by Sponsored Content: Good Margins Dental Accounting
Practice owners contact us when they find a need to understand their business, get better financial clarity or better manage their business. They discover a need for change because change triggers progress. These changes are not just pocket change, or a small, trivial amount of money. Change is not easy, but it is not trivial. Often business owners feel that if they hire an accounting firm, then that is all they need to do, forgetting that change requires effort from the organization. It is important to recognize the value of the pocket changes needed and grab hold of it.
It may seem like the changes needed are huge and impossible, but a small change, or pocket change, is extremely valuable. Pocket change can mean slight improvements that add up to a revolutionary change in the company. Pocket-change-sized pieces of good data can provide accurate and consistent information that allows owners to make educated, informed decisions. This small pocket change allows one to understand where funds are coming from and going, understanding debt obligations, and the balance sheet.
To quote a current client, “my focus has been revenue, revenue, revenue. How can I increase patient flow, and how can I increase revenue? But it hasn’t been the really important thing, which is profitability … that worked when I was a small office doing a $100K a month … what I have found as I have grown is we haven’t scaled how we do things and that doesn’t work.” (Dr. Nathan Owens, Owens Dental in Pulaski, Tennessee).
Good Margins Dental Accounting Super Accountants have identified some changes that are more than Pocket Change:
- The change to accrual accounting method. This pocket change allows owners to really understand their finances and have clarity into profitability.
- Use of a profitability report to give more financial clarity, rather than a Profit & Loss report alone.
- Accurate cashflow projects based on actual expenses.
- Focusing on expenses not just revenue.
- Budgeting based on actual history.
- Operate with Clear Communication and Transparency at every level.
- Strategies to avoid employee burnout.
Good Margins Dental Accounting has been serving Super Dentists who do super work for the past 5 years. We have over 25 years of experience in accounting and business management, basing our business philosophy on two principles. First, we want to provide services that our clients need in partnership, allowing them to grow and prosper. We are proud to support clients’ efforts to provide exceptional oral care to their patients.
Second, we hire based on personality, fit, and work ethic, rather than just experience. We believe in training Super Accountants, giving individuals additional skills to allow them to be more financially independent. If we can help educate and empower individuals one at a time, then we are making a difference in the world.
Contact Good Margins Dental Accounting to see how our Super Accountants can help you as a Super Dentist to best make sure of your Pocket Change.
