9 min
Episode 90: The ABCs of Accounting (Part I) Therapy For Your Money
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- Business
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 = AssetAny resource owned or controlled by a businessB = Burn RateMeasures your outgoing cash flow based on the money your practice typically spends each monthC = Cash AccountingMethod of accounting that only reflects transactions at the time the payment is actually received or made (versus accrual accounting method)D = Double-Entry BookkeepingWhen each transaction has both a debit and a credit - this ensures accuracy, and balances your financial statement at all timesE = ExpensesAny cost associated with running your practice (includes a variety of things - payroll, office supplies, technology costs, rent/utilities, taxes, etc.)F = Fiscal YearThe timeline that you use to budget your financesG = General LedgerWhere 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
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 = AssetAny resource owned or controlled by a businessB = Burn RateMeasures your outgoing cash flow based on the money your practice typically spends each monthC = Cash AccountingMethod of accounting that only reflects transactions at the time the payment is actually received or made (versus accrual accounting method)D = Double-Entry BookkeepingWhen each transaction has both a debit and a credit - this ensures accuracy, and balances your financial statement at all timesE = ExpensesAny cost associated with running your practice (includes a variety of things - payroll, office supplies, technology costs, rent/utilities, taxes, etc.)F = Fiscal YearThe timeline that you use to budget your financesG = General LedgerWhere 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
9 min
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