Tag: Baton Rouge LA Dental CPA

Baton Rouge Dental CPA | Making Informed Acquisitions

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CPA in Baton Rouge

Purchasing an existing practice can be an exciting prospect. Whether it’s your first practice or you’re an established owner, the process can be lengthy as you weigh all the pros and cons of the potential investment. Making sure you know everything you need to about a practice before considering an acquisition will help protect you from making a poor choice that could end up costing you in the long run. Below are some considerations to keep in mind when looking to purchase a practice.

Acquisition is Just the Beginning

Even the most aesthetically modern and technologically advanced practice will require some renovations to make it match your branding and culture. This is especially true for older practices or ones that simply aren’t up to the standards you hold. A great deal on a building might not seem so great if you’ll have to pay twice as much to get it patient-ready.

Assess the Assets

Before you commit to purchasing a practice, a professional appraisal of assets is highly recommended. This can include everything from the soundness of the construction to the usability of the existing furniture or the functionality of the existing equipment. It’s essential to know exactly what is included in your potential purchase and to make sure it’s worth the amount you will be paying for it.

Reputation Matters

When looking to purchase a practice, figure out what reputation the current owners have built in the community. If it has particularly poor reviews or has a hard time retaining patients, those are important potential hurdles to keep in mind. While it’s not impossible to build a new reputation for your new practice, it will require more effort on your part to establish your separation from the previous ownership.

These tips may help you think more comprehensively about practice acquisition. If you need advice on a potential acquisition you’re considering or are simply looking for additional guidance in running your practice well, contact our firm today!

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

(225) 767-1020

70808 Dental CPA | Why Your Practice Needs Effective Team Meetings

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Baton Rouge Dental CPA

Regular effective team meetings can play a crucial role in the health of your dental practice. That one simple-sounding factor can impact every aspect of your business. Your people, your patients, and your practice all benefit from regular effective team meetings.

Your people need team meetings. The core of your practice is your vision, your goals, and your strategy for achieving your goals. Each member of your team needs to understand all of these things and, just as importantly, needs to understand their part in your plan. Without that understanding, your team is working blindly and is unable to actively contribute toward reaching your goals for your business.

A team meeting is an ideal format for open discussion about your vision, goals, and strategy. Not only can you use this discussion to ensure every member is clear on your expectations, but you may find that their unique perspective creates an exchange of ideas on more effective ways to reach your goals and how each person can best contribute.

While not every team meeting needs to include high-level discussion of vision, goals, and strategy, it is a good idea to include this at least once or twice a year and when bringing a new employee into the team. Additionally, many successful dentists find that it is highly useful to touch on how the strategies are being implemented and to discuss any measurable progress toward goals on at least a monthly basis. This helps to keep your team engaged and motivated toward achievement.

Your patients need team meetings. One of the most common components of an effective team meeting is education. Your team needs to know what the policies are, what is on the agenda for the day, if there are any specials being offered, if anyone is sick or on vacation. Any new ideas, training, or techniques that can be shared should be. Your patients need to know they will be given correct and consistent information from any member of your team. Make sure everyone is on the same page.

Your practice needs team meetings. Teach your team how to ask patients for referrals. Word of mouth can have a huge impact on your new customer base. Even happy, satisfied patients rarely refer anyone unless asked to do so, according to a recent study.  Your team members should be engaging your patients in every interaction to ensure a positive experience and should be able to ask for referrals when patients are pleased.

Only you can review your practice, your time, and your schedules to determine when and how frequently you should hold team meetings. Whether you meet daily, weekly, or on some other timeline, make your meetings regular and effective. You will see benefits to your team, your patient experience, and your practice.

Contact our office to schedule a consultation.

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

(225) 767-1020

Dental CPAs Baton Rouge | Common Payroll Mistakes and How to Avoid Them

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Dental CPAs 70808

Dental CPAs Baton RougeHandling payroll for a dental practice is often thought of as a simple task. The truth, however, is that there are many minor errors that can easily lead to major problems. Train your team to catch these small mistakes your practice might be making, so you can be sure to avoid them in the future.

Estimated Recordkeeping – Don’t wait until the day before payroll is due to log shifts worked for the pay period. Days can begin to blend together and it can be challenging to recall who worked which days and times after the fact. Looking through notes and emails to figure out past days’ activities can be stressful and even inaccurate, leading to incorrect pay.

