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:
QuickBooks
TurboTax
H&R Block
Profit First
Federal Insurance Contributions Act (FICA)
Schedule K-1
GreenOak Accounting
Therapy For Your Money Podcast