Do you enjoy accounting and bookkeeping?
My guess is your answer is an “absolutely not!”
Who does right?!
When you first opened your private practice you probably didn’t anticipate the amount of time you would have to spend on the actual business itself. The long and arduous excel sheets at the end of each month and the dreaded annual tax filing – it can all be a bit dull taking care of a business.
Don’t worry, this is an extremely common feeling among not just private practitioners but also small business owners in general.
Accounting just kind of sucks…
So, to make this task just that little bit easier, I’d like to share with you my 3 quick tips for keeping on top of your bookkeeping:
1. Reconcile your account statements monthly
I know, it’s boring but I promise if you update your spreadsheet, accounting software, or practice management system each month with your income and expenses statements, including credit payments and tax, you won’t hate tax time as much! It’s better to do a little bit of work each month, and not forget anything, than opting for one big pile of paperwork at the end of the year – trust me, I opted for the one big pile my first year in business. Never again!
2. Set up automatic statement imports
This one is a life saver. Many bookkeeping software or practice management systems allow you to set up a system that automatically pulls in your business card payments or bank statements into the report, saving you hours of manually importing!
3. Keep business and personal separate
This alone will make bookkeeping that much easier. Make sure you have separate bank accounts and credit cards specifically for your private practice. This eliminates the headache of untangling the expenses each month.
These small, yet strategic, tips can help prevent business overwhelm during tax season.
Using a private practice management system that tracks your income can help make this so much process easier. In my private practice, I use Jane App, an all-in-one practice management system, that manages case notes, consent forms, client payments and billing.
Jane App offers a discount for therapists who see less than 10 clients per week.
Jane’s special helper rate is not advertised on their website, but if you see less than 10 clients per week you can receive a $25 discount on a monthly subscription for 3 months with a possibility of an extension. If you’re still seeing less than 10 clients per week after 3 months, you can renew the discount by contacting them directly.
If you see more than 10 clients per week and want to receive a 1-month grace period, you can use my promotional code EVASPARE1MO.
Check out Jane by clicking the link here.
Disclaimer
Any links, referrals or promotional codes listed may be affiliate links where Evaspare Inc. may receive a small monetary compensation, at no extra cost you, when you click or use links or promotional codes.