In this episode of "Therapy for Your Money," Julie Herres and Linzy Bonham discuss the various types of financial professionals that therapy practice owners might work with or encounter. They highlight the importance of understanding the roles and responsibilities of these professionals to make informed decisions for one's business.
Bookkeepers and Accountants for Therapists
The discussion starts with an overview of bookkeepers and accountants. Bookkeepers manage the financial records, transactions, and basic financial tasks, while accountants have a more comprehensive understanding of taxes, bookkeeping, and payroll. Accountants might also provide forward-looking analysis, helping business owners plan for the future.
Fractional CFOs (Chief Financial Officers) for Therapists
The hosts introduce the concept of fractional CFOs, who are like strategic financial partners for businesses. Fractional CFOs help with big financial decisions, budgeting, measuring financial key performance indicators, and achieving financial goals. They play a vital role in guiding businesses through periods of growth and keeping them on track.
Financial Coaches and Profit First Professionals for Therapists
Financial coaches focus on educating and empowering business owners to manage their finances effectively. They address mindset and emotional aspects related to money, helping business owners develop skills and habits for informed financial decisions. Profit First Professionals specifically use the Profit First methodology to prioritize profit in business finances.
Payroll Services and Financial Planners
Payroll services automate payroll-related tasks, ensuring compliance and accuracy. Financial planners, on the other hand, offer guidance on investments, retirement planning, and insurance products. It's important to distinguish between fee-for-service financial planners and those who may also sell financial products, as this can affect the advice and recommendations they provide.
Tips for Practice Owners:
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Money Nuts and Bolts - Learn More about Linzy and her services
Podcast Production and Show Notes by Course Creation Studio