At Caro & Associates, we understand the importance of taking action with a small business and that even smallest measures, like our optometry bookkeeping services, can impact your business’ bottom line and contribute to its success.
Managing your optometric practice with modern electronic health record (EHR) and point of sale (POS) systems is one of the most critical parts of running a successful and efficient practice.
Whether you have just opened an optometry practice, or you are looking to improve the efficiency and financial health of your existing practice, using metrics to improve your bottom line is the best strategy to track noticeable growth.
One of your largest assets as a small business is your inventory. Unfortunately, when it comes to storing obsolete inventory, it can also be one of your biggest liabilities, taking up valuable room in your warehouse and continually losing value the longer it sits.
Taking the plunge into owning your own business, no matter what field you’re in is always a risk. When it comes to opening your own optometry practice, there are many factors you should consider and trends you should examine before you do.
If you want to know which areas of your optometry practice to improve, you first need to look at the key metrics of the areas of your practice that mean the most to you.
The new office will allow the firm to grow while continuing to focus on customer service. Our telephone and fax numbers remain the same.
June 2, 2019
This is a friendly reminder that the Q2 tax estimate payment deadline is coming up fast. Be sure to make your payment by June 15th, 2019 to avoid penalties. Currently, penalties for late or no payment average about 4 percent. And wouldn’t you rather keep that money in your pocket?
Staying current on your estimated payments is good business practice. If you are...
Your profit and loss (P&L) statement is one of the most important pieces of documentation to include in your optometry bookkeeping practices.
Filing for and receiving a six-month tax extension is an easy process and there are many valid reasons that you might consider filing an extension for your optometry clinic. There are also authentic reasons to avoid doing so.
Although keeping consistent and accurate financial records is integral to your optometry clinic’s finances, maintaining your fiscal accounts throughout the year can be challenging.
April 12, 2019
Not all optometrists can rely on selling their practice after their career and it is essential to have multiple exit strategies and financial plans.
April 3, 2019
This is a friendly reminder that the Q1 tax estimate payment deadline is coming up fast. Be sure to make your payment by April 15th, 2019 to avoid penalties. Currently, penalties for late or no payment average about 4 percent. And wouldn’t you rather keep that money in your pocket?
Staying current on your estimated payments is good business practice. If you are...
Group health insurance plans can have many benefits for anyone who is employed by your small optometry practice, including yourself.
Tackling tax time as a self-employed optometrist can feel intimidating. Even with proper optometry bookkeeping practices all year-long, you may become overwhelmed as tax day nears.
Most optometrists enter the field with the goals of improving patients’ eyesight and quality of life and to gain personal fulfillment in their work.
Keeping up with optometry chains and online retailers is one of the biggest challenges that independent eyecare practices face in the optometry field today.
Keeping track of your finances gives a general overview of where your business is at and can provide a guide for what changes may need to be made.
At Caro & Associates, we recognize the challenges that come along with expanding your practice, and we offer services like optometry accounting specifically for optometry practices to help you navigate tough business decisions.
When starting a practice, it’s important for optometrists to decide on what type of business entity they want to be.
As any successful business owner knows, it makes sense to look at how your business is keeping up with the trends sweeping the industry.
January 3, 2019
This is a friendly reminder that the Q4 tax estimate payment deadline is coming up fast. Be sure to make your payment by January 15th, 2019 to avoid penalties. Currently, penalties for late or no payment average about 4 percent. And wouldn’t you rather keep that money in your pocket?
Staying current on your estimated payments is good business practice. If you...
Acquiring a second optometry practice might seem like a win-win situation, offering the prospect of enhanced growth and an immediate improvement to your bottom line.
As obvious and invasive conditions that can have a dramatic effect on a person's ability to function normally, eye problems often cause those affected to seek professional help. This allows the roughly 40,000 optometrists practicing in the United States today to have over 100 million patient interactions each year.
If your medical practice always seems behind on work and payroll is always over budget, you might have a problem with your capacity or staffing plan. One of the key behaviors that separates good optometric practices from great optometric practices is a good staffing plan.
The Protecting Americans from Tax Hikes (PATH) Act of 2015 requires Forms 1099-MISC reporting non-employee compensation (NEC) in box 7 to be filed by January 31.
If your current goal is to maximize your optometry practice’s bottom line, then it is vital to regularly assess the information you have on hand to make important strategic decisions.
There are roughly two optometrists per ophthalmologist in the US, so they are in good supply and ready to recruit. The base wage for an optometrist are relatively stagnant compared to the rising wages of an ophthalmologist, but just how much should you offer your new associate?
Hiring a new optometrist can help to build the practice, but it may also bring a lot of change. It’s a big decision to make, but here is a simple step-by-step plan to make it work. If it really doesn’t work out though, the steps even include a way to back out.
Regardless of the size of your optometry practice, proper accounting records are essential. But rather than just being a series of accounts that guide you when tax deadlines fall, your monthly financial records are valuable and insightful documents.
In late 2017 Congress passed a major tax bill called the TCJA, which resulted in lower total Federal income taxes for many Americans. Most Americans pay their Federal income tax through withholding taxes taken out of your check every pay period, and at the end of the year many people find that they have overpaid and receive a nice Federal tax refund.
The law change this year will...
With more than 2 million Individual Taxpayer Identification Numbers (ITINs) set to expire at the end of 2018, the Internal Revenue Service today urged affected taxpayers to submit their renewal applications soon to beat the rush and avoid refund delays next year.
In the third year of the renewal program, the IRS has increased staffing to handle the anticipated influx of W-7...
Starting January 1, 2018, employers in Washington will be required to provide their employees with paid sick leave. Caro & Associates clients will see the new sick time accrual be added to their employees. Please contact us with any questions.
Accrual Summary
Paid sick leave must accrue at a minimum rate of one hour of paid sick leave for every 40...
The minimum wage in Washington will increase to $11 an hour starting on Jan. 1, 2017. Since the recent election, the Department of Labor & Industries has received scores of calls asking for clarity on the details of the new law.
The new minimum wage, a result of the passage of Initiative 1433, applies to all jobs, including those in agriculture. Workers under 16 years old can be...
The IRS issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
Beginning on January 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
(1) 54 cents per mile driven for business...
Just as the daylight hours are getting shorter, so is the time for fine tuning any last-minute strategies to lower your 2015 tax bill. While year-end legislation extending certain expired tax benefits may still come to pass and be of benefit to you, there are other options we should explore for potentially lowering your taxes. Often, the correct steps to take will depend on whether you see...
The IRS has begun focusing heavily on taxpayer compliance with information reporting laws and in just a few short years, Congress has sharply increased the penalties for compliance failures not once, but twice. The penalty for each Form 1099 missed is now $250, a five-fold increase from the original $50 penalty.
Generally, any person, including a corporation, partnership, individual,...
When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules but also about payroll tax rules. Here are four tax tips that can help you get your business off to a good start.
1. Structure. An early choice you need to make is to decide on the type of structure for your business. The most common...
Caro & Associates is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.
Take a moment to look around...