Employee Misclassifications – There are many differences, at both federal and state levels, between an employee and a contractor. Make sure you classify your team members, temporary replacement workers, and anyone else in payroll correctly to ensure an accurate, streamlined process. Depending on the infraction and your area, heavy penalties can occur for misclassified worker pay.

Not Tracking Bonuses or Gifts – Work trips or group outings are no problem, but any sort of bonus or gift that has monetary value needs to be tracked. Gift cards are a common example of this. Make sure to keep a running log of any exchanges like these for year-end purposes.

Paying Employees Wrong Rates – When employees are hired, given a raise, or have their pay otherwise adjusted, make sure this is correctly logged in the system or software you use. Using an hourly wage in a program to pay as salary can have rounding problems, so double-check your work. Manual error or forgetting to process a raise on the books right away can lead to owing back-pay or other issues in the future.

Holidays or Haphazard Payroll – Try to set a fixed schedule for your payroll. When holidays affect the normal cycle, have an established plan to deal with it appropriately. Depending on your area, missing or late payroll can create tax headaches or incur penalties, as well as causing hardship for your team.

Payroll can be a straightforward and mistake-free process at your practice, but it requires proper oversight and attention. Keep an airtight system, follow up on any mistakes, and think ahead. For more information on how to handle payroll or tax concerns, contact our office.

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

Dental CPAs Baton Rouge | Building a Better Team

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Dental Accountant

Recruiting employees can be a time-consuming, stressful, and sometimes costly endeavor. When you’re looking to build an optimal team, it can be tempting to hold onto old employees for too long and hesitate to hire new ones until you’re confident you’ve found the “perfect” fit. However, both of these common mistakes can be damaging to the efficiency and culture of your business in the long term. Building an ideal team can take time, but keeping the following tips in mind can help ensure your business is able to thrive.

Out with the old…

It can be hard to let go of any employee. Ideally, everyone you bring to your business will become a valuable member of the team. Unfortunately, that’s not always going to be the case. If an employee is displaying any of the following signs, it might be time to consider letting them go:

  • Bad Attitude: This includes eye-rolling, snide comments, complaints, confrontational tone, and passive-aggressive speech or actions. An employee that disrespects their co-workers won’t have the best interests of the team or the business at heart.
  • Lack of Engagement: Whether unfocused at work or unresponsive during meetings, an employee that’s not mentally present can’t give their best to their work.
  • Dishonesty: Whether this involves refusal to accept accountability, blaming others for mistakes, or outright lies, dishonesty is harmful to your business and your team.
  • Poor Performance: While it’s expected that an employee in a new role may need an adjustment period, if that employee shows an ongoing inability to grow professionally or meet the expectations of their position, it might be a harbinger of even bigger problems down the road.

In with the new…

Whether you’re looking to replace current employees or meet the demands of a growing business, you want to do everything you can to make sure you’re hiring the right people for your team. Here are some tips that can help streamline the hiring process:

  • There’s No Such Thing as Perfect: When looking to bring in new employees, it can be tempting to wait until you’ve found the “perfect” fit. However, that can unnecessarily slow down the process and cause you to skip over individuals who might become great assets for your team in time. Keep in mind that a good employee is one that grows and performs well, and look for individuals that possess the qualities needed to thrive long-term.
  • Follow Your Gut: Instincts exist for a reason. If something about a prospective employee isn’t sitting right with you, it could be a sign that there’s a deeper problem you’ll have to address in the future. While you shouldn’t necessarily make quick decisions on feelings alone, it’s worthwhile to take them into account.
  • Listen to Your Team: The members of your staff will often be able to offer good insights into how the company can grow. Whether a trusted employee is revealing the poor performance of a co-worker or a team is asking for another member to help manage their growing responsibilities, it’s worth seeking their input when making decisions.

Though there’s no exact science to building a successful team, there are proven strategies you can use to help the process be as painless as possible. By holding current employees to a clearer standard and exercising discernment with new and prospective employees, you can make the hiring process operate more smoothly and increase the overall productivity and happiness of your team.

For more advice on building a better team and managing your practice growth, contact our office.

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

Dental CPA Near Me | Smart Money – Filing Taxes with an Accountant

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Baton Rouge Dental CPA

Did you know that more than 65% of failed businesses blame financial mismanagement as their downfall? This is why forming a good relationship with a professional financial advisor is paramount to the longevity of your business.

When is the most important time to have this established relationship in place? That’s right – tax time. If you’re thinking about taking any shortcuts during this time (like using online software), you may want to reconsider. Why risk your entire business by cutting corners on something so crucial? Consider these reasons why you should work with a professional accountant.

