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Keep Things Simple: Avoiding Common Accounting Pitfalls · The Millionaire Dentist™

• 0:03
  Speaker 1: Hello, everyone, Welcome to the Millionaire Dentist Podcast, brought to
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  Speaker 1: you by four Quadness Advisory. On this podcast, we break
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  Speaker 1: down the world of dentistry, finances and business practices to
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  Speaker 1: help you become the millionaire dentists you deserve to be.
• 0:17
  Speaker 1: Please be advised we do speak with an honest tongue
• 0:19
  Speaker 1: and may not be safe for work.
• 0:24
  Speaker 2: Hello and welcome. This is Casey Hiers back at the
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  Speaker 2: Millionaire Dnist Podcast in studio with co host Jared Bridgeman.
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  Speaker 3: Casey, I want to thank you for coming into my
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  Speaker 3: office and helping me kind of get rejuvenated for this
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  Speaker 3: Friday afternoon that we're recording this. I was getting a
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  Speaker 3: little sleepy, I had a big lunch, and just your bright,
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  Speaker 3: cheery faces really helping me out.
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  Speaker 2: I accept all compliments. You are welcome.
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  Speaker 3: Today we've got one of our favorite guests in here,
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  Speaker 3: our special guest. His name is Keviy Warton. He is
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  Speaker 3: a CPA, he's an.
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  Speaker 2: MBA, he's doctor CPA, doctor CPA, the QB of QB's
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  Speaker 2: the Quick Books quarterback, Kevin.
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  Speaker 3: How are you? I'm doing great, spoke some park butt
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  Speaker 3: this weekend. I am how about you? How about you doing?
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  Speaker 4: Four of them.
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  Speaker 3: Are you gonna bring some in for me on Monday?
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  Speaker 5: Uh? No?
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  Speaker 3: So okay, I really thought you're gonna.
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  Speaker 4: Say yes, what's it for me?
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  Speaker 3: Go bad? Now I don't want to talk about it anymore.
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  Speaker 5: No, they're already spoken for. Sorry, they're not even for me.
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  Speaker 3: So, Kevin, you're one of our onboarding specialists here. You
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  Speaker 3: work every day with a lot of the newer people
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  Speaker 3: that come to our company, so you really get to
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  Speaker 3: see their their books, their QuickBooks and all that kind
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  Speaker 3: of stuff. Is there a trend that you've noticed with
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  Speaker 3: with the practice owners out there in their quick books?
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  Speaker 5: Yeah, And a majority of the practice owners that come
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  Speaker 5: to us do operate with quick books, whether it's QuickBooks, online, QuickBooks,
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  Speaker 5: desk top version. There are other financial programs out there, but.
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  Speaker 3: For just kind of a blanket general statement to say
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  Speaker 3: like yeah books.
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  Speaker 4: Yeah, QuickBooks, we'll definitely use that.
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  Speaker 5: But it really applies to anyone that uses any type
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  Speaker 5: of financial program. But a lot of times when we
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  Speaker 5: take a look at their financials, they're usually on one
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  Speaker 5: side or the other as far as how well they
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  Speaker 5: keep their quick books files reconciled, keep information in there.
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  Speaker 5: Sometimes they Kevin, did you play dominoes when you were
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  Speaker 5: a kid, I did not. You did not play dominos.
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  Speaker 5: Are you familiar with dominoes?
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  Speaker 4: Barely?
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  Speaker 2: Like if you set them up and you tip the
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  Speaker 2: first one and they're lined up, all the dominoes fall, yes, right, yes, yes,
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  Speaker 2: you're looking at quick books. You're looking at profit and
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  Speaker 2: loss statements, balance sheets, taxes, both personal and business taxes.
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  Speaker 2: You look at an incredible amount of data. And we
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  Speaker 2: were talking earlier. QuickBooks is almost that first domino sometimes right,
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  Speaker 2: it is bad information out. So when you when you
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  Speaker 2: start to analyze a practice and all their are their
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  Speaker 2: data end documents, what's the first thing you look at?
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  Speaker 2: Is it QuickBooks or is it taxes or kind of
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  Speaker 2: what what's that process look like for you?
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  Speaker 5: Yeah, you're exactly right. The first thing we start looking
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  Speaker 5: at is is QuickBooks because that is the foundation how
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  Speaker 5: how the accounts are reconciled, how the transactions are recorded.
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  Speaker 5: That builds the financial statements, and then the financial statements
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  Speaker 5: build the tax returns.
