Are You Overpaying for Your Payment Processor?

Are You Overpaying for Your Payment Processor?

Have you noticed your credit card charges rising monthly? Most statements are hard to read and are meant to keep you in the dark. Each credit card used for payments has a certain wholesale cost that is paid to MasterCard, Visa, Discover, and American Express. Every credit card processor has to pay these mandated fees. The wholesale cost goes to the issuing bank. The cost difference is what the credit card company puts on top of wholesale. ......
Taking a Strategic Break For a Strong Finish

Taking a Strategic Break For a Strong Finish

We frequently hear comments around this time each year about how quickly the year went by. “Where in the world did the year go?” “I can’t believe the year went by this quickly!” “Where did time go?” The fact of the matter is that life moves along at a breakneck pace and seems to pick up speed all the time. Most of us will certainly find this to be the case as we get older. However, now may be a good time to call a strategic “timeout” to assess our success this year. In other words, how do we think we have performed in all facets of our life throughout the year? This assessment should include all areas that are of major importance to us personally and professionally. Our discussion today will focus on the importance of taking a strategic timeout to do two things which can lead to success. ......
The Difference Between W2 and 1099 Workers

The Difference Between W2 and 1099 Workers

In the healthcare industry, you may come across a variety of different types of workers. You will see regular W2 employees, as well as some 1099 independent contractors. It can be tricky to determine how to classify them. However, it is very important to identify them correctly. The IRS and Department of Labor have been cracking down on violations regarding misclassifying employees, so now, more than ever, you want to be sure you have all employees identified correctly. ......

Is Your Accountant Proactive or Reactive?

Is Your Accountant Proactive or Reactive?

Do you have a proactive accountant, one that is preparing for the good and bad that may come in your future? Many dental offices don’t think much about this until there is a concern that needs to be managed effectively (and sometimes quickly). Consider what a financially successful dental practice looks like. This is an organization that can handle periods of downtime, such as when a pandemic makes it impossible to provide services to clients. In some cases, this type ......

4 Common Wage and Hour Mistakes Dental Practices Make

4 Common Wage and Hour Mistakes Dental Practices Make

Long hours are nothing new to workers in the healthcare industry. Although extensive shifts are an expectation for those in the medical field, the healthcare industry is facing increased scrutiny by the Department of Labor as of late. Many healthcare employers have been unknowingly violating the Department of Labor’s wage and hour rules, and are now being investigated for improper compensation of employees.

More often than not, neither the employees nor the employers are aware that there are any violations, ......

Are Your Employees Classified & Paid Properly?

Are Your Employees Classified & Paid Properly?

Have you ever been a little unsure as to the classification of your employees as being exempt from overtime compensation, or being eligible for overtime compensation - which is called being “nonexempt”? This issue causes a tremendous amount of confusion for many employers, which can lead to major headaches, and oftentimes, monetary awards for back wages that are determined to be due by the Department of Labor (DOL). Wage and Hour Investigations by the DOL have been increasing in recent years and actually set an all-time record in 2016. This area has seen aggressive scrutiny and focus by the DOL in recent years. Wage and hour cases are the most active types of litigation in the field of employment law. The year-to-year increases have become a pattern since 2000, going up by more than 450% since that time. Every employer must follow wage and hour laws to the fullest. There is no room for shortcut or a lax approach when dealing with employment laws. So, what is the major mistake that many employers make that is getting them into hot water? There are actually two major mistakes and one of them revolves around misclassifying employees and how they have to be compensated. We will talk about that one in this article and then cover the other in our next newsletter. ......
How to Protect From and Detect Embezzlement in Your Dental Practice

How to Protect From and Detect Embezzlement in Your Dental Practice

You practice dentistry because you enjoy helping patients. At the same time, you went into business to make a profit. What happens when you discover that a trusted employee is stealing your profits? Think it cannot happen to you? Think again…no one is immune! In this article you will learn to recognize the profiles and modus operandi of embezzlers, safeguards you can implement to protect your practice from being an easy target, as well as what to do if you discover that you are a victim of embezzlement. ......