A short YouTube testimonial (Deon McMaster) describing positive experiences with Practice CFO and Wes Read, CPA, CFP®. Deon emphasizes fast, personal responsiveness (emails/texts/phone calls answered quickly), proactive bookkeeping and meeting preparation by Practice CFO, dental-practice-specific financial advice and benchmarking, and concrete retirement- and tax-efficiency improvements (e.g., moving plan types, profit-sharing/defined-benefit consideration) that accelerated retirement readiness.
Chapters
Well, it's been delightful. It's been refreshing to be able to reach somebody whenever I need help. So I send an email. And usually you send an email and think, okay, I'll give it a week. And I get a response in 10 minutes, or a text or a phone call. They get answered and responded to. So that's probably my favorite part about practice CFO is that I feel important.
We were one of your very first clients way back in the beginning. And so I knew I was special then because I was one of 10. And now that I'm one of I don't know how many, I feel just as special. And that's a big deal to me.
The other thing that I would say is that when I come to sit down and have meetings at practice cfo, usually in previous experience, I would go in with my list of things that I don't know how to do or that I need help with or that needs to be done. I don't have to do that anymore because I come in and they already know. They already know. They've already looked at everything. They're prepared, they know exactly what my books look like, they know what questions I'm going to have, and they're ready to help me out. So it's almost like we can check 10 things off in the first.
So when I took over doing the financials for my husband's dental office, we had a CPA who we had had for years, and it was fine. That was all that I knew. But I found that I would talk to other people in the dental field or to other people doing books for their dental offices and find out that they were doing things that nobody had ever talked to us about. Like even as simple as changing from a pre tax deferral to a Roth deferral, which nobody had ever asked us about doing and we immediately decided was a good idea. So I felt like I would go into meetings with him and say, hey, I heard that maybe we ought to do this. Or I talked to someone who was doing this and he'd say, oh, yeah, I guess we could do that if you want to do that. But when I'm with Wes, I don't have to come up with the ideas. He knows. He knows what's best for dental practices. He's been doing this for a long time. He sees lots of practices. He can tell me how our practice is doing in comparison to another practice and what we could do to increase our productivity. Whereas before it was not dental specific and there were no ideas. I felt like it was all coming from me saying, I know we can do better, but I don't know how. I come in to meet with Wes, and he says, oh, you can do better, and I know how you can do better. So. So that's been a relief to me.
Well, I know that it has helped us prepare earlier, because when we started with practice cfo, we knew we would want to retire one day. And we had a simple IRA and a few other things that we didn't have a 401 with our staff. We had no idea about profit sharing or defined benefit plans. It wasn't even in my spectrum of thought. And so we've been able to decrease our taxes and increase our retirement, and it kind of happens exponentially. The first year, you go, wow, this is pretty good. And then the second year, it's better. In the third year, it's better. Then all of a sudden, you have more money, earning more money, and you're paying less tax. And I walked into my meeting today, and Wes said, you're on your way to being able to retire at 60. And we're not telling my husband that, because I keep telling him 65. He can work to 65, but it's nice to know that we have the option, and that would not have happened.
