Profit First for Dentists

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Business of Owning a Practice - Video 1 of 9

This is my new series about the business side of owning a dental practice. Each week I will be posting a new video on specific topics of business and how It relates to dentistry. I will also be sharing the challenges that I see dentists facing. After reading this week's blog, don't forget to check out my video on this topic as well.

Now, if you are like many of the dentists that I speak with, things are a bit hectic and you are never able to get everything done. There is always a lot going on in a practice. I always say that dentistry has a lot of moving parts. It makes the day fly by and at times it seems to just slip away. It may seem that you never have that extra time to manage all the administrative tasks of your practice.

My goal is to simplify the money management process in a dental practice. I do this by using the Profit First system. I help dentists to fully know where they stand in regards to their finances. I teach them how to pay themselves first, how to pay their...

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How The Tax Account Works

If you had to rank which aspects of running a dental practice are the least fun, paying taxes would probably be close to the top of just about everyone’s list. Many folks probably find the experience not just a chore, but a painful one at that. In my new video, I explain how planning ahead and establishing a tax account can make tax time a little bit less of a headache.

A Tax Account is simply a savings account that is allocated for various kinds of tax payments. Every week, set aside a percentage of your gross deposits and designate it to your tax account. You can use the money in your tax account to pay things like income tax, owner taxes withheld from their paycheck, and other business taxes associated with your dental practice.

But why is a tax account important? Having a separate account to handle taxes is a great accounting tool. Not only does it help you keep your finances organized, it also helps to ensure that you’re prepared when taxes are due. Anyone...

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Dr. Whitney Sebree Testimonial

Whitney started her own business in 2019 and quickly discovered that things were growing really fast. While this was exciting, she also felt like she was buried under a mountain of tasks and could not figure out how to gain control of the business amidst this growth. Whitney eventually reached out to a mentor who suggested working with Barb. After a quick consultation, they both agreed it was the right fit and the rest is history!

At the beginning, Whitney did know how to navigate the numbers side of the business and routinely felt lost. After working with Barb, Whitney has been able to make data informed decisions to benefit the business and her clients. A framework for how to ebb and flow based on these practical numbers has given Whitney a sense of control and allowed her to know exactly how to make the adjustments necessary. Eventually, Whitney was able to begin taking regular paychecks which removed an incredible amount of stress and released her from the symptoms of burn out....

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