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  Speaker 2: So yeah, definitely, most some people have a bookkeeper. Some
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  Speaker 2: people they air CPA firm does it for them. Others
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  Speaker 2: the dentist or specialist will babble and do it themselves.
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  Speaker 2: Is it like third, third, third or what? What do
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  Speaker 2: you see the most?
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  Speaker 5: I see the most of them trying to do it themselves,
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  Speaker 5: and you know.
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  Speaker 2: After hours, I know from my end, i'll hear frustration
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  Speaker 2: with you know, my Sunday afternoons or dedicated you know,
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  Speaker 2: once a month doing QuickBooks and I hate it, or
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  Speaker 2: you know, after hours, a fair amount of time doing
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  Speaker 2: quick books. Typically first two to five years as an owner,
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  Speaker 2: it's kind of fun. Then you throw in a spouse
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  Speaker 2: and kids and your life gets more complicated. People don't
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  Speaker 2: love doing those. But whether they do or they don't,
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  Speaker 2: or who completes them, when you look at them, is
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  Speaker 2: it rare that they're they're accurate, very rare.
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  Speaker 5: Most of the time when we see a practice owner
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  Speaker 5: use an outside service, they do look a little bit better.
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  Speaker 5: But most of the time, yeah, when the practice owners
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  Speaker 5: that do come to us, when they're doing it on
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  Speaker 5: their own, it's just and no fault to them. They're
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  Speaker 5: you know, they study to be dentists or in the
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  Speaker 5: dental industry. They didn't study to know debits and credits
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  Speaker 5: and how to reconcile financial statements. So and that's okay,
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  Speaker 5: But they're trying to do it, and nothing's reconciling, nothing's
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  Speaker 5: tying out. Doesn't give them good information at all to
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  Speaker 5: make any financial decisions.
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  Speaker 3: It's one of these things where they feel like they're
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  Speaker 3: saving money by not paying an outside firm or source,
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  Speaker 3: but that could cost them more than tenfold in the
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  Speaker 3: long run.
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  Speaker 2: Yeah, beyond just time consumption that it takes or if
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  Speaker 2: they pay for it. My goodness. So when you look
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  Speaker 2: at quick books and they like what are like, they
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  Speaker 2: don't does it affect taxes?
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  Speaker 4: Yeah?
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  Speaker 5: So some of the things that I see when practice
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  Speaker 5: owners come in and ask us to take a look
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  Speaker 5: at the take a look under the hood, so to speak.
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  Speaker 5: You know, we'll see on both sides of it. Sometimes
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  Speaker 5: like I was saying, they don't do the basic needed
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  Speaker 5: steps in keeping accurate financials.
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  Speaker 4: And then on the other side.
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  Speaker 5: We see them spending way too much time, like putting
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  Speaker 5: in all all the deposits, all the adjustments one by one,
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  Speaker 5: singling out maybe maybe using the bill pay And sometimes
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  Speaker 5: that's useful. I don't want to negate using that, but
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  Speaker 5: a lot of times the practice owners will try to
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  Speaker 5: start kind of like you were saying, Casey, try to
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  Speaker 5: start using those those modules or those beneficial things with
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  Speaker 5: quick books, but it's so hard to keep up with
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  Speaker 5: it and making sure everything's reconciled. Then ap, you know,
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  Speaker 5: if the bill pay feature isn't used correctly, then your
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  Speaker 5: account accounts payable. Yeah, I think your accounts payable balance
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  Speaker 5: gets out of whack and what's due and what's owed
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  Speaker 5: and things like that, and then they just kind of
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  Speaker 5: start sinking, start drawing, well, now I don't know what's what,
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  Speaker 5: and they abandon ship on that. So so yeah, it's
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  Speaker 5: there is a balance to it, and a lot of
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  Speaker 5: times the practice owners just get frustrated, start drowning of
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  Speaker 5: what do I need to.
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  Speaker 4: Do in quick books? What am I doing? That's too much?
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  Speaker 2: Sometimes I don't even know that they're as out of
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  Speaker 2: whack as they are. Sometimes they do. But man, if
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  Speaker 2: your quick books do not tie or align with your
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  Speaker 2: tax returns for a period of time, it becomes more
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  Speaker 2: than just a frustration on the time it takes. That
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  Speaker 2: can be a red flag to the irs. That's a
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  Speaker 2: huge problem. And then you've heard me say this many times,
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  Speaker 2: but what's worse than incomplete or incorrect data making decisions
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  Speaker 2: in your practice? With incorrect and incomplete data, and so
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  Speaker 2: often we see that again QuickBooks are three four, five
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  Speaker 2: months behind. They're not accurate. I mean, it really is
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  Speaker 2: the kiss of death.
