilities. It is extremely valuable for business leaders to invest time in ensuring the profitability of their businesses. In order to do this, you must have a thorough understanding of matters such as overhead, revenue, and marketing strategies. Here are a few tips to make your business more profitable.

Take a look at your expenses.
If a business is interested in increasing profit margins, this should be its number one priority. Leaders should keep a detailed record of their monthly expenses. Equipment, supplies, employee salaries, liability insurance, and rental costs or property taxes are included in this category. Examine this list carefully to identify anything that is not strictly necessary or that your business spends an excessive amount of money on. By cutting down on certain supplies, finding smart ways to limit your insurance payments, or even deducting more expenses, you may be able to reduce your overhead. Your overhead can be reduced in a variety of ways. All of them begin with a careful examination of your expenses. The use of a certified accountant is a very effective way to ensure that this work is done accurately and efficiently. 

Identify growth objectives.
It is often the case that businesses without specific goals are their own worst enemies. You are more likely to fall into a state of complacency with your organization if you lack concrete objectives. Complacency, of course, leads to stagnation and a loss of profits. In order to increase profitability, businesses should map out where they wish to be in three months, six months, a year, and five years. Identify the number of clients you would like to acquire within each time frame, and develop strategies that will assist in achieving that goal.

Learn how to market online.
The majority of people looking for your business in their area will use the internet to locate you. Statistics indicate that 90 percent of Americans use internet search engines to locate local businesses. You are also included in this category. In order to gain a foothold in these searches and ensure that your business’s website is seen by as many people as possible, what can you do? Online marketing, in particular search engine optimization (SEO) marketing, is the answer. Search engine optimization marketing has one simple, powerful objective: to get a business’s website and content ranked as high as possible in search engine results. Today, where Google, Bing, and Yahoo dominate how we discover small businesses, this is an extremely crucial step in increasing profits.

We can help you make your business more profitable by providing expert advice and assistance. Contact us today. With our expertise, we can help your business reach new heights of success.

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

The Importance of a Profit and Loss Statement for Your Business | Baton Rouge LA Dental CPA

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Is your business successful? How do you know? You can take a look at your online reviews; positive reviews indicate that you are doing something right. You can analyze your customer base; serving new or more customers every month means that the word is spreading about your business. You can also search online for your business—if it shows up near the top of the search results, you’re on the right track.

However, these methods are abstract methods of measuring success. A business’s true success is determined by its financial performance. Does your business generate a profit? Are you losing money? If a business isn’t performing financially, it can fail.

You can measure business success through a profit and loss statement. Along with a balance sheet and cash flow statement (more on that later), it is one of the most significant financial statements for your small business. Continue reading if you’re ready to discover your true business success.

How does a profit and loss statement work? Why is it important?
A profit and loss statement, also known as an income statement, summarizes the income and expenses of a business for a given period. Profit and loss statements are typically generated monthly, quarterly, and annually.

Essentially, a profit and loss statement tells you if your business is profitable or losing money.

Profit and loss statements can be used to determine whether your business earns enough money to cover its costs and expenses. They also help to determine whether you can afford to pay yourself as a business owner and if your business model is sustainable.

Profit and loss statements can help you identify your top spending categories and where you might be able to make cuts if your profits aren’t where you want them to be. As a result, you can make informed business decisions-such as pricing your products and services-based on your lowest earning revenue streams.

Alternatively, if you’re doing well, the profit and loss statement can show you your top earning revenue streams, allowing you to concentrate on those.

A profit and loss statement can chart your business growth, reveal sales trends, and provide you with the information you need to make smart financial decisions.

Profit and loss statements consist of three key components.
Every income statement includes three main components, depending on your business’s income and expenses.

  1. The amount of money earned (or revenue received).
    A company’s income or revenue is defined as its operating revenue or revenue generated by its primary business activities, such as the sale of goods or services.

    Additionally, your profit and loss statement will include non-operating revenues or other income generated outside of your core business operations. Income from business capital, rental income, or strategic partnerships (such as advertising) all falls into this category.

    A company’s income statement may also include gains or one-time non-business activities that result in income, such as the sale of a company vehicle or long-term assets.
  2. Expenses
    The first expense on the profit and loss statement is the cost of goods sold. Materials and labor costs are included in the cost of goods sold by your business.

    An organization’s primary expenses include employee wages, sales commissions, and utilities (such as electricity).

    Other expenses or secondary expenses will also be included in the profit and loss statement. In general, these expenses are related to non-core business activities, such as paying interest on a loan, paying taxes, or paying one-time expenses such as legal fees.
  3. Net income (or revenue) amount
    Last but not least, the profit and loss statement will result in a net income figure. An increase in this number indicates that your business is profitable. In the event that it is negative, you have spent more than you have earned.

    Net income is calculated by taking into account all expenses, even unusual or one-time expenses. Thus, you can determine whether you earned or lost money during a given period. However, net operating income may be a better indicator of your business’s day-to-day operations.

    Profit and loss statements: how to prepare them.
    How does a profit and loss statement look in practice? What is the best way to create one? Using accounting software such as QuickBooks, generating an income statement is nearly instantaneous. Your income statement can be accessed and reviewed at any time using QuickBooks, which tracks and organizes your business’s accounting data for you.

    In the event that you do not use accounting software, a bookkeeper can prepare this report for you. If you are a new small business owner, an Excel income statement template may be a helpful starting point. As your business grows, it will become more difficult (and less accurate) to keep track of everything in Excel.

