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Why Your Accountant Is Your Worst Enemy

by Wes Read, CPA, CFP® | November 22, 2022

No, we're certainly not talking about our accounting team here at PracticeCFO. So what exactly do we mean by the title?

Say you're not a client of PracticeCFO, and instead you are a dentist looking to be financially independent. However you are relying solely on your accountant/ CPA to help you with this. You don't have somebody who is uniquely qualified to help you maximize your profitability and overall financial success. You don't have an active team integrating your business and personal finances into a single, harmonized strategy designed to achieve your targeted financial outcomes.

In this case, yes, your accountant may very well be an enemy to your financial independence! Bad advice from accountants can significantly reduce a dentist's wealth building, but few know how to recognize when they're getting bad advice.

We had a blast having this chat with the folks over at Dental Economics! Wes's presentation was shown as the latest in their Solution Lab series (pictured above.) He connected with hundreds of dentist across the country as he emphasized the value of an expert-driven, integrated team leading one's journey to financial independence. Learning objectives included:

  • Why dentists struggle to progress financially as fast as they should, and why accountants contribute to it.
  • What does a strong “financial planning system” looks like for a dentist and why their accountant isn’t helping.
  • Why most accountants and tax planners cost you significant amounts in unnecessary taxes.
  • Why most dentists (and their accountants) don’t understand ERISA retirement plans (e.g. 401K) and what dentists can do about it.

Missed the webinar? Not a problem. You can watch his full presentation on demand here!

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