When you are looking for a dental CPA or Medical CPA you want to hire the best. After all, you're putting your trust and the success of your firm into another person's hands. So for a little extra piece of mind why not hire a CPA that is recognized by the Institute of Dental CPAs as being an exemplary member.
You want a Medical CPA that knows the ropes and has the knowledge and experience to advise you on the tough decisions and ultimately help your practice become more successful.
In the end you need someone who is reliable, trustworthy and knowledgeable about their industry. The dental practice consultants at D-ME will optimize your office and make your practice work harder for you.
Tuesday, May 31, 2011
Thursday, May 26, 2011
Let us Take a Look
Filing their annual tax return is something that no one looks forward to but at Dental Medical Economics we want to make the process as painless as possible. For many of our clients we find deductions and over payments that they may have overlooked.
But we aren't just medical and dental CPAs, we also specialize in medical and dental practice management. Our management team will give you advisement at the CFO level from everything from practice systems optimization to hiring and firing.
Yes, we do tax preparation but we can also help in almost every facet of your medical or dental private practice.
But we aren't just medical and dental CPAs, we also specialize in medical and dental practice management. Our management team will give you advisement at the CFO level from everything from practice systems optimization to hiring and firing.
Yes, we do tax preparation but we can also help in almost every facet of your medical or dental private practice.
Friday, May 20, 2011
Managing Your Private Dental Practice
When you are on the road to opening up your own private practice your first step should be to contact a CPA firm that deals with medical or dental practice management. The CPAs and Dental practice consultants at Dental Medical Economics LLC have the experience and knowledge to get your new private practice running like a top!
The skill set that these professionals carry will allow you to fully optimize your practice and maximize your profitability. Many times when doctors start out on their own they can come up against the hardships and financial difficulties associated with starting your own private practice.
Many doctors are great at what they do but they are not neccessarily the best at managing the business side of things. Sure they may have an office manager to turn to but where do the managers turn to?
That's where firms like, Dental Medical Economics come in. They offer CFO level advice on a variety of specialties.
Some of the areas that D-ME focuses on are financial services, strategic practice planning, cash flow projections and dental practice management.
Using the professional services offered by Dental Medical Economics to get your practice up and running, you will receive CFO level advice that will help to guide your decisions and inform you on the process of starting a new private practice.
Thursday, May 5, 2011
Questions for a Dental CPA
This question is from the fine folks over at the Dental CPA blog and Mr. Tim Lott.
How much should a private practice dentist keep in his business account?
Tim says:
"In my opinion you want to keep your business account as low as possible. I generally suggest 1/2 months to one month’s expenses. 1/2 should suffice as a/r should cover the other half if something happens where you need to cover a full month. If you want to have a "business" fund, we suggest you strip it out of the practice, either as wages or S-Corp divs and set it aside personally and when the time comes for a large need you simply lend it to your practice and pay yourself interest.
Every business (practice) should also have a LOC available as well, maybe as much as 10% of gross available to borrow
We believe business accounts are more susceptible to fraud and theft. Staff can see how much is there when mail comes in. Depending on how it's delivered others might have access to it. Offices are more susceptible to outside theft. When cash balances get heavy small discrepancies are less likely to be noticed. If the practice gets sued can the cash accounts be frozen.
If you prefer $100k, why not take out $50k and place it in a personal savings account? You can always give it back quickly through a phone transfer.
We just think you need to be very careful keeping excess cash laying around in business checking accounts.
Tim - Correct me of I’m wrong but the reason I think you'd like to see the Checking account balance so low is so you don't get double taxes on Biz Income at the end of the year.
No, really has nothing to do with income taxes.
But what if you wanted to keep in 100-300K for a down payment for a piece of property or a office acquisition. At some point your personal income has to take a back seat to save this capital come up right?
Do you think it isn't worth saving it to that point? - also do you believe in Work Stoppage insurance?
But having that money sitting somewhere usually means you're going to pay tax on it and if you're an LLC or s-corp, that money will usually be taxed to you anyway. So why not take it out of the business and set it aside personally for future use. I’m not suggesting you strip the cash out of the business to spend, I’m suggesting that if you want to park a cushion of cash somewhere. I’d prefer a personal account, earmarked for business."
This is territory that should be covered by your dental practice consultant and if you have any questions be sure to bring them to the attention of your CPA.
How much should a private practice dentist keep in his business account?
Tim says:
"In my opinion you want to keep your business account as low as possible. I generally suggest 1/2 months to one month’s expenses. 1/2 should suffice as a/r should cover the other half if something happens where you need to cover a full month. If you want to have a "business" fund, we suggest you strip it out of the practice, either as wages or S-Corp divs and set it aside personally and when the time comes for a large need you simply lend it to your practice and pay yourself interest.
Every business (practice) should also have a LOC available as well, maybe as much as 10% of gross available to borrow
We believe business accounts are more susceptible to fraud and theft. Staff can see how much is there when mail comes in. Depending on how it's delivered others might have access to it. Offices are more susceptible to outside theft. When cash balances get heavy small discrepancies are less likely to be noticed. If the practice gets sued can the cash accounts be frozen.
If you prefer $100k, why not take out $50k and place it in a personal savings account? You can always give it back quickly through a phone transfer.
We just think you need to be very careful keeping excess cash laying around in business checking accounts.
Tim - Correct me of I’m wrong but the reason I think you'd like to see the Checking account balance so low is so you don't get double taxes on Biz Income at the end of the year.
No, really has nothing to do with income taxes.
But what if you wanted to keep in 100-300K for a down payment for a piece of property or a office acquisition. At some point your personal income has to take a back seat to save this capital come up right?
Do you think it isn't worth saving it to that point? - also do you believe in Work Stoppage insurance?
But having that money sitting somewhere usually means you're going to pay tax on it and if you're an LLC or s-corp, that money will usually be taxed to you anyway. So why not take it out of the business and set it aside personally for future use. I’m not suggesting you strip the cash out of the business to spend, I’m suggesting that if you want to park a cushion of cash somewhere. I’d prefer a personal account, earmarked for business."
This is territory that should be covered by your dental practice consultant and if you have any questions be sure to bring them to the attention of your CPA.
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