Your Practice in Numbers: Mastering the Profit & Loss Statement

Your Practice in Numbers: Mastering the Profit & Loss Statement

12/26/2025 11:21:49 PM   |   Comments: 0   |   Views: 51

Mastering the Profit & Loss Statement

View More Episodes: https://podcasts.apple.com/us/podcast/the-dental-boardroom/id1518344747

In this episode with Wes Read CPA, CFP and founder of PracticeCFO, explore a topic that is absolutely foundational to the financial success of your dental practice—your financial statements. Host [Your Name] (or "I") breaks down the importance of understanding your Profit & Loss Statement (P&L) and how it reflects the economic health of your practice.

Whether you’re preparing to sell your dental practice or simply want to make smarter financial decisions, this episode will help you interpret your numbers and transform your P&L into a powerful decision-making tool.

Key Points:
Financial statements are your practice’s financial X-rays. They tell the story of all your effort.
P&L (Profit & Loss) shows income and expenses; it's key to understanding your monthly performance.
Balance Sheet shows assets and liabilities—important, but covered in a future episode.
Your P&L should be reviewed monthly—ideally by the 15th–20th of the following month.
Understand Net Operating Income: what's left after operational costs but before debt, taxes, and personal draw.
A well-structured P&L is essential whether you're managing or selling your practice.
Tools like QuickBooks Online and REACH Reporting can improve report clarity and benchmarking.

Want more podcasts from The Dental Boardroom? - https://podcasts.apple.com/us/podcast/the-dental-boardroom/id1518344747
Want more podcasts from The Dental Sales? - https://podcasts.apple.com/us/podcast/the-dental-practice-sale/id1677648235

Discover Your Complete Financial Team: https://practicecfo.com/
Discover The Best Marketplace to Buy or Sell a Dental Practice: https://practiceorbit.com/

PracticeOrbit:
Facebook - https://www.facebook.com/profile.php?id=61559125754834
LinkedIn - https://www.linkedin.com/company/practiceorbit/

PracticeCFO:
Facebook - https://www.facebook.com/PracticeCFO
LinkedIn - https://www.linkedin.com/company/practicecfo

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