1887

Finance

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Abstract

Finances are fundamentally important to every practice, no matter how large or small. Profit is essential for the survival of the business. This chapter covers the basics of practice finance; trading structures; practice financial software; financial information available to practices; working capital management and practice funding; payroll; improving practice profitability and efficiency; practice investment decisions, and the use of external accountants.

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Figures

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24.3 An example of a profit and loss account.
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24.4 An example of a fixed assets register. NBV = net book value.
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24.5 An example of a practice’s balance sheet.
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24.6 An example summary of cash movement.
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24.8 Practice investment decisions: example cost–benefit analysis. Assumes space available to use the equipment within existing premises and no installation costs. Salary costs are for illustrative purposes only.

Supplements

Examples of budgets and T&C

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