Effective Analysis of Your Practice Financials—Think Big, Then Small A typical profit and loss statement may contain 30 or more different expenses categories, making it easy to get lost in the little details when searching for the things that matter most to your financial success. In the post Why Revenue Matters Most, I explained why revenue is the more important number … [Read more...] about Do Physicians Know How to Analyze Financial Statements?
The Basics of Balance Sheet Analysis
The most well-understood financial statement is the profit and loss statement. Over a stated period of time—typically, a month, a quarter or a year— the P & L tells you how the money came in and how it went out. What the P & L does not tell you is what you did with your profits and how financially strong your practice is as a result of those decisions. Your … [Read more...] about The Basics of Balance Sheet Analysis
Best March Tax Tips 2020
Businesses and Individuals From now until mid-April is crunch time for your accountant, so timeliness, organization, and communication are in high demand. On the business side, most entities have a March 15th filing deadline. (Sole proprietors and calendar year-end C corporations are the exception.) Even if your accountant can prepare your return now, it may be … [Read more...] about Best March Tax Tips 2020
Best February Tax Tips 2020
Businesses By this point in filing season, it is possible, perhaps even likely, that you have heard from your accountant multiple times, especially if they have not received your business tax and financial information. DON’T FORGET: If your business has a March 15th filing deadline, and you do not wish to file an extension, plan on having your business information … [Read more...] about Best February Tax Tips 2020
Best January Tax Tips 2020
Businesses Now that we have turned the calendar to a new year, it is that time again to begin planning for the completion of your tax returns and other year-end work. Yes, you have several months until your returns are due, but so does everyone else. That is why it is important for you to beat the rush. To get started, ask your accountant for an information request list. … [Read more...] about Best January Tax Tips 2020