What is a Dental CFO and Why Do I Need One?
Thursday, January 3, 2019. 9:59 AM
Start simple: Tell me what a CFO is.
CFO stands for chief financial officer. They're accountants that have the big picture in mind. Their job is to help companies reach their long-term financial goals. A CFO can look at what revenue a company is bringing in versus costs and propose changes to increase profit. Their job can be long and taxing because it requires constant vigilance and a lot of foresight. A good CFO will make you much more money than you ever spend on them.
Is a CPA different from a CFO?
Why yes it is! Most CFOs are also CPAs. So a CFO can do everything a CPA can do, they just have different focuses. The CFO is more concerned with strategic financial long-term plans while the CPA handles your tax filings. Because CPAs deal mainly in taxes, they're constantly looking backwards and working on filing your taxes for last year. A CFO is able to focus on the future by looking at the day-to-day financials and seeing where cuts can be made for greater profits. Most companies that use a CFO also have a CPA. Small companies that simply want someone to help them keep track of their tax liability will only use a CPA. Bigger companies that want to see their revenue increase and cut down their costs will hire a CFO to help them do it.
Alright that helped. Now what's a dental CFO?
Dental CFOs are CFOs that focus on dental practices. By specializing in dental, they can better serve dental practices. They know how much a dental practice should spend on overhead costs and can help cut your expenses. They know the tools and programming that dental offices need and can get the best prices for you. Their foresight is especially sharp because they're familiar with what other dental practices have gone through and how they made their money. To put it simply, dental CFOs have made your business their business so they can better help you.
Can't I just use a regular CFO?
Of course! Some dental practices use a regular CFO and get along alright. The biggest difference you'll find is in foresight. A regular CFO will only be able to spot problems and recommend changes after you've lost money. A dental CFO can start you off right. They can create a strategized financial plan with you that will ensure that you're spending the right amount on your business expenses and charging the right amount for services. They can help make you money as soon as possible.
Ok I'm convinced I need one. How do I find a good dental CFO?
I'm so glad you asked! If you'd like a free consultation with a talented and passionate dental CFO simply email melissa@cfofordentists.com. Find out for yourself how much a dental CFO can do for your dental practice. With their help, you can make the money you always dreamed of in dental school.
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