Julie Herres on Using Profit First in Your Practice | FP 131
Do you enjoy or dread managing your practice’s books? When should you work with a financial professional about your taxes? How can you use the Profit First principles to manage your money better? In this podcast episode, Whitney Owens speaks with Julie Herres about using Profit First in your practice. Podcast Sponsor: Therapy Notes Is managing your practice stressing you out? Try TherapyNotes! It makes notes, billing, scheduling, and telehealth a whole lot easier. Check it out and you will quickly see why TherapyNotes is the highest-rated EHR on TrustPilot with over 1000 verified customer reviews and an average customer rating of 4.9/5 stars. You’ll notice the difference from the first day you sign up for a trial. They offer live phone support 7 days a week, so when you have questions, you can quickly reach someone who can help, and you are never wasting your time looking for answers. If you are coming from another EHR, they make the transition really easy. TherapyNotes will import your clients’ demographic data free of charge during your trial so you can get going right away. Use promo code ‘JOE’ to get three free months to try out TherapyNotes, no strings attached, and remember, telehealth is included with every subscription free. Make 2022 the best year yet with TherapyNotes. Meet Julie Herres Julie Herres is an accountant and the owner of GreenOak Accounting – a firm that specializes in working with therapists, psychologists, and counselors in private practice. GreenOak Accounting offers bookkeeping, tax, and CFO services to their clients as well as Profit First implementation and support. Julie is also the host of the Therapy for Your Money podcast, where she discusses topics like increasing profitability, team compensation, tax tips, budgeting, planning for retirement, and much more. Visit GreenOak Accounting and connect with them on Instagram and LinkedIn. FREEBIE: Check out the FREE GreenOak Accounting course on the Financial Stages of Private Practice! In This Podcast * Money tips for new solo practice owners * Managing the money of a mid-sized practice * The Profit First principles * Julie’s advice to Christian counselors Money tips for new solo practice owners Even though it is standard to bootstrap expenses at the beginning of any new business venture, it is still recommended to work with a financial professional, especially at the beginning of tax season. You don’t know what you don’t know. There’s a lot of complexity to taxes when you have a business, so at the very minimum, I recommend [working with a financial professional]. (Julie Herres) In some cases, practice owners enjoy doing their bookkeeping as a hobby and also as a way to save money. However, if you do not have the time or the energy to deal with the books, a specialist at Green Oak Accounting can take that over for you as well. Payroll adds a new level of complications. There are a lot of little things that can go wrong … [and]...