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From managing insurance claims and patient billing, to tracking procedure-specific costs and revenue, dental offices face unique financial workflows that generic software simply wasn’t built to handle. You’ll save yourself lots of time – and money – with a market-specific solution. In this article, we’ll explain the key considerations that go into choosing the right accounting software for dental practices big and small. Accounting Software for Dental Practices is Worth the Investment Before making the case for industry-specific solutions or discussing what goes into choosing the right accounting software for

Discussions about dental benefits often focus on the client side – coverage patients get from their insurance providers or employers. However, equally important is understanding how dental practices themselves handle benefits and payroll for their own staff. From hygienists to front desk personnel, managing payroll and employee benefits for dental practices requires industry-specific considerations. We take a deep dive into those considerations in this article. Payroll and Employee Benefits In Canada Every business in Canada is expected to provide its employees with the same basic employment rights and benefits as

Dental practice accounting isn’t unlike other types of accounting in that it’s susceptible to fraud. Add money into any equation and people will find opportunities for dishonest behavior. Whether it’s skimming cash payments, falsifying insurance claims, or manipulating financial records, dental clinics are vulnerable on the inside and out. In this article, we’re highlighting some of the greatest risks to be aware of as a dental business owner along with must-know tips for fraud prevention in dental practice accounting. Common Fraud Schemes In Dental Practices As mentioned above, dental practices

You know what they say – money makes the world go round. In the business of running your own business, it’s what keeps employees paid and doors open to customers. Dental practice owners understand the value of having funds on hand better than anyone. Should equipment repairs become necessary or staffing changes occur, working capital insures against the possibilities of losses and loans. This article will explore the nuances of cash flow management in dental practices and share five essential techniques worth implementing for your own. Why Cash Flow Matters

Budget 2024 announced many changes, one of which included changes to the Home Buyers’ Plan (HBP); a program in Canada that allows dentists who are ready to be first-time homebuyers withdraw money from their Registered Retirement Savings Plan (RRSP) to purchase or build a (qualifying) home. The government created this program to help Canadians enter the ever-changing and challenging real estate market and finally achieve homeownership. Are You Considered a First-Time Homebuyer? In order to qualify for the Home Buyers’ Plan, dentists and other individuals must be considered first-time homebuyers,

Dentists purchasing an electric vehicle does involve a significant upfront cost, although saving on fuel expenses and reducing carbon emissions is tempting. To make them more affordable, the Canadian government has implemented various incentive programs to make zero-emission vehicles, such as electric cars, plug-in hybrids, and hydrogen fuel cell vehicles. The Federal Incentives for Zero-Emission Vehicles (iZEV) Program, launched in May 2019, aims to help Canadian individuals and businesses in acquiring or leasing zero-emission vehicles. In addition, several provinces have introduced their own programs to incentivize zero-emission vehicle adoption, which

As a dentist, you specialize in taking care of your dental clients’ oral health – you aren’t an accountant or tax specialist. Most dentists are unaware of all of the tax credits they are eligible for, and don’t have a financial plan to maximize their tax return. To help you avoid some pitfalls, below are 5 common tax mistakes dentists make. 1. Not Realizing the Impact of Tax Dentists have the potential to become high earners; the downside of this is that they can end up paying high income tax.

You’ve been the owner of a successful dental practice for a number of years now, and you’re feeling satisfied. You’ve hired lots of amazing employees, increased your profits and kept your patients happy, but now you’re thinking about retiring. You’ve come to the conclusion that it might be best to sell your dental practice and that’s okay! You deserve it. As the owner of a profitable dental practice, you have a lot of industry knowledge, but when it comes to selling it, do you even know where to start? This