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  Speaker 3: And Kevin, what is a telltale sign to look out
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  Speaker 3: for to know that your books may not be accurate.
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  Speaker 2: I'm going to give an example that I heard recently,
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  Speaker 2: and then I'm sure this will spark. You know, somebody
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  Speaker 2: has X amount of money in their practice account balances,
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  Speaker 2: but their QuickBooks show that they're like minus two hundred thousand,
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  Speaker 2: Like it's a clear like big time, all right, right right?
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  Speaker 2: Or so is there overheads one hundred and thirty percent?
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  Speaker 2: And we know we know that it's not. Those are
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  Speaker 2: probably the egregious ones.
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  Speaker 5: Yeah, it's when along that line when we see QuickBooks
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  Speaker 5: files come in and doctors are like, I I've never
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  Speaker 5: reconciled my checking account. Checking account's never been reconciled. Crazy amounts,
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  Speaker 5: you know, just looking especially at the balance sheet, because
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  Speaker 5: that will show you kind of a snowball effect of
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  Speaker 5: years and years of not making correct adjustments to to
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  Speaker 5: their financials. And sometimes you know, have have negative liabilities
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  Speaker 5: where you know, a loan that they've already paid off
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  Speaker 5: for shows the negative balance things like that. Something that
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  Speaker 5: we do for our clients is we reconcile their checking
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  Speaker 5: accounts to their bank statements. We reconcile their loan balances
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  Speaker 5: to their loan statements, making sure principle and interest is
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  Speaker 5: allocated correctly. A lot of times we'll see you again
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  Speaker 5: when doctors are doing things on their own, they will
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  Speaker 5: code a loan payment straight to loan payments on the
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  Speaker 5: profit loss, whereas that needs to be allocated, you know,
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  Speaker 5: between principal and interest. So we go through and reconcile,
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  Speaker 5: making sure that the balances on the balance sheet match
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  Speaker 5: the documents, whether it's loan statements, you know, checking account savings,
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  Speaker 5: account balances, investment balances, things like that.
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  Speaker 2: Over the years, we've seen a lot of these and
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  Speaker 2: it's rare that they're clean, I would say. But beyond
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  Speaker 2: this is a time consumer and it can be really challenging.
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  Speaker 2: It can put you on the radar with the I
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  Speaker 2: R S, with all those things. We're an exclusive firm.
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  Speaker 2: We can't help everybody, right, I mean, that's our business
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  Speaker 2: model is is not a quantity shop. We're in the
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  Speaker 2: results business. We want to drive results. So what would
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  Speaker 2: you tell people if either they know that their QuickBooks
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  Speaker 2: are incorrect or or behind. What what are some tips
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  Speaker 2: or or things you would tell our listeners about QuickBooks
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  Speaker 2: or how to better navigate those. My guess is the
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  Speaker 2: first one is have a good accounting specialist do them.
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  Speaker 2: But what are some other tips that that you could
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  Speaker 2: give generally? I guess the first one is if if
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  Speaker 2: they don't align, there's there's your there's your sign you need.
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  Speaker 5: That you need to do something that shouldn't be acceptable
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  Speaker 5: to them to have inaccurate, incomplete financials because as they are,
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  Speaker 5: like you were saying, trying to make decisions, uh, financial decisions,
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  Speaker 5: whether it's buying pieces of equipment or you know, we
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  Speaker 5: talk about overhead. I know you guys talk about overhead
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  Speaker 5: on a lot of the podcasts, you know, trying to
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  Speaker 5: trim overhead. You know, percentage points here and there, and
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  Speaker 5: the financials, if done correctly, can show you what's really
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  Speaker 5: hurting you as far as the overhead percentages, looking at
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  Speaker 5: and then looking at industry averages, looking at benchmarks, things
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  Speaker 5: like that, and being able to say, okay, if I
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  Speaker 5: can shave a couple of percentage points here, if you here,
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  Speaker 5: it's just it's really important to at least start balancing
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  Speaker 5: your checkbooks, so to speak. Balancing the checking account and
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  Speaker 5: getting your balance sheet doesn't really all that complicated.
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  Speaker 2: But if you make sure not to doctor CPA doesn't I.
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  Speaker 5: Guess, but you know, make sure you you accurately reconcile
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  Speaker 5: you're checking account.
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  Speaker 4: That that's a big stre if.
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  Speaker 3: It just seems like a wall posted notes keep tracking
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  Speaker 3: my stuff. Well, when we start with the software some
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  Speaker 3: type yeah, I.
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  Speaker 5: Would not recommend that.
