Therapy For Your Money Julie Herres

We have a very exciting episode today! Julie is reading an excerpt from her new book, Profit First for Therapists, all about compensation. Team compensation is the single-largest expense for a group practice, and having a clear system in place yields the best results for your business.

Click here to pre-order your copy of Profit First for Therapists!

Click here for your Profit First for Therapist pre-order bonuses!

LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com

Tax season is upon us! One of the biggest worries we often hear from our clients is that they may be audited, and while that is unlikely to happen if you properly file your taxes, it's important to have some information to feel prepared. Today, Julie is joined by Ben Golden of IRS Trouble Solvers to talk about who may be audited, what to do if you are audited, and that audit's don't have to be scary!

Ben learned the value of hard work on his family’s farm in rural Alabama feeding and milking the cows and driving a tractor cutting hay, amongst many other duties, after school at the young and tender age of eight. These hard-earned farm family values were instilled in him very early on and have carried through with him, always.  Tax resolution is not just a profession to him.  It is, indeed, personal as he has had his own experiences dealing with the IRS fighting to right issues which arise from Identity Theft and an IRS Agent failing to follow proper protocol.  These issues brought him into repeated interactions with various IRS agents, officers, and multiple units within the IRS.   These experiences only reaffirmed what Ben already knew: Individuals and professionals untrained in tax resolution are at a tremendous disadvantage dealing with the IRS.  Having fought his own battles with the IRS, Ben’s clients can count on him to fight for the best resolution possible with compassion, integrity and the utmost professionalism garnered over his career and practice.

EPISODE HIGHLIGHTS
Why would someone be audited?Very simply, it could just be your turn. There isn't always a specific reason.Most of the time, you will be audited from leaving something off of your return and their taxes are underreported.Being audited doesn't always mean you're in trouble!It's very important that you respond to any IRS correspondence you receiveAlways consult with a professional, like the experts at IRS Trouble Solvers, if you're unsure how to proceedHow do you prepare for an audit?It really depends on what the IRS is asking forThey may just need you to submit a specific document, or they may require an agent to come into your office in order to look through your books
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
www.IRSTroubleSolvers.com
Contact Ben - Ben@IRSTroubleSolvers.com

We've got a short and sweet episode today with one of our fantastic team members over at GreenOak Accounting who has a pulse on what's going on in the therapy world! Our teams have just wrapped up their quarterly client meetings and we wanted to give you an inside scoop on some of the common problems private practices are facing at the moment.

Jacquie Kiefer is an Accounting Manager at GreenOak Accounting. She is passionate about helping her clients see the big picture and how their companies are progressing.  She lives in the details of each client's day-to-day business, and prides herself in helping them achieve their goals! Originally from Colorado, she now calls Florida home, spending most of her free time adventuring with her boyfriend and their five dogs, fishing, hunting, and enjoying the outdoors.

If you're interested in schedule a consultation with GreenOak Accounting, click here!

Pre-order your copy of Profit First For Therapists by clicking here!

EPISODE HIGHLIGHTS
Inconsistent Insurance IssuesThere are many problems a practice may face when it comes to working with insurance companies including inconsistent payment schedules, long credentialing periods, and troubleshooting billingDelays in payments or credentialing can greatly affect your practice's finances if you don't have a plan in placeWe recommend diversifying the insurance companies you are paneled with, budgeting your money based on the worst case scenario, and always having an emergency fund for those tricky situations that may ariseOverall demand for mental health services are decliningAs we've eased our way back into a post-COVID world, there has been a slow decrease in the need for therapyThe world is going back to it's usual routines - traveling, family gatherings, frequent restaurant outings, etc. - which have given people a sense of normalcy after a very strange couple of yearsThis can affect many things, including hiring, team retention, overhead costs, which all end up altering your overall cash flowSolo vs Group PracticesSolo practices tend to be in a more "cruise control" settingOnce you enter into a group practice, there are so many additional factors that affect your financesIf you don't have a solid plan for sustainable growth in place, your expenses can very quickly outgrow your profit
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com

There are many different avenues you may travel when it comes to your marketing journey... you may focus on getting on a variety of insurance panels, investing in online marketing, or taking a simple approach with local print advertisements. Today, we've brought in the expert to share exactly how to get the most bang for your buck in marketing your private practice.

Joshua Brummel is the co-founder of Therapy Flow and is based out of Chicago with his wife and son. For the last 5 years, Joshua has been helping counseling practices develop modern marketing, create value-driven sales processes and build sustainable operations that produce 6 & 7-figure practices. His team has worked with over a thousand practices and has managed more than 3 million dollars of paid advertising for counseling practices.

Pre-order your copy of Profit First For Therapists by clicking here!

EPISODE HIGHLIGHTS
Do you have to spend money to make money?No! There are plenty of ways to market your practice without having to invest a large (or even any!) amount of moneyThe key to "spending money to make money" is being intentional and strategic with where you're putting your dollarsStart with the basicsCalculate the lifetime value of your average clientSelect the correct platform that fits your values/intentionsGoogle Ads and Facebook Ads are the most commonKeep it simple!Keep your message short and sweetThe key to a good ad is to reel the viewer in with a pictureThe picture will lead them to the text, the text will lead them to a link, the link will engage their action item (booking a consult, signing up for your mailing list, etc.)
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Therapy Flow - www.MyTherapyFlow.com
Deep Work by Cal Newport
Digital Minimalism by Cal Newport

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

Your private practice and personal finances are more intertwined than you may think! Figuring out what you need to maintain a comfortable lifestyle directly correlates to the revenue your business needs to generate in order to maintain that lifestyle. Today, Julie's sitting down with Nicholle Overkamp of PowHERhouse Money Coaching to talk about making your money work for you, your lifestyle, and your practice.

Nicholle Overkamp is a personal finance expert and business coach for women She's the Founder and CEO of both Wilcox Financial Group and PowHERhouse Money Coaching. Nicholle uses her money mastery skills to foster no-judgement environments where women can be open and shameless about their finances and habits. She knows that a critical factor in growing wealth is one's mindset and sense of self-worth - it's about setting boundaries, having discipline, and knowing you are worth every dollar you invest in yourself, your future, and your life.

EPISODE HIGHLIGHTS
Do you need to be wealthy in order to build wealth?If you look at the majority of wealthy individuals in the world, most of them started from the ground up with nothingThey key to building long-term wealth is discipline and consistencyEven if you start with a small amount every week, the numbers will add up over time - anything is better than nothing!Out of sight, out of mindBeing able to automate finances can make growing your wealth so much easierAutomating setting aside money for taxes, reserves, and even future business needs as if you're setting aside money for bills will change your mindset about investing in growing your wealthBuilding a legacy is a relative termLegacy planning looks different for every business and is very individualized based on your circumstances, wants, and needsWho are you picturing as your successor? What do you need to implement in order to make that happen successfully?
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Atomic Habits by James Clear
PowHERhouse Money - www.PowerHERhouseMoney.com
Wilcox Financial - www.WilcoxFinancialGroup.com