Ep 75: The Top Financial Mistakes Practice Owners Make with Chris Sands

In this episode, Dr. John and Wendy sit down with Chris Sands, owner of Pro-Fi 20/20 CPAs, an accounting, tax, and financial consulting firm for dental practices. In this episode, they discuss the common mistakes practice owners make when it comes to managing their dental practice finances. You'll learn how to be financially savvy as a dentist owner, what numbers you should be looking at, and what you need to do now to prepare for tax season. In this episode, you'll learn: The most financial mistakes dentists are making How dentists often incorrectly measure the financial success of their dental practice Why you shouldn't have your accountant prepare your financial statements Why many practices have such a high overhead cost (and what they can do to decrease it) What you need to know about 2020 taxes Why it's imperative to talk to a CPA right now if you took out a Payment Protection Loan (PPP). 3 strategies you can use to lower your tax bill Why you should get a CPA that focuses solely on dental practices Guest Bio Chris Sands focuses on counseling dental business owners as a result of his first-hand experience working in a dental practice. His goal is to help them grow and understand the importance of being fiscally responsible in their business. Chris helps educate doctors about the importance of having accurate business accounting records and a proactive relationship with their CPA to develop tax strategies for both business and personal finances. Chris is active in the dental industry where he regularly lectures at conferences, study clubs, professional association meetings, and workshops and publishes articles on business and finances in the dental industry. Visit https://profi2020.com/ to learn more