Automation may sound scary, but you can use it to cut costs, save time, and more.
September 15, 2020
Do online reviews help or hurt a business? Depending on the type of review, of course, it could go either way.
If you are aware of the most common financial issues optometry practices face, you can plan ahead.
There are certain pitfalls every optometry practice owner should be aware of before they open their own business so they can make decisions to avoid them. A designated optometry accounting firm or program can help practitioners meet their business goals and avoid some of the most common pitfalls.
September 1, 2020
It's hard not to be apprehensive about fall this year with many schools reverting to online learning at home for students. But if it helps, you're not alone. Recent statistics show that 51 percent of working parents said they'll be distracted to a "moderate" or "great" degree on days when their kids learn from home, and 42 percent are worried to the same extent about their job security due to the situation.
Whether you're choosing a tax accountant or analyzing the costs of expanding your company, there are ways to control your costs.
August 17, 2020
As summer comes to an end, many people go into business-clean-up mode—gearing up for year end. One item to add to your list is enhancing your Google My Business profile. The internet is where most consumers find a business, so make sure your information is engaging, accurate and current to elevate your visibility online.
It can be tempting to use money in your business bank account to pay your personal expenses. An optometry practice needs to implement stringent financial management practices to grow and flourish. Obtaining the services of a tax accountant is imperative to help your practice’s profits go further.
QuickBooks can help your optometry practice save time and work smarter by making bookkeeping and report generation easy.
Consider outsourcing your bookkeeping, payroll, or tax tasks to improve your practice’s efficiency and keep your employees happy.
August 3, 2020
It’s back-to-school season, and that typically means buying a lot of stuff to prepare kids for the start of a new academic year. While 2020 may look a bit differently (some schools may enact online learning and/or hybrid models), kids will still need a few essentials—from backpacks to electronics. Here are a few tips to keep your back-to-school shopping within your budget.
Determining a reasonable income distribution plan for your practice is no easy task: you need to consider tax issues, your type of business entity, and long-term practice growth. Investing in the skills and expertise of an experienced CPA tax accountant is by far the best strategy for your practice.
Bringing on a new team member will cost an estimated 25-50% above their salary or wage rate. Your optometry practice will need to account for things such as paid time off, health benefits, and even payroll taxes. Your optometry accounting program can help you keep track of these extra costs.
You can find the value of your optometry practice with simple formulas to track your firm’s growth, apply for a loan, or sell your practice.
Compensate your associates well to minimize turnover and incentivize good work that will grow your practice.
Documenting all your business-related expenses can help you save money on taxes by lowering your taxable income.
July 15, 2020
For many businesses, COVID-19 forced them into a remote office model. Months into the pandemic and having had a successful experience, a lot of business owners have decided to maintain virtual workspaces. For those adopting this new normal, upping security must be a priority to keep data safe.
If you provide goods or a service to customers, what sets you apart from the competition? How consumers perceive an organization’s value is the driving force behind profitable companies. Understanding value can help your business redefine its cost structure to create higher profit margins.
Tax season creates additional stress on top of trying to run your business and keeping it afloat. Outsourced accounting services are always the best option for a small business as it allows experts to handle this maze of tax laws without you having to pay a full-time tax accountant.
There are many benefits to outsourcing the accounting processes for your business. From being able to spend more time on the goals of your company, to averting costly mistakes, having a team of experts on your side helps your business grow. They can also help reduce instances of fraud.
July 1, 2020
It’s hard to believe that we are already into July. Even with the deadline for filing your return and making a payment (if you owe) being extended to July 15, 2020, it still seemed like it came upon us fast. With only a few weeks left, be sure to get any final documents to us and answer any outstanding communications immediately.
The IRS tries to process refunds within 21 days of submission, but refunds can be delayed due to missing information.
Here are some tips to help you on your way towards your own independent practice.
Most delays and mishaps are easy to overcome, but they can often be avoided entirely with the right management.
Our favorite business apps can help you focus on patient care and simplify business accounting tasks.
While you need to take a look at the local area, including competing optometrists, and the demand for optometry specialists in that area first, it is still a ripe time and business to open your own practice. You should begin with a plan with specific, measurable goals that you can track over time.
