Specializing in Dental Accounting, DSO Accounting & DEO Accounting methods
Get started with a free consultation!
Specializing in Dental Accounting, DSO Accounting & DEO Accounting methods
Get started with a free consultation!
Get started with a free consultation!
Get started with a free consultation!
Profitability is a measure of a company’s ability to generate maximum revenue while incurring minimal costs. In the most basic sense, profit goes up as sales increase and/or costs decrease.
Because these expenses are not directly related to production, when businesses need to cut costs, OPEX is frequently the first place they look.
Cost of goods sold (COGS) or Cost of Revenue are the direct costs associated with delivering a service—mainly raw materials and labor.
Do your services outperform or under-perform? Do you offer services that are hard to produce and are reducing your profit margins, consuming your time, and costing you money? Would sales rise if the prices of your highest-margin services were reduced? At the same time, don't be afraid to raise prices or end services with the lowest profit margins.
Getting new customers is expensive. Smart businesses, on the other hand, are aware that up-selling and cross-selling existing customers to additional services and products is one of the most effective strategies for increasing sales.
Use a method that is both informative and educational to explain how premium features add benefits that could be beneficial to the customer.
Additionally, cross-selling is a simple method for increasing a current customer's product consumption. A free electric toothbrush with teeth whitening services is one example of a promotion that could be used to introduce customers to new services or products.
Never underestimate the influence of pleased customers. Perhaps the most cost-effective strategy for increasing customer loyalty and acquiring new customers through referrals is to comprehend your customers and provide consistently excellent experiences.
You can reward your current clients, increase their lifetime value, generate new leads, and increase profits. How? Consider:
Often, negotiating better terms with suppliers to reduce COGS is the quickest route to higher margins. Consider economies of scale if you use multiple suppliers to deliver the same component: Could you take advantage of a price break if you incrementally increase your order with one provider while decreasing it with the others?
Take a similar look throughout your portfolio: Have you begun making additional purchases from an established supplier? If so, have you asked for discounts and renegotiated at each step?
One novel strategy for retaining employees is to solicit their assistance in reducing waste. This is a way to ease into a corporate social responsibility project while saving money.
The best ways to use materials are a specialty of your employees. You can reduce waste, give back to the environment, and improve customer satisfaction by gathering their insights and incorporating them into the process. Products that need to be fixed, (like crowns), or worse, thrown away, resulting in more waste and higher labor costs.
By delivering the right product to the customer the first time, you ensure customer satisfaction and maximize profit. You will be required to reproduce the correct item, incurring additional costs, if an incorrect item is delivered. Consider consulting your staff for suggestions on how to do it right every time.
Adding recurring revenue to sales is a great way to keep them consistent. Dental membership programs are a great example.
Setting benchmarks enables continuous improvement and is essential for evaluating your performance. KPIs should be reviewed on a regular basis, and any outliers should be addressed to prevent major issues and costs.
You must have a goal in mind. establishing attainable objectives to get there, and then dividing those objectives into targets that can be carried out each day, week, and month. Having specific goals is essential. The more you hone in on the components necessary to accomplish the objective, the more specific they must be. For instance, if the objective is to raise net income by XX percent. This can be broken down into the number of new patients, new appointments, referrals, appointment calls, etc. that the practice needs. Then, subdivide those objectives into monthly, weekly, and daily objectives. Check the results every day to see if you "Won the Day" and where you might need to make adjustments in order to win the week and month. This lets you deal with issues early and stay on course. To make smart decisions quickly, you need the right data, analysis, and recommendations.
Your business is more than black and white. We organize the black and white of your accounting transactions and then put COLOR on your financial past, present, and future with ‘Forward-Looking’ forecasts and projections. Good Margins Dental Accounting is more than an accounting firm.
We are DENTAL FINANCIAL PROFESSIONS with more 30 years experience in accounting & finance and five years in the dental accounting industry. We have done the accounting & finance equivalent of thousands of crowns.
By partnering with Good Margins Dental Accounting for your accounting functions, you avoid risks associated with constrained capacity. We can operate more efficiently because of the specialized nature of the accounting services we offer.
We have review boards and continuing education requirements just like dentist do.
Read more about the Benefits of a Dental accounting, DSO accounting and DEO Method Accounting firm.
Your business is growing, and you need a highly trained, reliable, and quality partner. We provide services that our clients need, allowing them to grow and prosper. When you are successful, we are successful. We want your experience to be so outstanding that you refer us to other practices. We charge a fair, flat rate for our services, allowing us to be profitable without surprises.
Other companies pay for office space which means you pay for it. The web is our office creating savings for you. Our accounting firm has been serving our clients for the last 30 years. Our team has grown and includes experienced and dedicated staff to provide professional dental accounting, DSO accounting and DEO accounting method services. We provide monthly accounting and strategic managerial services for the dental industry specializing in Intuit QuickBooks, Sage Intacct and NetSuite.
Our Specialized Knowledge has helped dental professionals thrive and we're ready to help you. Unlike other DSO dental accounting firms, we will never outsource any functions to other countries. All your information is kept secure with our US based team members.
In the financial industry, being a 100% women-owned and operated company is a differentiating advantage that we lean into with our marketing, logo, and web design. We strive to build the type of company that we wish we had worked for. Our staff members are appreciated and are in partnership with the owners, resulting in high morale. We are very proud of that.
Good Margins Dental Accounting
3556 S 5600 W #1-795, Salt Lake City, UT 84120 385-346-3201
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