YOUR PERSONAL & RELIABLE
Financial Advisor
Financial Consulting for your Practice
ADC CPA's expertise can provide you with insights, best practices, industry benchmarks, and recommendations on how to boost profitability. Our focus is not only on the big picture, but we identify the daily processes of your team that impact your practice's profitability. If there is a negative trend that results in lower profitability, then we develop a plan which targets improvements. We work closely with the lead in the office for seamless implementation of the action plan.
Financial Advice With Your Success In Mind
Production Goals
Our financial advisory examines the historical production of the clinic and assesses each provider to determine the full potential of production. We create production goals that cover your expenses, financing commitments, and the personal goals you have for the practice. This is achieved by breaking them down annually, monthly, and daily. Our successful implementation has been achieved through bonus systems.
Proven Success Story
increased production by 26% year over year
ADC CPA’s implementation of the production and bonus plan in February resulted in exceeding production consecutively since April. Prior to, this clinic had not achieved these production levels in over three years.
Accounts Receivable Management
At ADC CPA we work alongside the administrative team to manage Accounts Receivable maintaining a healthy cash flow and ensuring timely collection of payments. We will review your Aged Accounts Receivable report to identify aging accounts and potential concerns. We can identify and address any issues that may be causing delay of payments.
Proven Success Story
DECREASING ACCOUNTS RECEIVABLE BALANCE BY 21%
ADC CPA started working with an assignment-based practice in January and identified a few issues creating an increase to Accounts Receivable. Since April the practice has maintained Accounts Receivable equivalent to less than two weeks of production.
Budgets & Wage Reviews
ADC CPA creates expense budgets to reduce excess spending and develop a system for tracking spending throughout the month. We also review pay rates for the team members and create an assessment of whether the wages are in line with the market. A merit increase is reviewed with the owners to take into consideration the projected increase in cost of the production goals.
Proven Success Story
MAINTAINING PAYROLL EXPENSE OF 23%
ADC CPA has worked with several practices that experienced the market increase in wage rates, especially for hygienists. We also work with practice owners to understand the financial impact of a merit increase and how their production goals would need to be changed to eliminate loss.
Reach Your Financial Goals Today
Get in Touch
Our financial advisory is an unlimited service that is offered as this is dependant on the situations that arise for you as a Dentist. We will always be available to discuss any situation and determine a few possible scenarios to determine the best course of action.