10 Questions to Ask Yourself When Reviewing Your Monthly Financial Statements

Welcome back to The Dental Boardroom Podcast with Wes Read.
In this follow-up to our previous episode on structuring your Profit & Loss (P&L) statement, we dive deeper into the how of using your financials strategically.
This episode walks you through 10 essential questions—or rather, areas of focus—to ask each month when reviewing your financial statements. These questions will help you uncover trends, evaluate performance, and guide your practice toward long-term financial health.
Wes also breaks down how to align your collections with personal financial goals like retirement and financial independence. He shares real-world advice on navigating fluctuations in revenue and expenses.
Whether you're a seasoned practice owner or new to analyzing financials, this episode is packed with actionable insights that will help you become a more financially empowered business owner.

Key Points:
How to read your P&L like a narrative, not just a spreadsheet

Monthly collection tracking: comparing last month, YTD, and last year

How to know if you hit your goals-based breakeven point

Strategies for consistent collection growth through marketing and operations

Identifying outlier expenses and validating through the general ledger

Why your practice financials should align with your life vision

Question 1: What were my collections last month and year-to-date (YTD), and how do they compare to last year?
Understanding variations in collections and what they indicate

Question 2: Did I reach my goals-based breakeven point for the month and year?
The importance of setting and measuring against personal financial goals

Question 3: How can I grow my collections consistently?
The role of marketing, operations, and planning in revenue growth

Question 4: Do any expense categories look too high or too low?
How to review the general ledger to validate expenses

Mindset: Be intentional about aligning your practice’s performance with your life goals.

Hashtags:
#DentalBoardroomPodcast #WesRead #DentalFinance #ProfitAndLoss #DentalPracticeManagement #FinancialPlanning #PracticeOrbit #DentalBusiness #DentalCFO #CollectionsGoals #DentalGrowth #PlanAndProfit #FinancialIndependence #DentistLife

Видео 10 Questions to Ask Yourself When Reviewing Your Monthly Financial Statements канала PracticeCFO