Creating Your Profit First Bank Accounts the Right Way

Structure Creates Confidence

In Profit First for Dentists, I emphasize that financial success isn’t about complexity — it’s about clarity.
And the simplest way to create clarity is to set up your Profit First bank accounts correctly from the start.

“When you can see your money clearly, you’ll manage it confidently.”

This step transforms theory into practice — turning ideas into a daily rhythm that keeps your money organized and your mind at peace.

The Core Accounts Every Dentist Needs

Here are the five foundational accounts I recommend for every dental practice:

1. Income Account – Where all deposits go. This account serves as a holding tank before you distribute funds.

2. Profit Account – Your reward for running a healthy business.

3. Owner’s Pay Account – Your compensation for the clinical and leadership roles you play.

4. Tax Account – To set aside what’s needed for income taxes so there are no surprises.

5. Operating Expense Account – For the daily costs of running your practice.

These “small plates” give each dollar a purpose and ensure nothing slips through the cracks.

How to Choose Your Bank Setup

You can open these accounts at your current bank, or — as some dentists prefer — at two separate banks:

• Bank #1 for all accounts (Income, Profit, Owner’s Pay, Taxes, Operating Expenses)

• Bank #2 (if you are tempted to use money in the Profit & Tax account for any other purpose) for holding your Profit and Tax accounts

“Out of sight, out of mind. When your Profit account isn’t easy to access, you protect your future from your impulses.”

Setting Up Allocations

Once the accounts are open, begin your weekly allocations — transferring money based on your chosen percentages.

Start small, be consistent, and celebrate progress.
Within a few weeks, you’ll begin to see your balances stabilize — and your stress level drop.

Avoid These Common Mistakes

• Combining accounts: defeats the purpose of clarity.

• Allocating irregularly: consistency builds rhythm.

• Borrowing from Profit or Tax accounts: trust the process — it works.

Each of these pitfalls is easy to avoid when you stick to your weekly rhythm.

Final Thought

Setting up your Profit First bank accounts is like giving your practice financial “compartments.”
Each account serves a purpose, and together, they bring peace, order, and predictability.

“This is where chaos ends and clarity begins. You’ll never see your money the same way again.”

Ready to get started? I walk through every step of account setup and allocation in Profit First for Dentists — or visit ProfitFirstDentist.com  for resources and guidance.