This Year, Manage Your Practice to Save on Your Taxes

 

 

Happy New Year!

Many of you are preparing documents for your 2019 taxes.  But January isn’t just about wrapping up the old year. It’s also about preparing for the year ahead.  Do you have a plan for how to maximize your cash flow and minimize your taxes for the coming year?  Have you consulted your accountant on the timing and tax consequences for your decisions?  Here are a few decisions that can influence your taxes and profits in the coming year.

  • Equipment Purchases. Are you planning to purchase new equipment, either as part of a practice expansion or to replace outdated tools? When and how you purchase may influence your taxes.  Consider scheduling a consultation with your accountant to maximize the benefits you receive.
  • Staff Training and Inservice Days. Refreshments for staff training are not fully deductible, but refreshments for “Holiday Parties” are.  Can you structure upcoming training days to take advantage of the holiday party deduction?
  • Put Your Kids to Work. Hiring your kids to help out with filing, cleaning, or other duties doesn’t just give them an inside look at the business and a value for hard work. It can also confer tax benefits. Your children can each earn up to the standard deduction ($12,400 in 2020) without owing any federal income tax on their earnings.  This can be a great way to help your children save for college or other expenses while also minimizing the total taxes your family pays.   The one caveat is that they have to do actual, age-appropriate, work, and receive a reasonable wage.  So, if you’re paying your child $10/hour to file, that might be reasonable.  If you try to pay them $100/hour, you may trigger an audit.

Are you looking for more ways to save on taxes in 2020? Check out our client newsletter for tax tips and other business advice.

Mansouri Family Dental Gives Back to the Marietta Community

During the holiday season, many Willeford Group clients like to give back to their communities.  This year, we were proud to help our clients Mansouri Family Dental with their charitable efforts, as sponsors of their Marietta Free Dental Day on November 9, 2019.

Drs. Mansouri and their colleagues worked together to treat patients who wouldn’t otherwise have access to basic care like cleanings, fillings, and extractions.  Dental care is such an important piece of the health and wellness puzzle, yet many US adults continue to lack access to care.  Through their efforts and those of other Marietta colleagues,  the Mansouri Family Dental team ensured that many people in their community could enter the holiday season with better health and brighter futures.

Other sponsors of the outreach program included 3M, Henry Schein, United Concordia, Pure Life Dental, and Microcopy.

Mansouri Family Dentistry in Marietta Georgia provides a full range of treatments including pediatric care, oral surgery, and sedation dentistry.

 

 

 

 

Holiday Office Hours for the Willeford Group

 

Snow in Maine

Happy Holidays! I hope that all of you are preparing for a relaxing and refreshing holiday season with family and friends.  Here at the Willeford Group, our team is also looking forward to time with family so that we can relax, be restored, and return refreshed to serve you in the New Year.

Our 2019 office holiday break begins at the close of business on December 20th.  We will reopen for business as usual on January 2, 2020.  If you’re a new client who would like to join our firm before January 2, or a returning client who has questions about year-end business decisions, please contact us as soon as possible so that we may help you before the office goes on holiday break.

Thank you for yet another wonderful year. We look forward to working with you throughout 2020!

 

 

4 Simple Ways to Reduce No-Shows

Atlanta Dental AccountingWhether your patient is scheduled for a cosmetic consultation, restoration placement, or routine hygiene and screening visit, you want to be certain they will come. When your patient cancels with little or no notice, they delay important treatment and wreak havoc with your schedule. Even one missed appointment per day can lead to thousands in lost revenue in a single year.

Reports indicate that about one in ten patients cancels or skips scheduled dental visits. Consider these 4 easily implemented strategies for reducing your practice no-show rate:

  1. During a patient’s visit, clearly communicate the state of their oral health. Explain what treatment they need, why they need it, and when it needs to happen. Emphasize the benefits of receiving the treatment in a timely manner. Patients who understand the value of their treatment are more likely to remember and return as scheduled.
  2. Ask your patient to choose how their appointments are confirmed. Offer to use text, email, mail, or phone calls, if possible, so they are more likely to receive their reminder. Consider offering your patient the ability to authorize you to contact a spouse, parent, or partner who most often handles scheduling or reminding them of commitments.
  3. Whatever their method of choice, follow through with appointment reminders at least 24-48 hours prior to their scheduled window. If you speak to someone directly during a reminder, choose words that prompt the patient to agree to call if they cannot keep the appointment. Cancellations are less frequent when the patient feels they have made a commitment.
  4. Set aside time at least once a month for your team to reach out to patients who are not yet scheduled for their next visit. Use the preferred contact method on file and offer same day or next day appointments, if possible. This has the benefit of both bringing back inactive patients and filling openings left by cancellations or reschedules.

Communication is key in reducing no-shows and reactivating patients. Before implementing new strategies for scheduling, hold a team meeting and discuss your new policies in detail. Be certain that every member on your team is ready and willing to explain the value of treatment, follow up with patients, and support the changes to your systems.

