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3 Financial Issues for Optometry Practices & How to Fix Them

Running a business involves ups and downs. When everything is going smoothly, it’s a fantastic feeling. But financial issues can arise quickly and overwhelm you. If you have a plan in place ahead of time, you’ll find it easier to persevere through the hard times.

Here are three of the most common financial issues that affect optometry practices and ways to fix them.

Negative Cash Flow

Negative cash flow often results in cuts across the board. You might find yourself laying off excellent employees, lacking the funds to fix necessary equipment, or a smaller inventory. These cuts can and will affect how you interact with your patients, negatively impacting your patient numbers.

It’s essential to keep your net cash flow positive. Managing your cash flow is one of the best ways to ensure you don’t run into problems. If you notice that you’re on a downward trend, it’s best to address it early.

You can control your spending in several ways. You can outsource financial accounting services, review your employee’s productivity, and conduct a formal cost analysis. Instead of cutting corners in ways that affect the patients, focus on ways to get the most of your spending.

Retaining Employees

It can be challenging to find the right employee for the job, especially when you’re short-handed. However, it’s best to take your time and ensure that your new employee will remain with you for a while.

Before you begin the hiring process, you should calculate how much it will cost you to bring the new employee on board. Your calculations will show you how much of an impact your new employee leaving will have.

When interviewing a prospective employee, remember that each position requires different skill sets. A front desk employee should work well with the other staff members, be welcoming and organized. A new doctor should be knowledgeable, but also have a good relationship with the patients.

To retain your employees, you’ll need to keep their salaries competitive, maintain a positive working environment, and listen to employee feedback.

Save money by ensuring you’re hiring the best person for the job.

Faulty Reporting

Filing taxes is a complicated, time-consuming process. Without the help of an experienced accountant, a practice might make a mistake while filing taxes, resulting in financial issues.

A practice could also run into financial issues if their bookkeeping practices are flawed. It’s essential to keep a detailed record of all ingoing and outgoing expenses. Small practices can find it challenging to keep their books in order while also offering top-quality patient care.

Outsourcing taxbookkeeping, and payroll services can help you avoid tax mistakes and save you money. Instead of having your employees work on accounting, they can focus on patient care.

Contact Us

Caro & Associates is an accounting firm that specializes in helping optometrists. In addition to handling your taxes, we can also help you streamline your payroll system and keep organized financial records. Contact us at (206) 497-0671 or info@caroandassociates.com for more information on how we can assist you. 

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