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 90: The ABCs of Accounting (Part I)
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Julie Herres
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Season 3
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Episode 90
Welcome to the Therapy For Your Money School of Accounting! Today, Julie's going over key financial terms that are vital to running a successful business.
Pre-order your copy of Profit First For Therapists by clicking here!
EPISODE HIGHLIGHTS
- A = Asset
- Any resource owned or controlled by a business
- B = Burn Rate
- Measures your outgoing cash flow based on the money your practice typically spends each month
- C = Cash Accounting
- Method of accounting that only reflects transactions at the time the payment is actually received or made (versus accrual accounting method)
- D = Double-Entry Bookkeeping
- When each transaction has both a debit and a credit - this ensures accuracy, and balances your financial statement at all times
- E = Expenses
- Any cost associated with running your practice (includes a variety of things - payroll, office supplies, technology costs, rent/utilities, taxes, etc.)
- F = Fiscal Year
- The timeline that you use to budget your finances
- G = General Ledger
- Where every single transaction is accounted for in order to prepare budgets, taxes, audits, etc.
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com