For more ideas that can help your business thrive, contact our office for a consultation.

4 Ways to Grow Your Confidence as a Business Leader 

The up and down nature of confidence can be exemplified as a business leader because of the stressful nature of maintaining high-ranking position. Confidence can grow with practice and effort. Here are four ways to grow confidence as a business leader. 

Smyrna GA Dental CPA | 4 Ways to Grow Your Confidence as a Business Leader  

Consistency is Key 

Rapidly changing methods and ideas can prevent a business leader from feeling confident. The business should work for the business 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 business will run smoothly. Know and understand the key parts of the business, 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. 

 

Be 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 dispel any notion coworkers might have that you are not being a genuine person. Openness and authenticity will not only strengthen your bond with your employees, 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 a slight against you. Listen to feedback from coworkers 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 as a person. 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 business leader, strive to know everything you can about the business and its operations. If you are speaking about a topic, research everything you can about that topicBecome 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 business as a wholeYou can take your confidence to the next level, while learning how to prevent situations from arising that can be detrimental to your confidence.  

 

For a consultation, contact our team. 

 

Think Before You Buy New Equipment 

Dental AdviserIt’s inevitable. Eventually, your dental equipment will need to be replaced. Sometimes it is because newer technology has made your equipment obsolete. Purchasing new equipment is an investment that should be taken with caution and critical thinking. Here are a few tips to help you get started on making an informed and practical decision regarding your office’s equipment. 

 Take Your Time 

Never rush into a purchase as crucial as new equipment. We strongly suggest you meet with our team to discuss the implications a purchase might have, particularly on your practice’s taxes. There may be an optimal time of the year to make a purchase. 

 Consider Its Use 

How often will you utilize this equipment? Where will it fit in your office? Carefully consider how this new piece of equipment will be used in your day-to-day operations. If you are struggling to answer these questionsit may be a sign that the new equipment is not needed immediately. 

 Will This Help My Practice Grow? 

Ask yourself if investing in new equipment will allow your practice to grow. Will it expand the available services you offer your patients? Perhaps it will improve the comfort, efficiency, and amount of time it takes to treat or serve patients. When marketed effectively, these can be excellent sources for driving new patient numbers or improving loyalty among your existing patients 

 What About Cost? 

You should never buy equipment if you are unsure how you will receive a return on investment from it. Consider how your pricing structure will offset the costs of the investment. Can you still be competitive in your market if you must raise costs?  

 Your office equipment plays a central role in allowing you to deliver quality care for your patients. New technologies are constantly making the patient experience more comfortable and safe. Before you rush to purchase new equipment, it is vital that you consider how the investment will impact your business. 

 Our team is here to help you make these decisions. For a consultation, contact us today.  

Career Tips for New Dentists

Starting your professional career as a new dentist can be one of the most exciting (and anxious) times of your life. Whether you are beginning your own practice or joining one, there are several important aspects to keep in mind. We have compiled a quick guide that will help you manage your priorities as a new dentist with confidence. 

Career Tips for New Dentists

  1. Protect Your Work-Life Balance – While you might be used to a heavy schedule during your years in academiadon’t let yourself burn out. You deserve a healthy work-life balance. By setting expectations and following them, you can enjoy your time with friends, family, or hobbies without feeling tread on by your work schedule. 
  1. Know Your Strengths – Your practice should center on two things: what you are compassionate about, and what you are incredible at. Don’t pursue a specialty just to appeal to your community if it isn’t something you are excited about. Focusing on your strengths will bring you more satisfaction in your work as well as higher quality to your service. 
  1. Manage Your Debt – Dental school graduates usually have a significant trail of student debt following them. Whether you refinance, make extra payments, or choose an alternate repayment plan, focus on reducing your balance instead of simply paying off the interest. Don’t forget to contribute early to your retirement fund, either. The best time to start saving was yesterday. 
  1. Successful Practice Management – A dental practice is a business, and a business needs a strong leader. Dental schools don’t typically prepare you for the financial and leadership elements of your career, so don’t be afraid to seek coaches or consultants. With the right mentor, both you and your practice can succeed. 
  1. Continue Your Education – The last advice you want to hear as a new dentist is ‘more schooling,’ but it’s true. Once you have settled in, you should look for new opportunities to hone your skills. There exists a world of workshops, lectures, and courses that can further your passion in dentistry, bring you confidence in your work, and improve the value of your practice. 

With the right mindset and plan, you can build yourself up as a new dentist, achieving your leadership and financial goals. If you are considering starting your own practice, our team will be the resource you need to secure your future in success. Contact us today to schedule a consultation. 

Claim Financial Freedom

Whether you’re starting a new practice or have been an owner dentist for years, the financial stress that can come from being a business owner can sometimes overwhelm even the most seasoned professionals. Our goal is to help you achieve complete financial freedom so that financial worries don’t interfere with your ability to work well.  

