Therapy For Your Money
Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Founder of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses.
Therapy For Your Money
Episode 2: 6 Financial Habits of Profitable Private Practice Owners
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Julie Herres
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Season 1
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Episode 2
It’s time to break bad, repeatable habits. Replace them with financial habits that prove profitable for practice owners. It’s expensive to fix a mistake rather than to do it right in the first place.
Julie Herres, owner of Greenoak Accounting and host of the Therapy For Your Money Podcast, shares insider information about best practices that make profitable practice owners.
Click here to download our handout for this episode!
Episode Highlights:
- Money Mindset: Measure profit not success of your practice
- What it means to be profitable? Depends on different practice levels and structures
- Four Financial System Pillars:
- Billing
- Payroll
- Accounting and Bookkeeping
- Tax
- Time Well Spent: Pay yourself intentionally and consistently for time spent in genius area
- Daily, Monthly, Quarterly, or Annually? Review financial data regularly to stay up to date
- Profit First: Plan ahead of time to save money for taxes and unexpected circumstances
- Vision: Think about future goals for your practice to grow, expand, and be profitable
Links and Resources:
Federal Insurance Contributions Act (FICA)
Therapy For Your Money Podcast