The Dental Boardroom

114: Dental Financial Planning: Turning Chaos into Financial Freedom - Part 4


Listen Later

Welcome back to another episode of the Dental Boardroom Podcast, where we help dental practice owners break down the world of finance and build a path to financial independence.

We’re now entering Phase 3 of our series Financial Planning for Dental Practice Owners: Turning Chaos into Financial Freedom. This phase focuses on developing your business financial plan, and today’s episode dives deep into Step 1: Organizing Your Practice Financial Reports.

You’ll learn how your financial statements act as "financial X-rays" for your business and why reviewing them monthly is essential—not just for tax filing, but for understanding and strengthening the economic health of your practice. We explore the history of financial reporting, how it revolutionized commerce, and how the right structure can help you make better business decisions and accumulate wealth.

Whether you're a numbers person or not, this episode will help you see your P&L and balance sheet in a whole new light—and help you start using them as tools for growth.

📥 Resources Mentioned:

  • Ten Questions to Ask Your CPA
  • Questions to Ask Yourself When Reviewing Financials
  • Sample Profit and Loss Statements

🔑 Key Points:

  • Phase 3 of financial planning focuses on your business financial plan
  • Step 1 is to organize your practice financial reports
  • Financial statements should be used to tell the story of your practice—not just file taxes
  • Most dentists don't regularly review financial reports, but doing so is crucial
  • Monthly reporting is vital to make informed financial decisions
  • Good formatting of reports reveals financial health and wealth-building opportunities
  • The historical context of double-entry accounting and its transformative power
  • Financial statements can and should be customized for dental practices
  • Reviewing reports consistently helps prevent fraud, optimize tax planning, and guide smarter spending
  • Accountants and advisors play a key role in structuring meaningful, dentist-specific reports

#DentalBoardroom #DentalFinance #PracticeManagement #FinancialFreedom #DentalCPA #DentistBusiness #DentalPracticeGrowth #AccountingTips #CashFlowPlanning #ProfitAndLoss #DentalPodcast #SmallBusinessFinance #DentalLeadership #FractionalCFO #PracticeCFO

...more
View all episodesView all episodes
Download on the App Store

The Dental BoardroomBy PracticeCFO

  • 5
  • 5
  • 5
  • 5
  • 5

5

28 ratings


More shows like The Dental Boardroom

View all
Money Guy Show by Brian Preston and Bo Hanson

Money Guy Show

3,194 Listeners

BiggerPockets Real Estate Podcast by BiggerPockets

BiggerPockets Real Estate Podcast

16,786 Listeners

The Dentalpreneur Podcast w/ Dr. Mark Costes by Mark Costes

The Dentalpreneur Podcast w/ Dr. Mark Costes

305 Listeners

Hidden Brain by Hidden Brain, Shankar Vedantam

Hidden Brain

43,883 Listeners

The Dentist Money Show | Financial Planning & Wealth Management by Dentist Advisors - Financial Planning and Investment Management

The Dentist Money Show | Financial Planning & Wealth Management

142 Listeners

Shared Practices | Your Dental Roadmap through Practice Ownership by Dr. Richard Low | Shared Practices Network

Shared Practices | Your Dental Roadmap through Practice Ownership

566 Listeners

How I Built This with Guy Raz by Guy Raz | Wondery

How I Built This with Guy Raz

30,233 Listeners

Bulletproof Dental Practice by Dr. Peter Boulden & Dr. Craig Spodak

Bulletproof Dental Practice

228 Listeners

White Coat Investor Podcast by Dr. Jim Dahle of the White Coat Investor

White Coat Investor Podcast

2,436 Listeners

Dental Practice Heroes by Dr. Paul Etchison

Dental Practice Heroes

150 Listeners

BiggerPockets Money Podcast by BiggerPockets

BiggerPockets Money Podcast

3,083 Listeners

Student Loan Planner by Travis Hornsby

Student Loan Planner

177 Listeners

Fiction - Comedy Fiction by The Sunset Explorers

Fiction - Comedy Fiction

6,444 Listeners

The Mel Robbins Podcast by Mel Robbins

The Mel Robbins Podcast

19,745 Listeners

The Ultimate Human with Gary Brecka by Gary Brecka

The Ultimate Human with Gary Brecka

3,098 Listeners