3 Dental Bookkeeping Mistakes You’re Probably Making (And How to Fix Them) | Academy of Dental CPAs

Owning a dental practice is a demanding position. In addition to seeing patients and managing your staff, you also have to keep track of your finances. While bookkeeping may not be your favorite task, it’s important to make sure that you’re doing it correctly. Otherwise, you could end up making mistakes that cost you money.

In this blog post, we’ll discuss three common dental bookkeeping mistakes and how to fix them.

Dental Bookkeeping Mistake #1: Not Tracking Your Income

One of the most important aspects of dental bookkeeping is tracking your income. Without accurate records of what you’ve earned, it’s impossible to make informed financial decisions for your practice. Yet, many dental practices fail to track their income properly, leading to all sorts of problems down the road.

If you’re not tracking your income, you could be making some serious mistakes that could have a negative impact on your practice. Here are just a few of the things that can go wrong if you’re not keeping accurate records of your dental practice’s income.

  • You could miss out on tax deductions: Without accurate records of your income, you could miss out on important tax deductions that could save you money.
  • You could make poor financial decisions. Without knowing how much money you’re bringing in, it’s difficult to make sound financial decisions for your practice.

Dental Bookkeeping Mistake #2: Failure to Track Expenses

One of the most important aspects of running a successful dental practice is keeping track of your expenses. This can be a difficult task, as there are many different items that you need to keep track of. However, it is essential to track your expenses in order to maintain a healthy financial situation for your practice.

One of the biggest mistakes that dental practices make is not tracking their expenses. This can lead to major financial problems down the road. Tracking expenses can be done in a variety of ways, but consistency is the key to success. 

You can use a simple spreadsheet to track your expenses, or you can use more sophisticated financial software. Whichever method you choose, make sure that you track all of your expenses on a regular basis. If you are not tracking your expenses, you are putting your dental practice at risk. 

3rd Dental Bookkeeping Mistake: Failing to Keep Up with Accounts Receivable

One of the most important aspects of dental bookkeeping is staying on top of your accounts receivable. This refers to the money that is owed to you by your patients. When patients don’t pay their bills on time, it can put a strain on your cash flow and make it difficult to keep up with your own bills.

One way to stay on top of your accounts receivable is to use a software system that can track payments and send reminders to patients who are behind on their payments. There are a number of different software systems available, so be sure to do your research to find one that will work well for your dental practice.

Another way to stay on top of your accounts receivable is to hire a bookkeeper or accountant to handle this aspect of your business. This can be a good option if you don’t have the time or resources.

If you’re reading this, chances are you’re making at least one of these three dental bookkeeping mistakes. But don’t worry, we can help! Our dental accounting office offers a wide range of services to help you get your bookkeeping in order. We’ll work with you to find a solution that fits your needs. So, please contact our dental accounting firm to schedule a consultation. Our dental accountants look forward to hearing from you!

ADCPA
Url: https://adcpa.org/

Using Feedback to Improve Workplace Performance | ADCPA

We exchange feedback almost continuously from the leadership team as well as from the team members. Leading is as much about listening as it is about speaking. Although feedback is one of the most important aspects of performance improvement, it can also be one of the most challenging aspects of the process. People generally do not like to look at themselves critically. Throughout the following sections, we will illustrate some of the most effective methods for not only receiving constructive feedback but also handling it in such a way as to ensure its maximum effectiveness.

Ask for what you need:

People tend to assume that when something goes wrong, they will be informed and corrected as soon as possible. In an ideal world, this would be wonderful, but unfortunately, it isn’t the case when we look at what is happening in reality. By asking for feedback directly, you give your employees and your leaders the chance to provide you with valuable insights into what they think of your practice. You may miss out on mistakes that have been made or innovations that have improved processes or operations if you don’t ask.

Even if your feedback is not received formally, it can help strengthen your systems and enhance your performance. Do not hesitate to request feedback whenever possible.

Rather than reacting, listen and digest.

We can find it difficult not to feel personally attacked when we receive feedback, especially when it is critical. In situations like this, the worst thing you can do is react without considering the perspective of the other party. Listen to what they have to say and consider the reasons behind their feelings.