Accountants understand tax code. Tax code is not only complicated – it changes frequently. It’s literally a full-time job interpreting and staying up to date. A financial professional will be able to guide you through this and take that stress off your plate. You’re already busy enough without having to keep up to date on tax law. Knowing you’re working with a professional can eliminate the stress of tax compliance. It’s hard to put a price on peace of mind.

Accountants know how to get you more deductions. Everyone wants to maximize their deductions, but only a true professional financial expert can get you everything you deserve.  Don’t leave any money on the table and don’t overpay on your taxes. Working with an accountant throughout the year will ensure you have the documentation you need to get your deductions and not overpay your taxes. This is exceptionally important especially for small businesses, like most dental offices.

Accountants minimize your risk. Are taxes the place where you want to cut corners and take a risk with your business and your team’s financial future? One mistake can land you in a heap of trouble. No one wants to deal with any sort of issue with the IRS let alone an audit. If you run into one of these scenarios, you’ll wind up paying far more than you would have if you worked with a professional from the beginning.

Everyone is willing to take some risks, especially small business owners and entrepreneurs.  Being brave enough to start your own business or follow your dreams is a risk in itself.  Don’t jeopardize your dream by cutting corners on one of the most important tasks of every year.  Work with a financial professional and allow yourself the peace of mind to protect what you’ve built.

Contact us today for further information.

AG Dental CPAs & Advisors

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

Dental CPA | 5 Signs You NEED an Accountant

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Have you wondered whether you actually need to have a professional accountant? Here are 5 signs that confirm you do:

1) You earn over $200,000 per year – Your odds of being audited once you start earning over $200,000 a year increases to nearly 4%. While this may not seem like a large number, it’s actually an increase of over 300%. Having your financials in order in case this does occur is vitally important once you become a high-earner.

2) You are a business owner or are self-employed – Utilizing the services of an accounting professional is vitally important for any business owner or entrepreneur. Tax laws change annually. The current US tax code has over 7 million words in it. Making sure all of your deductions are included, your assets are depreciating properly, and you are maximizing your tax savings will wind up saving you money in the long run.

3) You are setting money aside for others – When putting money aside for your children, grandchildren, or anyone you want to take care of, it’s very important to use a financial professional to decide which vehicles to use for tax-deferred or tax-free savings. This includes college savings plans or trusts.

4) You are incurring large capital gains tax – The key to success in paying big capital gains tax is paying at long-term rates. An accountant can help you with a Qualified Small Business Tax Credit, minimize your taxes, and help you set long-term payment goals.

5) You are experiencing rapid growth in your business – Not only is keeping your finances up to date time-consuming, it’s also complicated. When you’re experiencing rapid growth, it’s time to call in an accounting professional. Having more customers, employees, and vendors is going to require more paperwork and number crunching and can rapidly become impossible for you to manage.

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

Dental CPAs 70808 | Strategies to Boost Profitability

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Dental CPAs in Baton Rouge, LA

According to Dr. Charles Blair, DDS, most dental practices are losing between $30,000 and $50,000 in potential profits. How can dental practices maximize return on their services and start to recoup capital? Here are three strategies to boost profits in your practice:

Optimize your Practice

Taking a look at production reports to make sure procedures were coded correctly. This may seem fundamental, but it can save a lot of time and money in the long run. One incorrectly charged procedure can increase costs over the course of a year.

In addition, adding high-dollar procedures to your practice such as endodontics, bleaching, and other cosmetic services can greatly boost your profit. Training dental hygienists in more complex procedures, such as soft-tissue management and bleaching, will also maximize a dental practices’ profitability.

Staff your Practice Well

In order to recruit and hire the best possible candidates, it is worth paying above average wages to experienced people in the field. This avoids employee turnover, which can become costly. A friendly and knowledgeable team will also help with patient retention rates.

Facilities and Equipment

If possible, purchase all your dental and office equipment, rather than leasing it. This avoids a number of issues, including higher retail costs, interest payments, hidden fees, and lease-breaking penalties.

Strive to maximize your office space. If your current patient volume doesn’t allow you to use all your offices, consider subletting either your primary or secondary office space. Also, merging your office with another dentist can help you in fully utilizing your space and also reduces overhead costs.

There are a variety of ways to boost profits and cut costs while owning a practice. To start, think about your services, staff, and office space. Opening a practice can be costly and leave many dentists in debt, especially after finishing school. Contact us today for help on managing your budget and ways to maximize your return on investment.

