From Aspiration to Achievement:
How Manson & Chi Became Industry Leaders
Introduction
In the world of dentistry, where every smile tells a story, Manson & Chi Dentistry embarked on a transformative journey with Edwards & Associates. Faced with financial hurdles, they turned to a partner that didn’t just crunch numbers—they completely redefined practice management. Through strategic insights and innovative solutions, Manson & Chi Dentistry was liberated from the confines of paperwork, allowing them to refocus on what truly mattered: their patients.
The Challenge
Business owners know decisions often pivot on critical realizations. For Dr. Theron Manson and his wife, Dr. Connie, both seasoned professionals, their a-ha moment arrived when they realized their CPA was struggling to keep pace with the evolving demands of their practice. Dr. Manson recalls, “I was working with a dental practice consultant, Dr. Sharon Tiger, and the questions she posed revealed gaps my CPA couldn’t bridge. If he can’t answer those questions, what else was slipping through?” This was more than just a wake-up call; it was an urgent need for a partner who could navigate complexities and provide solutions. In Edwards & Associates, they found precisely the expertise to bridge those gaps and propel their practice forward.
The Solution
Edwards & Associates didn’t just step in; they dived headfirst into the practice’s financial management. Dr. Manson describes the transition as seamless, “I had to pull all my records and move everything, but they made it as easy as possible. Once I got to know Robert, it was a no-brainer.” With a comprehensive suite of services, E&A covered everything from partnership and individual taxes to business filings. The firm’s deep-rooted understanding of the dental industry was a game-changer. Dr. Manson notes, “They know dentistry. I was missing that with my previous CPA.”
Whether it was a question about an equipment purchase or a detailed financial analysis or offering reassurance about national benchmarks, the doctors felt supported every step of the way. “If I don’t understand something, we set up a call. They’re quick and make my life easier,” Dr. Manson shares.
The Results
The results spoke for themselves. “Our profitability and efficiency have gone up. We’re a real business, not just a couple of dentists trying to run one,” Dr. Manson admits with a chuckle. The transformation was not just in numbers but in peace of mind and operational prowess.The relationship with Edwards & Associates became one of trust and longevity. “Anything involving money, taxes, planning—they’re the first people we consult,” says Dr. Manson.
Testimonial
“Robert and his team have been fantastic. I’ve had no regrets since switching to them seven years ago and plan to stick with them until I retire. They’ve truly been the backbone of our practice, allowing us to focus on what we love—dentistry. To any fellow dentists out there, find a team that gets you. It makes all the difference.”
Dr. Theron Manson
Are you ready to meet us?
Related CPA Services
Monthly Core Services
Monthly Core Services As a dentist, you have enough to worry about. Tax compliance, monthly…
Financial Planning
Financial Planning for Dentists As a dentist, you need to protect your financial assets and…
Transition Services
Transition Services For Dentists We can help you navigate business transitions, from starting up a…
Dental Practice Consulting
Dental Practice Consulting Management and Financial consulting for dentists is our specialty! Founded in 1987,…
Have Questions?
Contact us at info@eandassociates.com or call us at (972) 267 9191 to schedule a consultation!
When Should I Start Thinking About Implementing a 401k Plan?
As soon as possible! The founder of our firm, Mr. Robert Edwards gets these questions all the time and he always answers them the same way: “I’m always encouraging our clients to save for retirement even when they starting their dental practice. Remember, if you do not put money away, you are more likely to spend it! You only stand to benefit by funding a retirement plan in the early years of your practice because you don’t have any other eligible employees.”
Are Dental Services Subject to Sales Tax?
It is important to remember that dental services and appliances are exempt from sale and use tax in most cases. However, the sales of non-prescription toothpaste and toothbrushes can be subject to sales and use tax.
If you decide to sell non-prescription items to your patients, the first step is to apply for a Sales and Use Tax Permit. You can apply for a permit online using Webfile. The Sales and Use Tax permit also allows you to be exempt from paying sales tax on any items that you purchase for resale.
Next, you need to set up your dental software to track taxable transactions to allow for accurate record keeping. Contact your software help desk for helping in creating the necessary monthly taxable activity reports.
If you are required to collect sales tax on nonexempt transactions such as toothbrushes and toothpaste, your reporting and remittance schedule depends upon how much sales tax you are collecting within a monthly, quarterly, or yearly time frame. You are required to file a Texas Sales and Use Tax Return (Form 01-117) and submit the collected tax based on the collection levels below:
- You must file Monthly if you collect $500 or more tax in a month.
- You must file Quarterly if you collect <$500 per month or <$1500 per quarter.
- If you collect less than $1,000 in tax per year, then you need only file one per year. However, if you are collecting close to this level of tax then a quarterly filing pattern is a safer option.
The Texas Comptroller allows multiple methods for reporting and payment including paper filing and Webfile.
Are Dental Practice Management Consultants Worth the Investment?
If you own a dental practice, you know that it’s a job that requires you to juggle many responsibilities. The reality is that not everybody is cut out to juggle everything required to run a dental practice, while also being a good dentist. And even if you are one of the few dentists that can “do it all”, how do you give it the time it deserves while also seeing patients and perfecting your craft?
Unless you’re prepared to hire an in-house team to run your business, you’ll have to look elsewhere for guidance and support. A great place to start is with a dental practice management consultant. A dental consultant helps dentists improve their practice by providing advice, training, and expertise.
This includes, but is not limited to:
- Coaching Your Team
- Building Patient Relationships
- Identifying Behavioral Styles
- Team Building
- Partnerships that Thrive
- Implementing Incentive Programs
- Equipment purchases
- Finances and billing
- Maintaining an Effective Hygiene Program
- Scheduling to Goal
Dental Practice Consultants are most useful when you are starting up a new practice, looking to expand your dental empire, or going through other transitional periods such as adopting new management software, onboarding new staff members, or selling your dental practice. Dental practice consultants can also be used to help you improve your practice efficiency and evaluate weak points. At Robert Edwards & Associates PC, we are lucky to have renowned dental practice consultant Dr. Sharon Tiger, who has decades of experience in helping dental practices make the best decisions to ensure success.