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This article provides a general overview of the new Section 199A tax provision and its potential impact to OD practices. As of the date of this blog, business owners and their tax advisors are still seeking clarity about its...
How confident are you about the financial viability of your practice? According to the SBA Office of Advocacy, about two-thirds of small businesses with employees survive at least 2 years and about half survive at least 5 years. Only...
The end of the year is fast approaching! Here are some tips to help your year-end accounting process run smoothly. Planning ahead will ensure you have accurate and timely financial statements, facilitate tax preparation, and help you meet filing...
Based on our past poll, the majority of those who responded do their own bookkeeping or have an internal staff person who performs this work. These results are not surprising since owners of small to medium-sized businesses in many industries focus...
Have you heard the expression, a fish can't see the water its in? Fish are surrounded by water, making them blind to its existence. Likewise, ODs can become blind to their everyday situations as well. These blind spots may...
Imagine serving your patients without standardized processes. If there were no clear and consistent way of handling appointments - from bookings, screenings and exams, to patient check-outs and follow-ups - your patients would likely be dissatisfied, as well as...
Based on a recently-released AFP Payments Fraud And Control Survey Report (link: http://dynamic.afponline.org/paymentsfraud/p/1), chances are, your practice has been a victim of actual and/or attempted fraud. Sound hard to believe? According to the Report, 78% of companies were targets of...
As the owner of an accounting firm that specializes in helping OD practices and other small to medium-sized businesses, I've helped many clients clean up their books and save money. During their onboarding process, it's not easy to get...
After payroll expenses, the cost for frames, lenses, and contacts is typically a large expense for OD practices, and inventory is often a major asset on the financial statements. Are you confident that your inventory is appropriately managed, and...
When it comes to Accounting, what's your practice's biggest challenge? According to a 2017 Small Business Accounting Report http://www.waspbarcode.com/small-business-report-accounting, Wasp Barcode Technologies surveyed 393 small businesses who stated their top accounting challenges are: 1. Accounts receivable/collections 2. Cash flow 3. Managing paperwork 4. Closing...

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