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  Speaker 3: So I mean, I mean, really this is all this
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  Speaker 3: stuff can be complicated. Different people have different mindsets in
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  Speaker 3: terms of what they're able to handle on their own.
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  Speaker 3: And they're good at numbers if they're not good at
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  Speaker 3: numbers and stuff like that. But you know, really ideally,
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  Speaker 3: what we're getting at is is this is a tough
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  Speaker 3: thing to handle sometimes for a practice owner, especially when
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  Speaker 3: you add you know you've got not only do you
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  Speaker 3: have your patience, you've got your staff, you've got your family,
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  Speaker 3: you've got your children, and you don't have time at
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  Speaker 3: air practice to do this. Do you really want to
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  Speaker 3: take the time away from seeing your your son's basketball game?
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  Speaker 3: Do you want to take time away from any of
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  Speaker 3: that kind of stuff? What's that worth? To you compared
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  Speaker 3: to what you think you're saving or you know, and
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  Speaker 3: not only you're not saving money, you're doing it wrong.
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  Speaker 5: Yeah, I mean, that's that's well put. It's one of
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  Speaker 5: those things where, yeah, in your day to day whether
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  Speaker 5: your QuickBooks is updated does not affect you necessarily day
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  Speaker 5: to day. All you know, here it is Friday, I
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  Speaker 5: didn't do anything QuickBooks. Well, I can still operate come Monday.
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  Speaker 5: But then two three months down the line, when okay,
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  Speaker 5: now it's time to redo my line of credit with
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  Speaker 5: the bank, or I'm looking to purchase a Sarah Scanner.
• 13:32
  Speaker 5: Wonder should I take a loan out on that? Should
• 13:36
  Speaker 5: I do financing? Do I have enough cash on hand
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  Speaker 5: to put that? Just those big decisions when they come up. Well,
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  Speaker 5: now my QuickBooks is three months behind. I have no
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  Speaker 5: idea really where I stand at a profit and loss standpoint.
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  Speaker 3: Yeah.
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  Speaker 2: I talked to a lot of practice owners. Their rationalization
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  Speaker 2: for doing their own QuickBooks is because they like to
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  Speaker 2: know everything that's going on in the practice, and if
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  Speaker 2: it's incorrect, you're what you're learning is actually not good.
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  Speaker 2: The best way to do it is to, you know,
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  Speaker 2: have a very high level standard of care with accounting
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  Speaker 2: where your CPA firm are doing your quick books for you.
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  Speaker 2: But here's the thing, you can then be more of
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  Speaker 2: a CEO. You can view the completeness and review it
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  Speaker 2: with yourself. You don't have to be the worker be
• 14:23
  Speaker 2: you want it done well, and then you can look
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  Speaker 2: at it and still be involved versus well. I like
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  Speaker 2: doing it because I really feel like I'm in touch
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  Speaker 2: with my practice. But then we go look at them
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  Speaker 2: and they're a mess. Yeah, and it's also unfortunate. There's
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  Speaker 2: times where accounting firms do them and they're better typically,
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  Speaker 2: but half the time there they just still don't tie
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  Speaker 2: to taxes and there's glaring there's glaring problems.
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  Speaker 5: Yeah, because a lot of times they get all the
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  Speaker 5: information the incorrect QuickBooks file at the end of the
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  Speaker 5: year or you know, beginning of the next year getting
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  Speaker 5: ready for tax returns, and they're trying to make heather
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  Speaker 5: tails of a year years worth of inaccurate transactions, unreconciled balances.
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  Speaker 5: We got to hurry and get these quote unquote cleaned
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  Speaker 5: up to accept to their acceptable level and then try
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  Speaker 5: to get try to glean some tax returns off of them.
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  Speaker 5: We take care of financials month to month, making sure
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  Speaker 5: they're reconciled to give practice owners those financial statements to
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  Speaker 5: see Okay, here's what I did for this past month.
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  Speaker 5: Here's what I'm looking at year to date, so they
• 15:34
  Speaker 5: can be in touch with the financial standing of their practice,
• 15:38
  Speaker 5: how their practice is doing.
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  Speaker 2: Here's a question for you, what's worse doing the quick
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  Speaker 2: books and they're behind and they're incomplete, and they don't
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  Speaker 2: tie to your taxes but you've you've put work in
• 15:48
  Speaker 2: and you've got you've got something, or just not doing them,
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  Speaker 2: but not just not having them? Is that even an option, mind, Pretzel.
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  Speaker 4: It is.
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  Speaker 5: They definitely have to have some sort of tracking, some
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  Speaker 5: sort of tracking, especially you know, to do the tax returns.
