We’re breaking down key financial concepts that every dental practice owner needs to understand. We start by exploring the Balance Sheet, diving into the various liabilities that appear and how they affect your business’s financial standing. I also discuss how to analyze liquidity to determine volatility, an essential skill for assessing the stability of your business and managing short-term risks.

We’ll also unpack the Income Statement, clarifying the distinctions between income, revenue, and credit, and how these elements impact your business’s overall performance. Plus, I’ll explain the Cost of Goods Sold (COGS), a critical factor for understanding profitability.
 

This episode is packed with actionable insights to help you navigate your financials with confidence and make smarter decisions for your business’s future. Tune in for a deeper dive into the numbers that drive success!
 

What you'll hear in this episode:

[1:30] What You Owe Showing on the Balance Sheet

[2:35] Liabilities on the Balance Sheet

[3:35] Analyzing Liquidity to Determine Volatility

[7:10] Analyzing the Income Statement

[8:25] Income, Revenue, and Credit on an Income Statement

[9:15] Cost of Goods Sold Explained

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