Below are some tips you can follow on your own to help build a rock-solid foundation for your practice. Staying organized and up-to-date with your financials allows you to focus on delivering quality care to your patients. Contact our firm today to learn how we can help! 

 

  1. Have a plan.As the popular saying goes, “failing to plan is planning to fail.” In order to see true success, you’ll need to have both short and long-term plans for your practice. How will you allocate new earnings? How is your practice prepared to deal with slow seasons? How are you budgeting for new purchases? If you don’t already have answers to these questions, they could be a great place to start.Planning for the unexpected can help safeguard your profitability from being derailed by unforeseen expenses. 

 

  1. Set goals.Don’t be afraid to dream big. Your practice will only be as successful as you make it. Setting goals allows you to have a clear yardstick to measure your success against and can help you make better financial choices in the present. By recognizing the simple truth that every small decision you make now can have a huge impact on the future, you’ll be able to start setting yourself up for success. Your future self with thank you. 

 

  1. Be Smart.When starting or growing your business, there can be benefits to taking on strategic debt.However, doing so in a manner that will benefit, rather than hinder your growth requires an understanding of the returns you can expect on your investment. Don’t jump into big purchases without a plan, rather weigh the potential benefits and risks of all your financial decisions. 

 

  1. Get Organized.Disorganization can be a killer for any business. In order to ensure you’re not letting anything important slipthrough the cracks, it’s important to have systems in place that will guarantee nothing is missed. In addition to protecting you from unforeseen troubles, efficient organization can also help bring opportunities for improvement to light. Whether it’s money that could be saved or resources that could be conserved, understanding the ins and outs of your financials can help you to understand exactly how your money is being used. 

 

If you feel that you could improve in any of these areas, our firm is here to help! Our goal is to make the process of managing and running your practice as simple as possible, allowing you to focus on delivering quality work to your patients and growing your business. Contact us today to learn more. 

Dental CPA
inforequest@twgcpas.com
(770) 552-8500

Medicine for Your Business

 

The business world often goes hand in hand with stress. Pressures to attract new customers, meet quotas, or increase productivity can make working feel like an unpleasant chore. If you have begun to dread going into the office due to an oppressive atmosphere, chances are strong that you are not alone in your feelings. Turning things around for you and your team may be easier than you think. Consider adding fun back to your business with a daily dose of laughter.

While the addition of humor to the workplace does not move deadlines or reduce the expectations for performance, it can help create a more enjoyable environment for everyone there. When the office feels fun and engaging, the work feels lighter and more accessible. Scientific studies have shown that laughter relieves tension, boosts the immune system, and relaxes the muscles. Additionally, laughing can increase memory, energy, and creativity and elevate the mood. Every office can benefit from these effects.

There are many ways to inject some humor into your workdays. Try sharing a joke with your team to start the huddle and invite them to bring their own. Post a board in a shared space and challenge everyone to bring a funny image or comic strip to hang. Have a silly shirt day once a week or once a month. Take silly photos or videos of you and your team to share on social media.

Embracing a little more humor with your colleagues and team takes only a small investment of time and can yield large increases in mood, productivity, and worker morale. For more ideas on making your work more engaging, contact our office.

 

Career Tips for New Dentists

Starting your professional career as a new dentist can be one of the most exciting (and anxious) times of your life. Whether you are beginning your own practice or joining one, there are several important aspects to keep in mind. We have compiled a quick guide that will help you manage your priorities as a new dentist with confidence.

  1. Protect Your Work-Life Balance – While you might be used to a heavy schedule during your years in academia, don’t let yourself burn out. You deserve a healthy work-life balance. By setting expectations and following them, you can enjoy your time with friends, family, or hobbies without feeling tread on by your work schedule.
  2. Know Your Strengths – Your practice should center on two things: what you are compassionate about, and what you are incredible at. Don’t pursue a specialty just to appeal to your community if it isn’t something you are excited about. Focusing on your strengths will bring you more satisfaction in your work as well as higher quality to your service.
  3. Manage Your Debt – Dental school graduates usually have a significant trail of student debt following them. Whether you refinance, make extra payments, or choose an alternate repayment plan, focus on reducing your balance instead of simply paying off the interest. Don’t forget to contribute early to your retirement fund, either. The best time to start saving was yesterday.
  4. Successful Practice Management – A dental practice is a business, and a business needs a strong leader. Dental schools don’t typically prepare you for the financial and leadership elements of your career, so don’t be afraid to seek coaches or consultants. With the right mentor, both you and your practice can succeed.
  5. Continue Your Education – The last advice you want to hear as a new dentist is ‘more schooling,’ but it’s true. Once you have settled in, you should look for new opportunities to hone your skills. There exists a world of workshops, lectures, and courses that can further your passion in dentistry, bring you confidence in your work, and improve the value of your practice.

With the right mindset and plan, you can build yourself up as a new dentist, achieving your leadership and financial goals. If you are considering starting your own practice, our team will be the resource you need to secure your future in success. Contact us today to schedule a consultation.