In this video we are told how getting financial guidance can help practice owners of different practices especially dental, increase their business and compete with larger organizations. PracticeCFO located at San Diego, CA offers financial guidance to practice owners who cannot afford to pay thousands of dollars to a full time chief financial officer and helps them grow financially. Instead of just recording what has been done like a book keeper or giving tax advice like a CPA, PracticeCFO does both these things plus it also provides financial and business advice to practice owners who do not know how to be business owners. PracticeCFO works to provide financial peace of mind to its clients while helping them build a business they’ve always wanted to have.

PracticeCFO has two reasons why we really exist and the first reason is because we are trying to help practice owners different practices, dentists, oral surgeons, orthodontists, medical practice owners to become financially independent earlier in life. The second reason is we’re trying to protect the private practice space. There’s a lot of large corporations a lot of dental corporations, that are really gaining a lot of market share but we believe that most doctors still wanna own their practice particularly in the dental field and so we’re trying to help them have a financial guidance in their practice and in their personal life that enables them to compete effectively against these larger organizations. Most businesses have a financial what’s called a CFO.

CFO stands for Chief Financial Officer and we believe that practice owners single doctor, two or three doctor practices, they really would benefit by having a CFO like role giving them financial guidance in their practice and but most of them can’t afford to pay ten fifteen thousand for a CFO full time in their business so what we offer is a CFO like advice and role in their practice that help them structure a financial system that creates an organization and helps them accelerate their financial growth and the financial health of their practice. We’re in business because a lot of practice owners go to school to learn how to make clinicians but not business owners and there’s a big difference and we were educated in finance accounting and have a network of business services that they may not.

So we specialize in knowing how businesses should run, how they can be financially successful and fulfill the role of chief financial officer and that’s how we’re different from a book keeper or a CPO even though we do those things too a book keeper just records what you’ve done, a CPA can step it up a notch and record on report of what you’ve done and give you tax advice that sort of a thing, but we wrap a whole another level around it which is planning and financial advice and business advice and business services and that’s something that competitors and typical CPA firm will not provide Practice CFO exists really for financial peace of mind for our clients where typical practice owner has different service providers for the various financial aspects and the challenges they face you know they might have a CPA doing their book keeping and tax work they might have an insurance agent protecting the interest of  them and their family and each one of those is probably really good at what they do and they really specialize in that niche but they’re not overseeing a global system you know you make a decision in one area whether it be investments, retirement planning, your education funding, whether to invest in technology in practice all those decisions are inter related and each one of them has an impact on the other and ultimately an impact on your tax and cash flow situation so exist  really to bring all those together and make sure that you know with each decision that we make with our clients we’re optimizing a financial system that allows them to achieve what they want personally.

I’ve really got to know practice owners, their unique needs, the right tax structure, the tax deductions that relate to them, how to address the unique financial needs that they have when they’re doing a build out or financing equipment in their office, how to hire and compensate their staff whether it’s an associate, whether it’s hygienists in a dental office, all of this unique language to the industry of practice owners we’ve developed that specialty and then we can take that specialty and apply it into their financial planning to help them really fly as a practice owner.