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Market Maker Blog: Maximizing the Value of Your Dental Practice: Part III Brand
Why do people pay more for a Mercedes than for a Toyota? Both fulfill the same basic function — transportation. Both Mercedes and Toyota brands carry with them certain implications: status, reputation, quality, craftsmanship. Customers who choose one are making a statement about what’s important to...  Read More
Practice Owner: Holding a Winning Lottery Ticket But Not Claiming it?
You own the property in which your practice operates, yet you are not taking advantage of a significant cash resource. This is like you are holding a winning lottery ticket but not claiming it, only because you did not know it had additional value. I’m referring to a substantial tax benefit which...  Read More
Synergy Consultants & CPAs is pleased to announce the 3rd Annual Dental Business & Legal Symposium October 26th-27th at the MGM National Harbor Hotel. Our two-day 9CE event will comprise of panel discussions and case studies from top industry leaders and influencers from across the country.Day One:...  Read More
Synergy Consultants & CPAs is pleased to announce the second annual Dental Business & Legal Symposium.Itinerary: 9CEDay One: STRATEGIES TO CONTROL STAFF COSTS AND BUILD A BONUS SYSTEM--1HR KEY BENCHMARKS FOR A MORE PRODUCTIVE HYGIENE DEPARTMENT--1HR STRATEGIES TO ACHIEVE FINANICAL...  Read More
Synergy Consultants & CPAs is pleased to announce the second annual Dental Business & Legal Symposium.Itinerary: 9CEDAY ONE: STRATEGIES TO CONTROL STAFF COSTS AND BUILD A BONUS SYSTEM--1HR KEY BENCHMARKS FOR A MORE PRODUCTIVE HYGIENE DEPARTMENT--1HR STRATEGIES TO ACHIEVE FINANICAL...  Read More
It’s Time for an Upgrade: Why Re-designing Your Office Space May Be Useful in Practice Sales
Are you preparing to sell your dental practice? If so, you’re probably starting to organize financial data and patient records, and perhaps investing in updated equipment. But have you considered the value of updating the way your office looks?In our earlier post, we gave you. One way to...  Read More
Top 5 Dentist's Fears
Embezzlement is real - it happens to way too many doctors. You put someone you trust in charge of your practice finances and suddenly things just aren't adding up. It’s often those we “couldn’t operate without” that are damaging our practice the most. Take your eyes off the...  Read More
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
Employee or Independent Contractor?
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
QuickBooks Online Expert
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
Save Taxes by Hiring Family Members
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
Top 3 Questions from this year's Florida Dental Conference
After speaking with tons of dental professionals from all over the state, and answering tons of questions, we decided to relay a few of the common questions we took away from this weekend. 96 *|MC:SUBJECT|* ...  Read More
Getting ready for FDC 2016!
Getting ready for FDC 2016!We had an awesome time in 2015, and were grateful for the friends we were able to meet and eventually help later in the year. Hopefully this year is even more exciting!Make sure you stop by and see us at booth 430 for a chance to win anApple Watch!  Read More
Selling For 80% Of Collections Is Still NOT ENOUGH – I Will Tell You Why.
Looking back at current dental practices sales, we have seen sales typically between 60% to 90% of annual collections when the dust clears. These are dental practices under $2.5 million in production. A funny thing happens when you start to climb over the $3 million mark. These high producing...  Read More
It's Amazing to be a Dentist! I'll remind you why.
It's Amazing to be a Dentist!I'll remind you why.1. The American Dream. Many doctors are now finding it harder and harder to get autonomy in the market place. Hospitals, insurance providers and large corporate entities are all swallowing up many of these historically well paid medical careers....  Read More
How much should you pay for that Dental Practice?
Buying a dental practice could be the largest investment of your entire life. It is a big deal. You should take this very seriously and make sure you understand all the details that go into your deal. While each deal is very unique, like a beautiful little snowflake, there are similarities that run...  Read More
Tax Tips: Deducting Massage Therapy
Are you in constant discomfort? Have you visited a chiropractor or medical professional for some form of occupational relief? No one likes being in pain or the costs that can come from medical treatment. Luckily, there are tax strategies that associate with the costs of getting well. When you feel...  Read More
How to Connect: Waking the buyer in your patient.
Emotions dramatically impact purchasing decisions. When you engage with your patients on an emotional level, you evoke loyalty and trust that not only encourages additional purchases but also establishes a patient-provider relationship that lasts a lifetime. Here’s how to build an emotional...  Read More
If You Build It:  Tax Benefits to New Dental Construction
If your dental practice is established or just getting started,you are probably comparing the costs of brand new construction against those of renovating an existing structure. While new construction may entail more upfront expenses, it offers a greater long-term return on your investment due to...  Read More
4 Crucial Things to Examine Before Purchasing a Dental Practice
Purchasing a dental practice is often a high-stress, high-confusion time, and it’s very easy to lose sight of the fundamentals. The last thing you want is to look back in a year or two and think, “I wish I’d known about that before I bought this place.”Fortunately, as long...  Read More
Corporate Dentistry - Quit Complaining
News flash, corporate dentistry (or whatever you want to call it) has been gaining market share year after year, for some time now. They have carved out a niche market and there are no signs of this ending anytime in the near future. Great. No big deal. You know what makes being a human so...  Read More
Dental Tax Advice: How to avoid - or at least surive - an IRS audit
Like most small business owners, nothing strikes fear into the heart of a dentistlike the words “IRS audit.” Although you can’t always prevent an audit, you can take steps to reduce the IRS scrutiny that is likely to trigger one. And you can be prepared to defend your dental...  Read More
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