Dental CFO Lite for Solo or Early Phase Groups

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Dental CFO for Startups & Solo Dentist Practices

CFO Lite for Solo or Early Phase Groups

Vigor Financial: CFOs for Solo Dentist Practices and Startups

When many dentists start their own practices, they do so to provide care for their patients on their terms., Dental entrepreneurs quickly learn that running your own business requires much more than caring for the patient. The financial vitality of your company, for instance, requires constant time and attention, which can be difficult for practicing dentists to do on their own.

If you run a solo dental practice or manage a group of locations or even a Dental Service Organization (DSO), your company needs a chief financial officer (CFO). This individual can help you meet your goals and objectives while monitoring all your finances on your behalf. This allows you to focus on your patients.

Vigor Financial provides some of the most trusted financial advice in the dental business. We can offer a wide range of CFO services for your small business.

Dental Practice Management

Our team has many years of experience acting as CFOs in the dental industry. During this time, we have accumulated a wide range of skills and services that we offer to our clients. We can work with you to determine which services most fits your needs and help you make business decisions that suit your overall goals.

Dental practice management is difficult, but our team can help make these operations easier for you as a business owner. Our training in this area allows you to maximize profits and make strategic choices about your business and your future, regardless of what you are trying to achieve.

Financial fitness is key to a thriving dental business, and our CFOs are highly trained to create this for your company. Trust Vigor Financial with your small dental business.

What Does a CFO Do?

Although CFOs are a part of most successful companies, many people do not understand the details of what a CFO does. This can make it difficult to use these professionals to their maximum potential, leaving many businesses with lowered profits.

Our CFOs perform a wide range of financial-based services for their employers. Overall, the CFO’s role is to oversee all financial actions that the company takes. This includes things like:

• Accounting
• Bookkeeping
• Accounts Payable
• Budgets
• Forecasts
• Review of expansion opportunities
• Review of acquisition opportunities
• Analysis of Denovo opportunities

Although a CFO may have other professionals who help them manage each task, they oversee all the financial aspects of the business.

Why Do I Need a CFO From Vigor Financial?

If you are trying to run a dental business, it is important to keep track of your financial status so that you can set and meet your goals. This is a complicated task that requires a significant amount of time and attention. Most dental professionals, though highly skilled in their jobs, do not have the financial background to properly execute all the tasks of a CFO. Additionally, attempting to do the job of a CFO while also practicing dentistry is extremely time-consuming and can be nearly impossible to execute correctly.

Our team at Vigor Financial offers dental CFO services that can be tailored to your needs. When you work with us, you have access to professional financial services without having to hire and train your own CFO. This gives you more flexibility as a small business.

Dental CFO Services

CFOs perform a wide range of duties for the businesses for which they work. Understanding these services can help you use your CFO to their maximum potential.

Financial Analysis

One of the central tasks that a CFO performs is deep and comprehensive financial analysis. To do this, your CFO can review all your financial records to determine approximately:

• What your business is worth
• How your withdrawals and deposits balance or fail to balance
• The overall health of your financial status

This analysis can help you identify any potential issues with your practice’s finances, allowing you to make informed choices about how to proceed.

Forecasting and Predictions

Market fluctuations affect all businesses, even vital ones like dentistry. This can make it difficult to feel stable about your business’s profits and nearly impossible to achieve your goals without help. A CFO from Vigor Financial can work to make fiscal predictions that can inform your day-to-day decisions. With more information and context, you can make empowered decisions about your dental practice.

Bookkeeping

Bookkeeping is a key aspect of a successful business. Creating a system to retain records and receipts is more important than it may seem, and lots of companies execute it incorrectly. A trained CFO can oversee proper bookkeeping practices and ensure that your records are up-to-date, clear, and ready when you need them.  This will put your business in a better place to make timely decisions and put your best foot forward when searching for financing or a potential partner.

Tax Strategies

Business law is one of the most complicated areas of the legal system, making it difficult to maximize returns and tax breaks if you do not have a thorough understanding of it. A CFO can partner with your CPA to help you create an ongoing strategy that benefits your company’s profits. We can explore all possible programs and designations that may help you maximize your return and minimize the amount that you owe as a business.

Tax Planning

Many business owners scramble to assemble the proper paperwork for tax season. This can be especially difficult without a system in place for organizing and storing these documents. A CFO can keep track of all relevant expenses and paperwork so that tax season proceeds as smoothly as possible. We can also ensure that the CPA responsible for your company’s taxes can work efficiently to file your yearly or quarterly tax returns.

Budgeting

With your focus on dental work and customer care, it can be challenging to develop a budget that truly works for your growing business. The difference between overspending and investing in your future can be very subtle, and a CFO helps ensure that you put your efforts and resources toward the latter. A good budget is key to achieving your goals and growing as a company.