To understand the other person’s perspective, keep a clear head and ask clarifying questions. Positive and helpful feedback may be misinterpreted and turned into a destructive situation. Consider asking for additional time to digest your feedback if necessary. There is no harm in returning to discuss your feedback in greater detail and from a different perspective. If you allow yourself the necessary space and time, you will be in a position to deal with feedback more constructively and gain a better understanding of your leadership style and practice.

Providing Feedback Through Reflection:

Having a conversation with your team members is not the only way to receive valuable feedback. The successes and failures you have experienced can also provide you with valuable insight into your strengths and weaknesses. Are you prone to experiencing the same failure repeatedly? It may be necessary to determine the root cause of the problem and formulate a plan to prevent it from occurring again in the future.

The ability to hear criticism, whether constructive or not, can be difficult. It is, however, true that, at the end of the day, that brief period of difficulty will pay off for you and your practice in the long run. Our accounting team might be able to provide you with non-biased, constructive feedback from an outside perspective that may help you to grow your practice. Having the ability to analyze your strengths and areas for improvement is a great way to help you grow your practice. Contact our dental accounting office today to schedule a consultation.

What Makes a Real Dental CPA Better than Accounting Software | Best Dental CPA

In the years to come, as humanity expands further into the digital age, the number of accounting software providers who promise to offer everything your business requires will certainly grow. The truth is that, despite what these claims may suggest, a real dental accountant is still superior to software for your practice. 

The majority of people believe that accountants are experts in basic math, but that isn’t the case. To save ourselves the time of having to analyze and interpret the results, we let the computers do the majority of the math for us.

Although computers are capable of balancing your numbers, they cannot determine whether those numbers are accurate or what their implications are for the financial future of your organization. By contrast, a dental accountant can analyze the financial health of your practice by comparing your numbers to those of successful practices, tracking your progress over time, and determining the appropriate overhead costs for your practice.

A dental CPA is also available to assist you with determining what goals you wish to accomplish and what decisions you need to make to accomplish them. One of the weaknesses of software programs, not recognized by many, is that they can only tell you when something is wrong. Most of the time, they are unable to determine what the problem is and they are unable to provide a solution that is unique to your situation.

Because dental accounting professionals have vast experience in everything related to dentistry, they know what financial strategies will work and which will not. Their services do not end with just doing the math; we also provide support during financial emergencies as well as when you simply wish to learn how you can manage your money more effectively. 

While there is no denying the fact that these software tools can be very useful when they are used correctly, their value is often only as great as the person who uses them. Individuals who are inexperienced when it comes to managing their finances on their own may make costly mistakes they could have avoided with the support of a professional.

A dental accountant will be able to assist you at whatever stage you are at in your dental career. Your business and your career will thrive with our team of dental CPAs. The services we provide range from tax preparation and minimization to business management, start-up services, retirement planning, and yes, even bookkeeping. To arrange a consultation with one of our dental accounting professionals, please contact us today.

Accounting Problems – How A Creative Mind Can Solve Them | ADCPA Dental Accountant

Al Capone, a notorious crime boss and mobster, committed countless crimes either directly or through his organization. Ultimately, it was not his gangster reputation that led to his arrest and sentencing. Instead, Capone was charged with income tax evasion. It took a team of accountants to bring down a man who had been the crime boss of Chicago for seven years.

The story has little to do with dentistry, but it is an example of how important accountants are to every industry. When you hire a dental accountant, you can be confident that they are professionals who have dedicated their lives to dentistry. Dental accountants are more than just tax preparers; they are specially trained to understand dental businesses and offer solutions that others may not consider. The following are a few ways that dental accountants can assist in the success of your practice.

Understanding Dentistry:

The services of an accountant of any type will be beneficial to your practice, but a dental CPA understands the ins and outs of dentistry and can utilize this knowledge to your advantage. Dental accountants are uniquely qualified to assist you since they comprehend the broader context of dentistry and can approach a problem from multiple perspectives. Since they fully understand your business, they can recommend a solution that will be ideal for you and which you can feel confident about.

Looking At The Big Picture:

Traditionally, accountants have been analytical thinkers. To solve a financial issue in your practice, you may need a new perspective that takes into account all the consequences. Dental accountants are capable of thinking laterally, which is one of the main reasons why they can greatly contribute to your practice’s success.

