When presented with a choice between financial and managerial accounting, every dentist will tell you they need managerial. Simply put, financial accounting only keeps a business compliant with financial statements, while managerial accounting leverages your financial information for greater growth. Unfortunately, very few doctors have a managerial accounting partner to help operate the business. For those entrepreneurial doctors who are serious about seeing a change in the way they run their practices and truly lead based on financial facts, Pro-Fi 20/20 is the answer.

The most important distinction between financial and managerial accounting is the audience: Who is it prepared for? Financial accounting is intended for external audiences, such as lenders, creditors, and regulatory agencies, whereas managerial accounting is intended for internal audiences, such as you and your management team. Being meant for external use, financial accounting is governed by generally accepted accounting principles (GAAP) and is highly regulated. The end result of financial accounting is the prepared financial statements used to keep a business compliant with various guidelines. But, these statements don't necessarily embolden you with the operational wisdom to grow for the future.

For most doctors, implementing effective managerial accounting will require a shift in mindset. You must be willing to embrace being a business owner. We know you are a great doctor; now you have a partner who will help you take pride in running a profitable, healthy, and successful business. 

As a Certified Profit First accounting firm, we have gone through rigorous training to ensure our team is ready to grow your dental practice.