The Benefits of Outsourcing a Fractional CFO for Your Dental Practice

The Benefits of Outsourcing a Fractional CFO for Your Dental Practice

A chief financial officer (CFO) is more than just a CPA or accountant. A CFO brings a higher level of analysis, reporting, and planning to the financial aspects of your firm. A CFO will analyze the strengths and weaknesses of your dental firm from a financial perspective, rather than simply providing an income statement and balance sheet for you or your board of directors to analyze.

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Dental Practice Insurance

Dental Practice Insurance

You do everything you can to apply industry best practices to your own practice management. Insurance for dental practices can help you manage business risk and protect your patients, staff, and practice. However, with so many insurance products on the market, how can you tell which ones will provide adequate, but not excessive, coverage? With the safety of your employees and patients on the line, you may need help choosing an insurance carrier that offers adequate coverage with affordable rates.

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Section 179 Deductions for Dentists

Section 179 Deductions for Dentists

What is a Section 179 Tax Deduction?

Section 179 is a provision in the tax code allowing businesses to take a deduction for the full cost of qualifying purchases, such as new equipment and technology, in the year, purchased and placed into service.

Before Section 179 was introduced in 1958, business owners had to treat these large expenditures like most other business expenses and depreciate over time. This often made large, yet essential, purchases impossible for small businesses. While Section ......

Year-End Tax Planning Tips for Dental Practice Owners

Year-End Tax Planning Tips for Dental Practice Owners

With 2021 almost in the rearview window, now is the ideal time to start your year end tax planning. While it may not seem like a key element in dental practice management, tax planning is a crucial part of successfully running a dental practice, in regard to profit, compliance, and efficiency.

And although it’s a given that tax laws change year to year, American taxpayers are facing an abnormally large amount of tax law changes for the 2021 tax ......

What is the Difference Between a Dental CFO and CPA?

What is the Difference Between a Dental CFO and CPA?

Small business owners who engage accountants and financial advisers often use “CFO” and “CPA” interchangeably, even though they can entail wildly different responsibilities.

A CFO is the chief financial officer of a company and is responsible for the long-term financial strategy, forecasting, and execution. CFOs have a broad knowledge base and are primarily looking at future growth, not historical data. The CFO of a large company will oversee more functions and hire the right financial professionals for different roles within ......

How to Maximize the Use of a Company Car

How to Maximize the Use of a Company Car

We’ve gotten questions about company car usage and tax considerations from various dental practice owners and partners over the years. If you’ve been considering purchasing a company car or want to know more about the process, this blog is for you. Below, we’ve detailed what you need to consider from a purchasing and tax perspective.

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How Effective Team Management Can Improve Overall Dental Practice Management

How Effective Team Management Can Improve Overall Dental Practice Management

Running your own dental practice requires many practice management skills you don’t learn in dental school. In order to effectively run your practice, it’s important to develop these practice management skills or make certain you have a trusted team member to execute them. We know you want to concentrate on the clinical side of the business. That’s why the team at The Dental CFO provides the expertise and tools you need to keep your team motivated and your office running ......

Costly Employee Termination Mistakes that Practice Managers Should Avoid

Costly Employee Termination Mistakes that Practice Managers Should Avoid

It’s a difficult time to be an employer in any industry. Yet, there are countless situations that can be made worse with the wrong information or inaccurate details. As a dental professional, your goal should be to treat patients and operate a successful dental practice. Dealing with intense matters like employee termination is not something you want to spend your time on. More so, when you have problems such as management mistakes to handle or correct, the situation gets much ......

When is a Dental CFO a Necessity for Your Practice?

When is a Dental CFO a Necessity for Your Practice?

Pain Points of Running a Successful Practice

What makes a dental practice successful? As a dental professional, you know it takes more than just money to run a successful practice. Reinvesting in your practice and helping it grow requires time, commitment, and money. As a dental practitioner, you want to spend your time seeing patients, not developing the best marketing strategy and optimizing the back end of the business. Fortunately, you can ensure things go smoothly in your practice without ......