Creative Thinking:

Difficult problems require creative solutions. Even though accountants aren’t known for their creativity, you may be surprised to learn that their line of work actually requires quite a bit more creativity than might be expected. A dental accountant combines their dental knowledge and experience with a unique approach in order to create innovative solutions that help your practice meet and exceed its financial goals. 

Having the right accountant can make the difference between success and failure in your practice. Although it is best to consult an accountant before problems arise, we are always available to help you. For assistance with your financial goals and a highly specialized approach, please contact out dental accountant of professional dental CPAs.

Accountants Should Have These 5 Qualities | Dental Accountant

The most effective way to evaluate your practice’s performance is to hire a professional dental accountant. As a dentist, we realize that you have a lot on your plate, and accounting may be the last thing on your mind. However, not all accountants are the same, so you should know what you’re looking for before you hire one. Here are five characteristics to look for before you hire an accountant.

Awareness

Even though it may seem like a no-brainer, your accountant should be an expert in dental bookkeeping and accounting. Make sure dentists are aware of the best options for financial support and stay on top of practice-related financial details and information.

Well organized

If you’ve ever attempted to do your own accounting, you know how quickly it can get complicated. An experienced accountant will know how to resolve issues and maintain accurate records. As well as allowing you to achieve your goals more quickly, it will also guarantee your company is both compliant and efficient.

Trustworthy

The most important factor when choosing an accountant is trustworthiness. Do not hire an accountant blindly without proper research. Often, you entrust them with your practice, your finances, and even your life. It’s all about your reputation. Before you sign anything, take the time to become familiar with the company and accountant. Ask for references from other professionals.

Reputable

The devil lies in the details, and a single mistake could cost you your practice and your reputation. Examine how your accountant will avoid mistakes and keep you informed about your finances. In your role as a doctor, you spend a lot of time getting to know your patients. An accountant should perform the same service for your practice, recognizing the significance of accuracy. 

Committed

The top dental accountants place great importance on customer service. If you want your practice to be successful, then you should expect them to go the extra mile to ensure that this happens. It is for this reason that we respect and dedicate ourselves to every client we work with. As a client, you should feel confident and comfortable as your accountant performs all work on your behalf.

You have devoted all of your energy and effort to establishing a reputable dental practice. We are here to assist you. Contact ADCPA today to arrange a consultation with one of our dental accounting professionals. Let’s work together to help you achieve your financial goals.

Our Accounting Team Will Save You Time | Dental Accountant Near Me

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The IRS, business management, and day-to-day business issues can all seem overwhelming. Most likely, you got into your field to do what you do best, not to do accounting, and even though accounting is essential, we know it might just not be your cup of tea. Most business owners feel the same way. Lack of interest or knowledge does not excuse you from responsibility. In addition, a good accountant can mean the difference between success and failure for your business. Hire our team of trusted CPAs as your best defense against the complexities of accounting.

In contrast to an accounting computer program, a specialized accountant provides more than basic numbers. If you do not have a background in accounting, you will need a CPA to organize and present the data effectively. An experienced CPA will go far beyond what a computer program will do. We will gather the right information about your business so we can identify what needs to be done and plan accordingly.

As a skilled dentist, you can perform a root canal from afar and spot a cavity from a mile away. When it comes to dental bookkeeping, you may be less confident. With our professional dental bookkeeping services, we can both improve accuracy and efficiency, as well as troubleshoot a specific problem. As a result of taking over your practice’s bookkeeping, you will have more time to attend to your patients and manage your practice.

Here are a few benefits of outsourcing your bookkeeping:

  • By saving time, you can focus on growing your dental practice.
  • By reducing production costs, you are only paying for what you need.
  • Our expertise in this field means you can trust the accuracy of your books.
  • Compliance with dental bookkeeping best practices.
  • Having access to the best bookkeeping software and data backup solutions is

Your CPA will ask questions and propose solutions to problems, such as: what is the financial health of your practice? Are there ways to reduce taxes and increase revenue? Is another team member needed?

Your CPA will provide you with services based on your needs. For example, you may only need your taxes prepared. But if you’re looking for the maximum benefit of a specialized accountant, they can also provide you with added security, tax planning, and expert business advice. Remember, an excellent accountant can save you both time and money while providing peace of mind. 

Our Best Dental CPA office can help you get started in your search for a CPA. 

