In one of our recent posts, I talked about how finding the perfect dental practice is nearly impossible. It’s more important to look for practices with good numbers and even better potential. The problem is finding those practices and sorting out the “good” numbers from the not so good, and assessing the potential future performance…Read More→
Tag: bookkeeping
The Overhead Is In Your Hands: A Guide for New Dental Practice Buyers
In my last post, I discussed a recent and real-life example of a dentist who was understandably put off by the asking price of a practice they were looking at. My advice was not to discount high overhead, it may not be a bad thing for new buyers and different issues that contribute to it…Read More→
Changes to Dental Practice Chart of Accounts
The new tax laws that went into effect this year require some significant changes to a popular area that dentists used to deduct: meals and entertainment. Within this main category, there are several changes that can be confusing. It’s necessary to update your QuickBooks chart of accounts immediately if you haven’t done so already. The…Read More→
Mid-Year Practice Check-Up
You ask your patients to commit to twice yearly check-ups to maintain optimal oral health. Are you making the same commitment to your dental practice? Sure, you’re not focusing on oral health; rather, something much more important: your practice’s financial and managerial well-being. By the time you read this, summer is already half over, which…Read More→
Best Practices for Boosting Dental Staff Performance
When patients come to your dental office for check-ups or procedures, most of their interactions are with your staff. Ensuring that your team is performing well and keeping patients happy is an important part of your job as dentist, but how do you accomplish that? Below we list 4 best practices for boosting dental staff…Read More→
Dental Practice Records Retention and Destruction Policies
Dentists and their staff maintain a significant amount of confidential, sensitive data on their patients. From payment information to health records, there are a lot of records to keep track of. When patients become inactive, move to a different practice, or simply as time passes, how do you know which records to keep and which…Read More→
Internal Controls for Your Dental Practice
Dental practices of every size should have strong internal controls. Optimum financial performance is one reason, but more importantly, internal controls can prevent fraud. It’s estimated that three to five percent of revenue is lost to employee fraud or misconduct every year. How much is that, exactly? As an example, if a dental practice is…Read More→
How To Reduce Your Accounts Receivable
Studies have shown that accounts receivable (AR) in dental practices is highest between January and April. If your practice sees higher than usual AR early in the year, make it your priority to reduce this number later throughout the year. Carrying a balance on your accounts receivable is a common practice with any business, and especially…Read More→
Making the Most Out Of Financial Planning
Did you resolve to make better financial decisions for your dental practice this year? Financial improvements are the third most popular resolution people make on January 1. It’s not too late to make progress for 2017. Use this guide as a starting point to set up your office for success. Tips for Financial Success from…Read More→
QuickBooks Tips Reloaded- Part 1
One of our Dental CPAs, Deana Jordan, posted an article in the January issue of Dentaltown magazine discussing QuickBooks: 10 Tips to Stay Organized and Efficient. We received so much great feedback from clients and others in the dental community who found the article really helpful. So we decided to further discuss Deana’s QuickBooks tips…Read More→