As a dental practice owner, you have much to worry about besides just taking care of teeth. You need to ensure that your practice is attracting new patients, making money, paying its accounts payable, and earning a certain amount to cover its expenses and payroll. It is a lot to think about. Bookkeeping can help you keep track of your profits and expense transactions in a detailed and organized manner. It is beneficial for making informed decisions about your dental practice. But what is bookkeeping, and where do you start?
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Are you considering a career as a dentist in Canada and wonder how much money you could make? The Canadian Dental Association describes dentistry as an “artistic as well as scientific profession. Dentists must have an artist’s aesthetic sense, an eye for detail and manual dexterity to perform precise procedures… Dentists must also be good communicators”. This range of aptitudes, plus high educational requirements, is reflected in salaries. Dental School Usually, a university science degree is completed before acceptance into a dental program for four years. This qualifies someone for
Before the computer, administrative professionals did all administrative and financial tasks in dental offices. Staff filled outpatient charts by hand, managed patient schedules in appointment logs and calendars, and processed payments through cheques and money orders. While the old way of managing a dental office was effective, it was also time-consuming; completing basic procedures took much longer and more work to complete. Flash forward to the present day, dental practices can use computers and dental software, also known as dental practice management software, to help manage their practices efficiently and
The success of every dental practice rests on its patient base. You need patients coming in the door to sell your services because, without new dental patients, you do not have any teeth to care for! Dentists need to attract prospective patients to increase their client numbers and production to earn more money. But how do you get more patients to visit your dental office, month after month, year after year? This blog post will explain how you can attract new patients to your dental practice. We will present several
The federal government is looking to start a new national dental care program that would provide families with a household income of less than $90,000 with dental care assistance. There will be no co-payment requirements for those with a household income of less than $70,000. The program is intended to start this year (2022) for children under the age of 12 as the first eligible group. Unfortunately, few details were actually provided about this new program, leaving many families with unanswered questions. Not only that, but these unanswered questions are
Do you have a business idea? Maybe you want to start a new business offering general dentistry treatments. Or, you want to offer a wide range of dental products or services like lab-formulated crowns or actual crown placement. Whatever your idea may be, you are ready to start planning. Every successful business starts with thorough planning. A business plan will outline the key elements and business structure of your dental practice, so you can secure investors and help your business grow. Not sure what is in a business plan? Not
Every dentist wants to save money this tax season. Thankfully, there are many ways that dentists can reduce their tax liability and save more of their hard earned money. In this blog, we share several tax tips that can help you increase your overall tax savings. 1. Claim Your Tax Deductions Tax deductions are great ways to save on your taxes without cutting your business expenses. Dentists can give their employees one non-cash gift each, valuing up to $500 per year. Non-cash gifts are any gifts that do not have
Did You Get an Unexpected Tax Bill in April and Think You Paid Too Much in Taxes? Dental Tax Can Help
Make sure your dental financial plan reaches your goals with our six-step process that guides you through the financial planning process.
Your practice value is worth more than just numbers, it represents your life’s work. It’s more than just knowing what your practice is worth when you are ready to retire. The reason you should know your current practice value is to be prepared for planned and unexpected events that may occur at any time of your practice cycle/career. Your practice should always be in a maximum value position. We cannot see into the future and you never know when a practice transition may occur. Here are just a few reasons
It’s RRSP season, the deadline of March 1, 2019 is quickly approaching! While many Dental Practice owners will make last-minute contributions, this might be your last. Many are not aware that there are far better and faster ways to save for retirement than an RRSP. Do you want to retire in your 50’s without having to sell your dental practice? Do you want up to 65% more of a retirement nest egg compared to a personal RRSP and have the practice pay for the contributions? Do you want to save thousands