Welcome to Schiff & Associates, CPA, your trusted partner in dental accounting excellence. As Schiff Dental CPA specialists, we understand the unique financial intricacies of dental practices and are dedicated to helping you avoid costly bookkeeping errors. Let’s explore some common mistakes and how our specialized services can help mitigate them. Neglecting Monthly Book Closure: Dental practices must close their books monthly to reconcile accounts and prepare accurate financial statements. Failure to do so can lead to discrepancies and potential IRS penalties. Our proactive approach en ..read more

Wondering why you should opt for a dental CPA over a traditional one? Partnering with a Maryland Dental CPA like Schiff & Associates can revolutionize the way you manage your dental practice, allowing you to focus more on dentistry while maximizing profitability. Here’s how working with a dental CPA can benefit you: Comprehensive Financial Insights: A dental CPA offers specialized knowledge tailored to the unique needs of dental practices. You’ll gain valuable insights into your practice’s financial health, enabling you to make informed decisions for both personal and professional grow ..read more

Managing a dental practice involves a multitude of responsibilities, from providing top-notch patient care to ensuring operational efficiency. However, when it comes to bookkeeping and accounting, you might find yourself grappling with uncertainties and time constraints. After all, your passion lies in dentistry, not in numbers and paperwork. If you’ve ever questioned the accuracy of your financial records or felt the need to improve efficiency, it may be time to consider outsourcing your bookkeeping and accounting tasks. Outsourcing these critical functions to experts like Schiff Dental CP ..read more

There are a number of reasons why dentists need a dental CPA. You can grow your revenue and cut costs with the help of financial housekeeping. In addition to keeping track of your books and maintaining your accounts, dental accountants are also responsible for ensuring that you take advantage of all government schemes and programs that support small businesses. Additionally, they ensure that you are always in compliance with the policies. Dental CPAs are also responsible for tax preparation and optimization. Many experienced CPAs offer virtual CFO services to help dentists scale their practic ..read more

You are responsible for many non-clinical tasks as a dental practice owner, including human resources, tax filing, contracts, and insurance. When ignored, these things can inhibit growth and even cause significant problems in a business. The practice of keeping accurate accounting records is known as bookkeeping. A company’s sustainability depends on its records. In addition to managing cash flow and meeting financial obligations, accurate bookkeeping helps businesses plan their investments. In the eyes of some business owners, it is a tedious task that must be completed before their CPA can ..read more

Owning a dental practice is a demanding position. In addition to seeing patients and managing your staff, you also have to keep track of your finances. While bookkeeping may not be your favorite task, it’s important to make sure that you’re doing it correctly. Otherwise, you could end up making mistakes that cost you money. In this blog post, we’ll discuss three common dental bookkeeping mistakes and how to fix them. Dental Bookkeeping Mistake #1: Not Tracking Your Income One of the most important aspects of dental bookkeeping is tracking your income. Without accurate records of what you’ve e ..read more

We exchange feedback almost continuously from the leadership team as well as from the team members. Leading is as much about listening as it is about speaking. Although feedback is one of the most important aspects of performance improvement, it can also be one of the most challenging aspects of the process. People generally do not like to look at themselves critically. Throughout the following sections, we will illustrate some of the most effective methods for not only receiving constructive feedback but also handling it in such a way as to ensure its maximum effectiveness. Ask for what you ..read more

Al Capone, a notorious crime boss and mobster, committed countless crimes either directly or through his organization. Ultimately, it was not his gangster reputation that led to his arrest and sentencing. Instead, Capone was charged with income tax evasion. It took a team of accountants to bring down a man who had been the crime boss of Chicago for seven years. The story has little to do with dentistry, but it is an example of how important accountants are to every industry. When you hire a dental accountant, you can be confident that they are professionals who have dedicated their lives to d ..read more

The most effective way to evaluate your practice’s performance is to hire a professional dental accountant. As a dentist, we realize that you have a lot on your plate, and accounting may be the last thing on your mind. However, not all accountants are the same, so you should know what you’re looking for before you hire one. Here are five characteristics to look for before you hire an accountant. Awareness Even though it may seem like a no-brainer, your accountant should be an expert in dental bookkeeping and accounting. Make sure dentists are aware of the best options for financial support an ..read more

Having the opportunity to establish your own practice is one of the many gratifying aspects of being a dentist. Whether you choose to work independently or in a partnership, you are at the top of your game. Being the CEO of a small business entails responsibilities beyond appointment rooms. It takes time and money to make a business successful. It is crucial to understand overhead, revenues, and marketing strategies. Here are some valuable tips that can assist you in becoming more profitable. Review your expenses. Practices that wish to increase profits should place this at the top of their p ..read more