By Allen Schiff, CPA, CFE
1. Midyear meetings give you the opportunity to plan and discuss options such as equipment upgrades, debt refinancing, and debt consolidation, especially with the current prime rate at 3.25%.2. Midyear meetings give you a chance to see how your practice is performing so far this year and if there are areas that can be improved upon to make sure your practice is even more successful for the remainder of the year. 3. Midyear meetings make sure you have accurately recorded transactions in your ledgers (books of original entry) with regard to new loans, loan payoffs, and new equipment acquired, and that the net income of the dental practice is fairly stated.
4. Midyear meetings verify estimated tax payments made thus far and estimated tax payments scheduled for future quarters, as well as verify current payroll withholdings along with anticipating future cash flow needs.5. Midyear meetings allow you to discuss any changes that have taken place or will be taking place in your practice that your CPA could possibly assist with; i.e. marketing, staffing, establishing fee schedules, etc.6. Midyear meetings allow face-to-face meetings whereby issues can be identified and discussed in a professional environment.7. Midyear meetings provide an objective analysis of the financial results of your practice, as well as how those results compare to offices of a similar size for the most recent fiscal year.8. Midyear meetings allow your CPA to evaluate productivity by doctor and hygiene department for the interim period, and allow him or her to recommend changes. This limits the exposure to six months, rather than 12 months.9. Midyear meetings determine the necessity of equipment purchases that may involve financing — as opposed to waiting for the year-end, which may not allow time for financing arrangements to be approved and executed prior to year-end.10. Midyear meetings allow your CPA to see a snapshot of what the year will look like if things remain consistent, and offer suggestions to you regarding changes that may improve your bottom line by year-end — i.e., payroll issues, operating expenses that may be out of line, equipment purchases, etc.Author bioAllen Schiff, CPA, CFE, is a founding member of the Academy of Dental CPAs (www.adcpa.org). This group of very knowledgeable CPA firms across the nation specializes in practice-management services to the dental industry. He serves on the ADCPA Executive Committee and is the chairperson of the ADCPA Marketing Committee. Allen can be reached at (410) 321-7707 or [email protected].
1. Midyear meetings give you the opportunity to plan and discuss options such as equipment upgrades, debt refinancing, and debt consolidation, especially with the current prime rate at 3.25%.2. Midyear meetings give you a chance to see how your practice is performing so far this year and if there are areas that can be improved upon to make sure your practice is even more successful for the remainder of the year. 3. Midyear meetings make sure you have accurately recorded transactions in your ledgers (books of original entry) with regard to new loans, loan payoffs, and new equipment acquired, and that the net income of the dental practice is fairly stated.
4. Midyear meetings verify estimated tax payments made thus far and estimated tax payments scheduled for future quarters, as well as verify current payroll withholdings along with anticipating future cash flow needs.5. Midyear meetings allow you to discuss any changes that have taken place or will be taking place in your practice that your CPA could possibly assist with; i.e. marketing, staffing, establishing fee schedules, etc.6. Midyear meetings allow face-to-face meetings whereby issues can be identified and discussed in a professional environment.7. Midyear meetings provide an objective analysis of the financial results of your practice, as well as how those results compare to offices of a similar size for the most recent fiscal year.8. Midyear meetings allow your CPA to evaluate productivity by doctor and hygiene department for the interim period, and allow him or her to recommend changes. This limits the exposure to six months, rather than 12 months.9. Midyear meetings determine the necessity of equipment purchases that may involve financing — as opposed to waiting for the year-end, which may not allow time for financing arrangements to be approved and executed prior to year-end.10. Midyear meetings allow your CPA to see a snapshot of what the year will look like if things remain consistent, and offer suggestions to you regarding changes that may improve your bottom line by year-end — i.e., payroll issues, operating expenses that may be out of line, equipment purchases, etc.Author bioAllen Schiff, CPA, CFE, is a founding member of the Academy of Dental CPAs (www.adcpa.org). This group of very knowledgeable CPA firms across the nation specializes in practice-management services to the dental industry. He serves on the ADCPA Executive Committee and is the chairperson of the ADCPA Marketing Committee. Allen can be reached at (410) 321-7707 or [email protected].
