Episode 4: Dental Practice Accounting with Tom Christensen
In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with Tom Christensen, partner at Dorward Chartered Accountants, dig into the accounting aspect of your dental practice’s setup. We have got the basics down, negotiating a lease, brokering a deal and getting a loan. Now it’s time to meet another important member of your clinic setup and management team, the accountant. We’re going to dig into the accounting aspect of your clinic set up.
In this episode Tom and Mohamed discuss:
- Why incorporate? Incorporating your dental practice is definitely something to think about due, at least in part, to the tax benefits. Tom shares some details about how incorporating will help you and your dental practice grow financially and give insights on how to make the most of incorporation.
- Build or buy, what should you do? There are a number of opinions on whether you should build or buy a dental practice. When it comes to buying, you’ve got a great service, clients and staff already built in – but if you choose to go with a new practice you get to create something of your own. Tom shares some factors you might want to consider when deciding whether you should build or buy a dental clinic and the risks that come with both options.
- How do you actually buy a practice? If buying an already established dental clinic is on your agenda, you might be wondering how you actually go about that. Tom talks about the different ways, conventional and not, to purchase an already established practice.
- What are the bank requirements to get a loan and how can an accountant help with those? Last episode we talked to Trisha about working with a bank to obtain a loan, this week Tom digs a little deeper and talks about how your accountant helps you get a loan whether you’re planning on building or buying a practice.
- What happens when you want to make changes that will cost additional funds with the clinic you just built – Tom talks about how your accountant can help you obtain additional funds for making changes when you purchase your new dental clinic.
- Managing your funds, budgets and other important budget information – There are a lot of practices you can use to make sure your dental practice more financially sound, and Tom shares some insights on those accounting practices.
Hear the full interview by listening to the episode.
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that help their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.