Budgeting is more than just setting limits for spending. It involves assessing areas where your company could be reaping higher profits and where your efforts are not yielding appropriate results. A CFO creates a scalable budget that allows your dental practice to thrive as it grows.

Trend Analysis

Although dentistry is precise and exacting, there are still constant fluctuations in the business. Keeping abreast of the industry, especially your direct competitors, allows you to better outperform other dental practices.

A CFO helps you track trends in the industry as well as trends within your business based on the time of year. These insights allow you to make more informed decisions about the future of your dental practice.

Contract Management

Your contracts with your employees, clients, vendors, and suppliers all affect how smoothly your business runs. Negotiating healthy contracts is key to ensuring that your business has the support it needs to thrive.

Your dental company relies on many different people to operate effectively, even if you are a small business or startup. As such, you need to be able to trust the relationships you have with vital parts of your business. The most basic way to achieve this is through high-quality contracts.

A CFO has experience with these types of documents and can create, manage, and oversee them. With someone focused on managing and maintaining contracts, you can trust that all parties are upholding their obligations while you focus on caring for your patients.

CFO Advisement Meetings

Monthly meetings with your CFO can help you make sure that everyone is in accord and that all your methods support your goals. A CFO can help advise you and your staff about ways to optimize your financial processes, which provides a vital outside perspective.

You should work closely with your company’s CFO and be aware of what is happening in your business’s finances. Regular finance meetings with a trusted CFO can help you remain on top of the financial aspects of your company without requiring a constant hands-on approach.

Startup Support

Many startups fail because they do not have a good idea of how to manage their finances, yet it can be difficult to hire an in-house CFO when you have a small startup budget.

A CFO from Vigor Financial offers significant advantages for startups. As you begin your dental business, a CFO can ensure that you understand your financial obligations and how to meet your goals without exhausting your initial funding. This key support can be the difference between a successful startup and one that closes shortly after its inception.

Key Performance Indicators

Key performance indicators, or KPIs, are crucial for tracking your dental business’s success. Depending on what you want for your company, you can create KPIs that reflect your goals and track your progress. A CFO helps identify and implement KPIs that will be useful to you based on the goals that you have set for your company.

Dentist-Specific Solutions

Although CFOs work in every industry, dentistry is unique and requires particular care. As a dental professional, your company faces challenges and decisions that simply do not exist in other areas of business. It can be discouraging and exhausting to face these challenges without a knowledgeable person by your side.

Our team at Vigor Financial works exclusively with dental professionals and companies. We understand the unique challenges that individuals in these industries face and can help you work toward your goals and objectives successfully. Although many financial firms may serve your community, few have the specific experience necessary to serve your dental practice.

When you own and operate a dental business, you have a lot of responsibilities. Although you may have an accountant or bookkeeper, the job of managing them ultimately falls to you. Even if you are not directly doing the work, the management aspect is extremely time-consuming.

Using a CFO who understands the dental industry allows you to focus your attention on your skill areas. By overseeing financial matters and employees who perform finance-related tasks, your CFO offers a significant amount of time for you to focus on other tasks, like patient care and experience.

Protect Your Finances

Your dental business’s financial fitness is an indication of the overall success of your company, but it is also an indication of whether you are abiding by all relevant laws and requirements. Monitoring your finances for signs of illegal activity is time-consuming, and it is still easy to miss something.

Although you may be honest with your finances, it is possible for employees, vendors, clients, or other individuals to take advantage of you. Fraud, embezzlement, and similar white-collar crimes happen with regularity in the dental industry, and it can be hard to detect these practices. A CFO’s trained supervision gives you added protection and helps you identify any fraudulent activity before it ruins your hard work.

Selling Your Business

If you are looking to sell or transfer ownership of your dental startup or small dental business, a CFO or financial advisor is extremely important. To transfer ownership, you will need an accurate valuation of your company and clear records of your purchases, income, employees, and more. Without this information, it will be difficult to go through the sale or transfer process. If you can even complete the sale at all, you are still at risk of receiving less than you deserve for your company.

Whether you are looking to sell soon or want to be prepared to sell in the future, a CFO helps put you in the right position to sell your business. This process requires a high level of financial organization, which a CFO or other financial professional can provide.

Contact Vigor Financial

Our team at Vigor Financial has many years of combined experience as CFOs for dental businesses of all sizes. We understand the unique challenges that you face and can help you overcome them while aiming to meet your financial goals. The added help of a CFO allows your business to grow and reach its full potential.

If you have been considering CFO services, now is the time to inquire. Contact Vigor Financial to learn more.