 

6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808
(225) 767-1020

Exciting News! AG Dental on Thriving Dentist Podcast

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We’re excited to share that Robby Apple from AG Dental was this week’s guest on “The Thriving Dentist” podcast discussing tax reform!

Please click the link below for Robby’s interview. It’s about an hour and is packed with valuable information on how the 2018 Tax Reform Bill will affect you. The Thriving Dentist is the #1 dental podcast on itunes, all prior episodes are available for free download, there are many awesome guests discussing a wide array of topics in the library of episodes.

Thriving Dentist – Tax Reform Episode

Read about the major provisions of the tax bill

Baton Rouge, LA CPA | Four Ways to Achieve Professional Freedom

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CPA 70808

Are you dreading going to work every day? Are you afraid of being trapped in the same place your whole career? We all can get stuck in a rut during our professional career, whether that means not getting enjoyment from your position, or working in a dead-end job with no potential growth. There is hope though, and her are four ways to acquire professional freedom and career excellence.

Continue to Act

The tiniest bit of progress is still progress. Continuing to work hard and getting everything done that you need to will continue to push you forward. If you are looking for career advancement, employers will see that you are always on top of things and that you meet your deadlines. The more progress you make, the closer you will get to professional freedom and being in control of your career.

Be the Best You

The only person that can make you achieve professional freedom and career excellence is yourself. Figuring out goals and strategies to complete those goals can be the motivation needed to be on the right track. Learn the skills you feel you need to improve yourself and your performance. Having the right tools will prepare you for anything that comes your way.

Branch Out on Your Own

If you cannot stand working for someone or believe you can do something better, the potential to start your own business is there. You will want to be sure that it is a realistic option before starting anything. Owning your own business is the highest level of professional freedom.

Find People Like You

Working can be much more enjoyable when you spend it with people that build you up. Finding people that can elevate your work and inspire you create a more welcoming business environment. If you are looking for a new company, reading reviews that current and former employees have written about the business to see the company culture. Poor employee attitudes can negatively affect the progress of a business.

Professional freedom and career excellence are not easy to achieve. By using the suggestions above, you can begin taking control of your career and setting it on the path to success.

For more ways to gain professional freedom and career excellence, contact us today.

6421 Perkins Road, Bldg. A, Ste. 1B

Baton Rouge, LA 70808

CPA in Baton Rouge, LA | The Impact of Ignoring Negative Reviews

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CPA Baton Rouge

baton rouge cpaFinding a bad review of your business can feel like your world is turned upside down. Some business owners may choose the approach of dismissing the negative feedback and blaming the customer or client. When ignored, negative reviews can have a detrimental impact on your business. Here’s how:

You Will Lose Clients

Customers and clients will not want to be treated disrespectfully. They want their voices heard and to be valued as an individual. If you ignore negative reviews, you are essentially telling both the reviewer and prospective leads that you don’t care about what they have to say. The clients that do complain are ones that feel passionately enough about your business to voice their concerns. If you don’t validate those concerns, expect them to take their business elsewhere.

Missing a Chance to Learn

Mistakes present an opportunity for business leaders to learn. It’s even better when a client presents those mistakes clearly. This will allow you to learn why the mistake happened and how to fix it so it doesn’t happen in the future. If you ignore the feedback from the client, you will not know what the mistake was and it may happen again. Negative reviews offer a chance to learn and grow your business, if you ignore them you miss that opportunity.

No Response Speaks Volumes

Potential clients that are looking at your online profile will see that a bad review is being ignored. If that were to happen, you could lose out on their business and any referrals they might make in the future because they don’t think you care about your clients. This applies to current clients that keep track of your businesses reviews.

Running Out of Excuses

Due to the nature of reviews being public, once a client writes one, everyone can see it. This creates a lasting list of negative occurrences for your business that can be referenced by others. Address poor reviews when possible. Show the client or customer that you care about their thoughts. While it may not win them back, it may be the perfect set up to capture future loyal clients who see your thoughtful and personal response.

Great reviews are not the only ones that can help improve your business. Bad reviews present an opportunity to learn from them and grow your business. If you choose to ignore poor reviews, the consequences could be disastrous. Not only could you lose current clients, but negative reviews could impact the decisions of future clients looking at your business. When you see a negative review, take a step back and see what you can learn from the experience. Address their concerns, and make an effort to change your business to create positive experiences in the future.

Contact our team for a consultation today.

(225) 767-1020