    You can rely on our accounting firm for all of your accounting needs. If you require assistance preparing a profit and loss statement or have questions about how to do so, please contact us. We are always available to assist you.
AG Dental CPAs and Advisors
Phone: (225) 767-1020
6421 Perkins Road, Bldg A, STE 1B
Baton Rouge, LA 70808

What Can a Dental CPA Do for Your Practice? | Dental CPA Baton Rouge LA

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Why should I work with a dental CPA instead of a traditional, general CPA? By utilizing the skills and knowledge of a dental CPA, you’ll be able to manage your practice more efficiently, so you can devote more time to dentistry and become more profitable.

You can gain valuable information about the health of your practice from a dental CPA, get assistance with planning to ensure that you will achieve your personal and professional goals, and get excellent advice on how to improve profitability from a dental CPA firm.

The three main areas of focus for a dental CPA when setting up a new client relationship are:

A solid bookkeeping system

The first step in working with a dental CPA is to get your bookkeeping in order. While this is the most basic service that a CPA can provide, a dental CPA’s industry knowledge can help ensure that the information is presented clearly and in a useful way. You can arrange your accounts so that the important information is prominent and easy to compare.

Your dental CPA will also make sure that accounting principles are being applied correctly to your bookkeeping so that an outside agency looking at your books will not question the practice’s presentation or health. Many dental CPAs offer monthly bookkeeping services along with monthly or quarterly meetings to review financial statements, so you can understand and act on the information. Dental CPAs provide a wide range of services, but bookkeeping is the foundation of all of them.

Dental Practice Planning and Projection

Developing a long-term plan and making projections is crucial for your practice’s success. Planning and projections can be done by a dental CPA to ensure that your practice is on the right track and on track to meet your goals. Due to their familiarity with the collections and expense patterns experienced by dentists, dental CPAs are generally better equipped to make accurate projections for your practice. Having created a reasonable projection, a dental CPA can assist you in determining your initial plans or executing existing ones.

The three things most dentists want to plan for are taxes, retirement, and the education of their children. Are you utilizing tax strategies to minimize your taxes? Will you be able to retire comfortably and on your own terms? Will your children and grandchildren (if you have any) be able to attend college?

Services provided by dental CPAs

The majority of consulting services provided by a dental CPA will be in conjunction with other services. For example, during a quarterly bookkeeping meeting, a dental CPA will typically review your monthly or quarterly statements in order to assess the profitability of your practice and identify areas for improvement or investigation. During half-yearly planning, a dental CPA may review your fee schedules with you to ensure that you are not undercharging or overcharging.

During year-end planning, a dental CPA might discuss equipment and expansion plans with you to ensure that your capital investment will result in a healthier practice and more enjoyable dentistry for you. As a result of this type of consulting, your 70808 dental CPA can help you identify trouble spots in your practice or identify opportunities that can be utilized to your advantage. Although a general CPA may be well equipped to help with financial consulting and a dental consulting firm may be well equipped to assist with practice management, a dental CPA can provide both financial and practice management services.

You can rely on our Baton Rouge, LA dental accounting firm for assistance. Get in touch with us today to schedule a consultation.

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

Advantages of Outsourcing Your Dental Accounting | Baton Rouge Dental Accountant

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You have covered all the bases when it comes to providing dental services efficiently and confidently. In contrast, when it comes to your practice’s bookkeeping and accounting, you may not be as confident and always aware that your time would be better spent in other areas. It is likely that you did not choose to become a dentist in order to worry about accounting and paperwork.

Maybe you’ve questioned the accuracy of your bookkeeping, or you want to improve efficiency (especially your own). It might be time to consider outsourcing your bookkeeping and accounting if one or both of those scenarios apply.

These functions can have a significant impact on your practice’s productivity and profitability.

  • Rather than spending time on bookkeeping, you can spend it on improving the overall experience of your practice and patients.
  • An expert will handle your books, so you can be sure they are accurate and make well-informed decisions about your practice. As a result of better bookkeeping, tax time often brings fewer surprises.
  • Having accurate accounting records will give you peace of mind. You will be able to keep a better handle on cash flow and know where you stand at all times by letting the experts handle it for you. Therefore, you are prepared for any emergency that may arise (for instance, a global pandemic).
  • Having a financially healthy practice facilitates a strong personal financial plan for you, including aggressive retirement savings.

Do you already outsource roles like IT and/or HR? When it comes to such a vital business function as your finances, outsourcing to experts who specialize in dental practice finance makes good business sense. As our world becomes more virtual every day, it makes sense to consider a virtual bookkeeping and/or CFO solution sooner rather than later.

Accountants who specialize in dental practices offer expert accounting services. Using their accounting and bookkeeping services can result in improved cash flow management, accurate record-keeping, and meaningful data reporting for better, more streamlined financial management.

A dental accountant can help you by providing:

  • Savings: You won’t have to pay for employee benefits, payroll taxes, hiring, and training.
  • A wide breadth of experience: You get access to experienced dental CPAs in Baton Rouge with a breadth of knowledge of the industry, as well as certified bookkeepers who you can rely on.
  • Experience: You have the support of someone who can assist you whenever you have questions.
  • Flexibility:  When you require assistance with some or all of your bookkeeping requirements.

Dental accountants are dedicated to helping you with your financial tasks so that you can focus on what is most important to you. Their services include account reconciliations, bill payments, payroll journal entries, financial reports, time-saving tools, and remote working options.

If you feel overwhelmed by any of these tasks or simply are tired of doing your own bookkeeping, you should probably outsource it.

Our dental accounting firm in Baton Rouge, LA successfully assists dentists with their bookkeeping needs. If you would like an expert from our team to help you and your practice succeed, contact us today!

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