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  Speaker 5: I mean, you gotta, I get we don't see that
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  Speaker 5: with the practice owners that come to us, they at
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  Speaker 5: least have some sort of financial tracking. I mean, if
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  Speaker 5: you don't by the time you get to time to
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  Speaker 5: file your taxes after your first year of ownership and
• 16:31
  Speaker 5: they're like, okay, we need to know your income, your expenses, Okay,
• 16:36
  Speaker 5: here's my bank statements. Well you're going to get a
• 16:38
  Speaker 5: pretty hefty bill for an accountant to have to try
• 16:42
  Speaker 5: to swift through all that and a lot of headaches
• 16:45
  Speaker 5: and a lot of questions.
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  Speaker 2: Well, what I've heard is if if they're not done
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  Speaker 2: correctly or timely, don't settle for that, don't kick the
• 16:53
  Speaker 2: can down the road. You need to take some action
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  Speaker 2: and do something about it. And in my opinion, you know,
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  Speaker 2: spending three to five hours every month doing it, it's
• 17:01
  Speaker 2: probably the least attractive option out there.
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  Speaker 3: Fair.
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  Speaker 5: That's definitely fair. Thank you, doctor Cpa Man. You guys
• 17:10
  Speaker 5: are coming up with great points on your own.
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  Speaker 4: Yeah.
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  Speaker 3: I guess we listen and we learn from you.
• 17:16
  Speaker 5: Yeah, I guess I'm rubbing off funny guys.
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  Speaker 3: Right, Kevin, I want to thank you so much for
• 17:21
  Speaker 3: being here. Is there anything else you wanted to say?
• 17:22
  Speaker 3: As we wrap up this episode?
• 17:24
  Speaker 2: Be better at quick Books?
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  Speaker 3: Yeah, get your ship in order, Kevin, thank you so
• 17:31
  Speaker 3: much for being here.
• 17:33
  Speaker 4: Casey.
• 17:34
  Speaker 3: We got a couple events coming up over the next
• 17:36
  Speaker 3: couple of months. It's gonna be really exciting times. We're
• 17:38
  Speaker 3: going to be in the Washington, DC area right outside
• 17:41
  Speaker 3: of that with Tysons Virginia and then Chevy Chase Maryland.
• 17:44
  Speaker 3: After that, we're gonna be in Huntington Beach in Calabasas California.
• 17:48
  Speaker 3: We're gonna be in the San Francisco area. We're going
• 17:50
  Speaker 3: to be in some some hot new places and are
• 17:54
  Speaker 3: you excited to go?
• 17:55
  Speaker 2: Yeah, I'm going. I'm going to some of them. Yeah,
• 17:58
  Speaker 2: other people are going to some of them. We've actually
• 18:00
  Speaker 2: some Seattle study clubs, some large study clubs. They've they've
• 18:04
  Speaker 2: reached out and said, hey, would you would you come
• 18:06
  Speaker 2: and present to our members, and so we try to
• 18:08
  Speaker 2: sort of plug those in around our schedule because we've got,
• 18:11
  Speaker 2: as you know, fifty sixty events a year. But yeah,
• 18:14
  Speaker 2: it's it's nice. As the subject matter is spreading, people
• 18:18
  Speaker 2: are reaching out more and more for us to come.
• 18:22
  Speaker 3: We're like a good virus. Now we'ally spreading people want
• 18:27
  Speaker 3: we want to spread ourselves.
• 18:28
  Speaker 4: Okay, so broadly you should have stopped.
• 18:32
  Speaker 3: I know I should have. Casey, thank you so much
• 18:35
  Speaker 3: for joining me as well today and being the light
• 18:37
  Speaker 3: of my the apple of my eye, you know. Yeah,
• 18:40
  Speaker 3: so sweet.
• 18:42
  Speaker 1: Thanks. Yes, that's all the time we have today. Thank
• 18:46
  Speaker 1: you to our guests for their insight and for sharing
• 18:48
  Speaker 1: some really great information, and thank you to you the
• 18:51
  Speaker 1: listener for tuning in. The Millionaire Dennis Podcast is brought
• 18:54
  Speaker 1: to you by for Quadn's Advisory to see if they
• 18:56
  Speaker 1: might be a good fit for you and your practice.
• 18:59
  Speaker 1: Going over to four Drants Advisory dot com and see
• 19:01
  Speaker 1: why year after year they retain over ninety five percent
• 19:04
  Speaker 1: of their clients. Thank you again for joining us, and
• 19:06
  Speaker 1: we'll see you next time.