ADCPA
Url: https://adcpa.org/

Is Your Business Healthy?|Academy of Dental CPAs

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Success is subjectively defined. On the other hand, most people would agree that achieving a healthy work-life balance is one of the most important aspects of success. You can prevent career burnout by establishing healthy business habits. You may be dissatisfied with your career and question the health of your business if you experience any unhealthy habits.

Develop healthier habits. Arrive at work at the same time every day. Being consistent with yourself and your team can make a world of difference in creating a peaceful work environment. Make time to work on your business and stick to it. The stress that comes from administrative work, important decisions, and other responsibilities of an owner can be overwhelming. This eventually affects your team and patient satisfaction. 

Make sure you know your number. Money is not the cause of all evil. It is also not the answer to every problem. It is an essential part of running a successful business. To make smart investments, it’s crucial to know where you stand financially. Consider how purchasing that $30,000 “high-tech solution to all of your problems” will help you provide better patient care. What is the return on investment? How have others in your position made this investment profitable? We will advise you on major financial decisions. You should always keep track of your numbers. We are here to help.

There’s an old saying that says, “You have to spend money to make money,” and that’s certainly the case in dental practice financial management. For dental practices, this often means investing in initiatives that increase patient satisfaction and increase practice visibility. Offer discounts or preferential treatment to long-term customers, such as priority scheduling for appointments. Improve the overall patient experience with the help of new technology and facility upgrades. Last but not least, set a marketing budget for the practice that includes offline and online marketing activities, including localized SEO.

The responsibility of owning a business can be very fulfilling and rewarding. Accomplishing everything on your to-do list can be challenging. Be sure to prioritize your responsibilities and set deadlines. Simply doing this will help you find time for the things that are often put on the backburner. When you are clear about your priorities, it will be easier to say “no” when necessary and to stay focused on checking off important items.

We can assist you in making wise financial decisions. Please contact our Dental CPA accounting office today to schedule a consultation. 

ADCPA
Url: https://adcpa.org/

 
 

The Importance of Professional Bookkeeping for Dentists | Dental CPA Near Me

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You spent years as a dentist, gaining education and experience to open your own practice. If you pursued conventional methods of education and training, you probably did not acquire skills in bookkeeping, much less accounting. Most likely, you focused your dental practice on the areas where you were trained and knowledgeable, which included patient care and relations, administrative duties, payroll, and possibly some basic marketing. No doubt, you’ve had to expand your repertoire as your practice evolved.

Perhaps you have neglected your bookkeeping and accounting over the years. Instead of struggling with your finances, why not hire a dental accounting or bookkeeping service? 

Why should you hire a professional bookkeeper?

Despite your competence in running your dental practice, you may not possess the skills and expertise required to manage your books as effectively and accurately as a professional agency. Just as bookkeepers and accountants do not perform their own dental care, you would be better off placing your bookkeeping and accounting responsibilities in the hands of a professional.

A bookkeeper will manage some of the financial aspects of your practice that a bookkeeper will manage:

  • Company Bank Accounts 
  • Insurance billing
  • Account Payable 
  • Accounts Receivable
  • Cash flow

The Advantages of Outsourcing Bookkeeping

  • By reducing bookkeeping time, more time can be allocated to patient care.
  • Due to fewer operational expenses, the dental practice saves money by only paying for what it needs. As a result, the company may be able to provide raises annually to employees. 
  • As the dentist and owner of your practice, you can be assured of the accuracy of the bookkeeping services provided, allowing you to manage your office more effectively and efficiently.
  • Instead of trying to handle the finances, you and your staff can place much more emphasis on patient care. The result is greater patient satisfaction thanks to improving the overall experience.
  • Instead of you and your staff being responsible for the practice’s bookkeeping, which can lead to uncertainty and errors, you have access to bookkeeping specialists. This approach allows you to enjoy consistency with your bookkeeping practices and have more time to devote to financial strategy, which puts you in a proactive position when managing your finances.
  • In addition, you can also utilize premier bookkeeping programs within your dental practice. The programs will allow you to back up and save your data for years to come, making it easy for you to maintain your financial records reliably and persistently.

The Advantages of Professional Accounting Services for Dental Practices

It is essential to work with a skilled accountant who develops high-level strategies aimed at improving your practice’s financial standing. A professional accountant will prepare financial statements, analyze operational costs, prepare tax returns, and consult with your dental practice on financial decisions. 

