Tag: Dental Consultant in Baton Rouge

Baton Rouge LA Dental CPAs | What to Consider When Selling Your Dental Practice

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Selling your dental practice can be quite an intimidating prospect. You may have numerous questions, such as: How do you make sure the practice you’ve worked so hard to create, or the team you’ve come to love is properly taken care of after you’re gone? When is it too soon to make a decision, or has the time frame already passed? The good news is, the important decisions you’ll face when attempting to sell a practice don’t have to be faced alone. Our team is here to help you with expert guidance and knowledge because we’ve helped many dentists just like you create successful transitions. With that in mind, here are a few things to consider when it comes time to sell.

Determine a “why”

It is important to understand why you’re considering selling the practice in the first place. Is the practice underperforming financially? Has it become too much work? It could also be more of a personal reason. Have you lost passion for the business? Are you considering retirement? Knowing why you’re selling is an important first step, especially if it is something that can be turned around or improved. Occasionally understanding the why can change your initial plans before they go too far.

Timing is key

If you’ve fully committed to selling your dental practice and are happy with your “why”, it’s important to look at the timing. Do you have a hard sell-by date? Or will you take your time? Knowing how you want to time each step is an important part of the selling process, and can make or break a deal in the end. Having a date to sell by can increase pressure, and affect the results of the sale. Taking time and assessing when the best time to sell is can take more time, but may be more rewarding in the end. 

Consider partnering with outside experts

Personally handling every aspect of the sale of a dental practice can be a full-time job itself, and adding it onto a still functioning dental practice can be an overwhelming situation. Using partners or contacting outside help can make the situation go much more smoothly. It may be helpful to consider contacting a broker to help with closing, or a marketing agency to help you find the right buyer for your dental practice. Adding these resources can save you time and help with your totals in the end.

There are many factors to consider when selling a dental practice. Make sure you take the time to think through all areas that may affect your situation. An important decision like closing a dental practice can have many repercussions and eliminating as many variables as possible will only make for a better sale in the end. If you’re looking for expert assistance in the sale of your business, contact AG Dental CPAs & Advisors today and see how we can help you.

 

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

Baton Rouge LA Dental CPA | Can Your Practice Weather a Financial Storm?

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One of the core financial planning tenets is the need to establish an emergency fund. Having a financial safety net is essential, especially today when the economy and the world is facing so much uncertainty. Should an unexpected natural disaster, staffing upset, or other unplanned event interrupt the flow of business to your practice, are you prepared to ride out the difficulty?

Defining a financial emergency

The criteria for what constitutes a financial storm or emergency will be defined differently based on each practitioner’s unique circumstances. A large, financially stable practice may barely notice if several staff members suddenly quit. That same scenario could wreak havoc on a small practice. Of course, a fire, flood or other damaging event is likely to be disastrous for any practice if you are unable to see patients and generate revenue for an extended period of time. This is why having a business emergency fund in place is so vital: to help you carry on, make payroll and pay bills until things return to normalcy.

How much should you set aside?

Most financial advisors recommend saving between 3 and 6 months salary in individual emergency funds. However, these amounts will likely be insufficient for even a small dental practice. There are a number of variables, but here are some questions to consider as you calculate what makes sense for you:

·         What are your insurance limits?

·         How much time will you wait for insurance claims to be processed?

·         What risks are not covered by insurance?

·         How long can your practice survive if you are unable to generate revenue?

·         What would it cost to arrange coverage for staff members who quit unexpectedly?

·         How much are replacement costs for essential equipment that is damaged and inoperable?

Knowing where to start

Many people don’t save for a rainy day because they don’t anticipate financial emergencies until it’s too late to prepare. If you have not begun shoring up your practice against financial storms, now is the time to begin putting a plan in place. An excellent place to start is by scheduling a consultation with our office. We can assess your assets and your risk, and identify vital next steps to ensure your practice is financially secure, no matter what the future holds. Contact AG Dental today.

 

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

Baton Rouge LA Dental CPA | Streamline Your Practice with Better Accounting

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As a dental practice owner, you have a lot on your plate. From seeing patients and managing your staff to staying abreast of trends in your profession, there is not a lot of extra time for balancing the books. Yet, profitability is always a priority, so how can you streamline your practice and create better efficiencies so that your practice can truly thrive? One of the best ways is to hire an accountant who specializes in your area of expertise. A dental-industry accountant can offer the following advantages:

1.   Keeping you abreast of industry trends. Specialized accounting professionals will be mindful of trends that impact your profitability. This means you’ll enjoy practice-specific tax advice suited to your practice size and location so you don’t end up paying more annual tax than you should. A specialized accountant is also aware of evolving tax laws and can help you stay compliant and avoid unwanted audits.

2.   Serving as a sounding board. At some point you will probably consider investing in new equipment or perhaps consider an office expansion. Staying competitive requires looking for opportunities to grow. A specialized accountant can consult with you and help you look at various pros and cons prior to making a financial commitment. Having a sounding board for important monetary decisions can help you avoid a poor investment that could cost you in the long run.

3.   Assisting with retirement planning. Even if you see retirement as a long way off, planning ahead can make the difference in terms of your future nest egg. Having a CPA who understands your goals, your business and your target retirement age can free you up to focus on other things, like caring for patients.

4.   Spotlighting best practices. When you engage the services of a dental-industry accountant, you can take advantage of all of their industry know-how. They can share lessons learned from similar practices, connect you with other professionals in related industries, and provide trusted advice about important business decisions.

When you think about streamlining your practice, hiring an accountant may not be the first decision that comes to mind. But you may not realize how much of your time and energy is spent on the myriad of financial decisions and concerns that are inherent in running any small business. A skilled dental-industry accountant may be just the support you need to take your practice to the next level of success. 

To learn more about how our small-business accounting services can help your dental practice thrive, contact AG Dental today for more information.

 

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

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

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 Dental Consultant | Planning for Retirement

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Dental Consultant in Baton Rouge, LA

Dental Consultant in 70808Whether you have been working for 3 years or 30, it is important to have a retirement plan in place. Unfortunately, many people have never taken the time to create a realistic estimate of what kind of savings they will need to enjoy the lifestyle they want during retirement years. Here are a few key factors that influence how much you should be saving to ensure that you can retire comfortably on schedule.

  1. How long will you be retired? Advances in modern medicine have increased life expectancy over the past decades. Depending on your health and family history, you may want to plan as though you will live to 100 and estimate your needs accordingly.
  2. What do you plan to do during retirement? If you are planning to travel more, visit family members more frequently, or embrace a hobby, you may have increased living expenses compared to your working years.
  3. What other expenses will change? Your commute, work clothes, and business lunches may stop, but you may have higher costs for medical care and prescriptions. Talk with our financial planner about the types of changes to your budget that are likely to occur during retirement.
  4. How much are you currently saving? When you meet with our financial planner, you will review the details of your current retirement savings plans and how your portfolio is performing. During retirement, it may be beneficial to continue some of your investments to help your savings outpace inflation.
  5. Do you have a withdrawal strategy? If you are an owner or partner in your business, is there a written agreement for buying you out when you retire? Do you plan to transition by working part time for a year or more or should you stop all at once? How are your retirement savings affected by taxes? All these and more should be part of your strategic plan for retirement. Our financial planning expert can guide you through the details of your withdrawal process.

For more information on planning for your comfortable retirement, contact our office and schedule a financial planning consultation.