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Are you Ready for the Self-Assessment & Your Financial Truth?

Uncategorized Aug 21, 2022

With Profit First for Dentists once you commit to the Self-Assessment and take the action to complete it, you are also opening yourself to the truth of your financial situation.  Are you ready? 

This assessment is going to help you see how much cash came into your business and how much cash went out for a certain time period, typically the prior calendar year. 

The first step is to gather all the data you will need to complete the assessment.  This is an important step because if you just dive into the assessment and have to keep stopping to gather data, you’re going to get frustrated and give up. Besides it will take a lot longer to accomplish the task.  So, do take the time now to gather the data. 

Here’s what you’ll need to gather:

Profit and Loss statement for the Previous Calendar Year

Balance Sheet for that same time period

Tax returns for the same year

Payroll reports for the same year

All business loan statements for the same year

Business Credit Card Statements for the same year


Now to do some math:

Add up all loan payments for the calendar year you are using. Write down that number


Next make sure all of your credit card charges were entered into your QuickBooks or other accounting software and make sure they were all reconciled just like a bank account.


If you pay yourself (as the dentist) via payroll, review the payroll report for your earnings.

Write down your net pay plus any benefits the company paid on your behalf.  This is your take home pay total.

Write down the total taxes withheld from your paycheck for the year.

Write down the total taxes the company paid on your behalf for the calendar year.


Check all other documents and accounts for a total of any owner draws or distributions you took during the time period.  Also check for any quarterly tax deposits you made or taxes that were due on your tax return that you paid.


Now breathe!  Yes, take a deep breath.  Next week, I’ll share what to do with all of these numbers to complete your self-assessment.  You don’t want to miss next week’s newsletter and blog post. 

Congratulate yourself for getting this far in the process! 

Stay tuned.



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