Certified accountants provide accounting services tailored to specific industries. As your business grows, your taxes will become more complex. We will help you maximize your tax savings as your business grows. In addition to tax planning and support, we offer insight into current trends and relevant issues to help companies make wise decisions. Whether you’re starting your first company or managing your established one, you can rely on our team to provide you with strategic advice along the way. 

Contact our dental accounting firm if you would like to learn more about how our team can assist you.

ADCPA

3 Time Saving Strategies | Academy of Dental CPAs

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Your most valuable resource is time. Managing your time can be impossible on some days. Think about the strategies you currently use to manage your time. What other tools could you use to protect your most valuable asset? These three methods will help you maximize your time.

Reevaluate Your Management Strategies.

Without spending a dime, you can buy time. Use a new method for tracking practice productivity. Having your team email their task lists for the day can be a great way to keep them organized. Each staff member can describe quantitatively what they do, making it easy to refer back to them. The previous method would avoid micromanagement of employees by asking, “What did you do today?” With a full schedule of appointments, implementing management tasks is difficult.

Since you know what each team member contributes, you can reduce the number of daily meetings. A daily list of completed tasks allows everyone at your practice to be aware of which tasks need to be handled.

Maximize efficiency by using apps.

“Lost time is never found again.” Ben Franklin knew this 200 years ago. How can you use this knowledge in running your practice? You can track your practice with several tools available on your phone. Using these tools can help you become more efficient. Today, you don’t need to manage all aspects of your business manually.

Utilize scheduling apps and software. Apps such as these will help you save time and keep track of your practice’s performance. If you need some guidance, feel free to contact our dental accountants.

Consider Express Check-In.

Losing time is not always the fault of your team. One late patient can disrupt your whole schedule. Make registration easy for your patients. Provide patients with online forms they can fill out before they come in. This will help your entire practice run smoothly. Working with your patients to create a smoother, faster registration is the best way to avoid becoming known as a practice that runs behind schedule. Your patients will not want to fill out redundant paperwork. Whenever possible, rework any documents or forms to prevent your patients from repeatedly filling out information such as their name and address.

Time management is an essential skill for successful business leaders. Set up methods that allow you to measure productivity in concrete, quantitative terms. Make your life easier with technology and let your patients work with you to save time. Think differently about your time management strategies.

Our dental accounting firm can help you implement strategies that will help you be more efficient. Please contact us for a consultation.

ADCPA

Increase Your Confidence As A Dental Practice Leader | Dental CPAs

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The varying nature of confidence can be exemplified as a business leader because of the stressful nature of leading a dental practice. Confidence can grow with a conscientious effort. Our dental accountants have come up with a few ways to increase your confidence in the dental practice, leading to a more positive work environment. 

Consistency is Key

Rapidly changing methods and ideas can prevent a business leader from feeling confident. The business should work for the practice leader, not the other way around.

Gaining a sense of consistency and stability with schedules, rules, and realistic  expectations can lead to an increase in confidence that the practice will run smoothly.

Know and understand the key parts of the dental office, important dates, and the function of each role. You can only become confident in your business operations when you fully grasp the nature of the entire business.

Stay True To Yourself

Being afraid to say what you think can be viewed as a lack of confidence. Speaking your mind, while still having a professional filter, can build confidence as it shows you are part of a team and contributing. Being yourself will also get rid of any notion that team members might have that you are not being a genuine person. Openness and authenticity will not only strengthen your bond with your team, but are also essential traits for effective leadership.

Be Open to Criticism

Change cannot come from one person alone, and not all criticism should be seen as an attack against you. Listen to feedback from team members and customers and tailor that feedback into something positive. Do not let the criticism fester and destroy your confidence. Take it and use it to grow.  Accepting constructive criticism and negative comments can help increase your confidence.

Know What You Are Talking About

Fully understanding what you are talking about can help improve your confidence. If you are a dental practice leader, strive to know everything you can about the office and its operations. If you are speaking about a topic, research everything you can about that topic. Become the expert. You will be better positioned to demonstrate confidence when it is clear that you are invested in what you are discussing.

Confidence can not only make or break your career, it can impact the dental practice as a whole. Contact our dental accounting firm for a dental practice evaluation and analysis to make sure you are working at your full potential.