Let’s give a quick shout out to our accountants. They tirelessly crunch our numbers and present us with critical information a few times a year. Sadly, however, all too often we don’t heed (or understand) their advice. How rude. Please follow these two quick bits of advice so you can get the most out of your relationship with your most trusted advisor.
Invest in your practice
Have you bought anything for your practice this year? Regular equipment purchases and other types of upgrades to your office are critical if you don’t want to end up with a practice that looks like this.
Keep your practice looking high-tech by investing in high-tech. Even if you don’t need to make a major purchase like a CBCT, you can at least take advantage of seasonal offers and promotions like this one for Apteryx’s Tuxedo Intraoral Sensor. You know you can always use durable, high-definition sensors for your practice. Perhaps the best part, as your accountant will tell you, is that you can claim a Section 179 election and reduce your taxes.
Understand your P&L
Should a patient with periodontal disease have a basic understanding of their perio charting? You betcha, and the same goes for you and your profitability. The Profit and Loss Statement, aka P&L, aka Income Statement, is arguably the most important piece of financial information for a business owner. It tells you your gross income, your overhead, and your net income. Watch this series of short videos (link to parts 1–6 at the top if the artcle) for a crash course and you’ll be able to have more informed conversations with your accountant when he or she hands you your next P&L.
Cheers,
Chris
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