Dental Accounting
Dental Accounting
All about the financial business of being a dentist: tracking new patient numbers, fraud risk management, key performance metrics, tax planning, debt reduction, and more. Using the language of accounting to understand your practice.
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Refresher on Your Resources
As a Dental CPA, we’re plugged into resources that are of interest to you. Here’s a rundown of some of the organizations that might be helpful to you: – This is a platform for finding education, encouragement, and confidence in pursuing your career goals. Lots of free continuing...  Read More
Production: Which Numbers Are Important?
There is a lot of confusion when it comes to dental production and the correct numbers to track. Some dentists look at total production, others look at adjusted production, while even others cut it down further. In our opinion, there are two production numbers that should be tracked to better...  Read More
Aggressive Write-Offs: Are They Worth The Risk?
Most business owners are aware of the usual business deductions for their industry. For dental practices, that's equipment purchases, scrubs, supplies (both dental and office), payroll, rent, utilities, etc. You know your practice, you know what you spend money on to support that practice, and...  Read More
Tax Deductions & Credits for the Dental Industry
As we’re approaching the 4th quarter of the year, you might be working with your tax adviser on how best to use your resources to reduce your tax liability. One deduction to think about and discuss with your adviser is how you can benefit from leasehold improvements.In general, structural...  Read More
Cloud-based Software & HIPAA Compliance
As much as our office enjoys using technology for its ease and efficiency, we're aware that not all technology is HIPAA compliant. We've found QuickBooks Online to be the most effective accounting software for dental practices, and Intuit (the makers of QuickBooks) confirms that their cloud-based...  Read More
Are Your Fees in Line with the Market?
In a recent article published in Dental Economics (July 16), Allen Schiff, CPA, CFE compiled statistics pertaining to the average fees generated by region. You can review this list on the Mountain Region and compare it to what you are charging for the same service(s). Notice where you fall on the...  Read More
Clients often ask us about the different ways an Associate Dentist (AD) can be paid: which method (1099 or W2) was better for tax purposes? While this decision is not up to your accountant, here is some food for thought on the subject. Classification as contractor or employee is based on the facts...  Read More
One of the most (if not the most) important indicators of Dental Practice health is its cash flow. Even if your practice is profitable and growing, if you don’t have a consistent stream of cash coming in, you’ll run into financial trouble. Lack of cash flow is the primary reason that...  Read More
Jay Holmes, CPA was appointed to the Intuit Accountant and Advisor Customer Council, a 3-year post that began June 2015. So what does that mean? It means that Jay is 1 of 16 select members on a panel that advises Intuit (the maker of Quicken® and QuickBooks® and TurboTax®) on products...  Read More
Since interest is calculated off of the total balance over a certain period, paying down the higher interest rate dental student loans first would generally be the best way to reduce total cash flow.However, if you looked at this situation from an opportunity perspective, does eliminating one loan...  Read More
Besides on-the-job training for your kids and keeping a close eye on them after school, there can be some financial advantages to hiring your children to work in your practice. First, your child-employee under age 21 is exempt from Federal Unemployment (FUTA) tax.If you are a sole proprietor or a...  Read More

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