June 15, 2020
New gardeners have come out of the woodwork this year, looking to create a sustainable food supply in their own backyards. Of course, not everyone has the space or the time to create a full-on outdoor garden. So, why not start small…and indoors?
The IRS Coronavirus-induced tax filing deadline extension and the federal stimulus package might change the way you should file your taxes.
A successful optometry practice needs to grow to serve its patients better.
Many optometrists are offering telehealth services in order to continue providing prescriptions and other services.
June 1, 2020
It’s safe to say that most people are laser focused on money right now—specifically on how to make it last longer. To help you do just that, we compiled the following list of tips for spending less in 2020:
Optometrists can take advantage of technology to offer many of their services virtually.
May 15, 2020
With more of us likely staying close to home this summer, why not plan to either start a healthy and regular workout schedule or enhance your current routine? It’s never too late in the year to get your healthy on, so we’ve compiled a short list of tips to get you moving.
May 1, 2020
Summer is typically the time people start planning vacations—Disney World…cruises…the beach. This year, however, travel may not be in the cards. But that doesn’t mean you have to sacrifice down time and fun with the family. Make this the year you plan a fantastic staycation! Here are some tips to make sure you can kick back, relax and have a memorable time with a vacation at home.
April 15, 2020
The fact is that many of us are now working from home…and we’re not sure just how long this will be a necessity. With this in mind, we compiled a list of best practices to support a successful and secure work-from-home operation.
April 1, 2020
Working from home has increased in popularity over the past several years. But today, amidst the COVID-19 crisis, it’s not only popular, but required for many. Moving from a hustle-and-bustle professional workspace to a home office can be a major transition for many. To help you make the move successfully, here are a few tips to reduce distractions while working from home:
March 16, 2020
If April 15 always seems to sneak up on you, get out in front of this year’s tax deadline and file early. Here are a few top reasons why you should…
February 24, 2020
The new budget bill passed by Congress on December 20, 2019 impacted both retirement and college savings plans. While many are still waiting for further guidance from the IRS on several details of the bill, we compiled a short list of the major changes that may affect you.
February 17, 2020
It’s that time of year when everyone can agree on one thing: Paying taxes is a drag. As we progress into a new tax season, follow these tips to help avoid a heavy tax burden this year:
February 3, 2020
Okay, so maybe not magical…but there are things you can do to rev up engagement in your meetings. After all, it’s likely that you spend at least 25 percent of your professional time in meetings, so why not put a little work into making them more appealing for all those involved. To get you started, give the following five tips a try:
January 15, 2020
There’s no better time to talk about goals than the start of a new year. And what better topic than your career? The following are a few tips to help you set reasonable and achievable goals this year:
January 3, 2020
This is a friendly reminder that the Q1 tax estimate payment deadline is coming up fast. Be sure to make your payment by January 15th, 2020 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...
January 2, 2020
The New Year is the best time to take stock of your finances. So, as you begin the season of self-reflection and goal-making, take the time to review your spending and start making plans for a financially healthy 2020! Here are a few tips to get you started:
December 16, 2019
The holidays are all about spreading cheer…not calories and cavities. So, why not try a few dessert recipes that put a healthier spin on some holiday treat favorites. We offer a few tested (and delicious) recipe ideas for you here:
December 2, 2019
Hosting a holiday party for your staff is one of the best ways to show them you care—while also creating some meaningful, team-driven memories. Follow our tips below for hosting a memorable soiree that doesn’t push your stress or your budget past your limit.
When you run a business, there seems to be a never-ending list of things to do to ensure your venture works smoothly and successfully. Outsourcing your accounting is one way to shorten that list.
September 2, 2019
This is a friendly reminder that the Q3 tax estimate payment deadline is coming up fast. Be sure to make your payment by September 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...
In most cases, small business and startups start with an internal team that manages the business' finances and accounting and do not seek out the assistance of a tax accountant or tax agent.
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...
Do online reviews help or hurt a business? Depending on the type of review, of course, it could go either way.
If you are aware of the most common financial issues optometry practices face, you can plan ahead.
