In either case, you need a system for keeping track of everything, and you need to monitor the numbers.You don’t need to be a math whiz to do your accounting. You also don’t need to invest a lot of time into the task either. If you use clinic management software, like ClinicSense, you can even automate a lot of your accounting. QuickBooks is also well-suited for therapy businesses with its comprehensive accounting features.
Pay those quarterly taxes
Streamline your bookkeeping and spend more time with clients. Andrea is a bookkeeper and the owner of Liquid Cents Bookkeeping. She builds and maintains financial systems for therapy practice owners. In other words, all of the transactions in every bank, credit card, payment processor, and anything else involving money, should be recorded and allocated into a specific category.
At therapyzen, we appreciate small businesses just like yours. That’s why we behave just like one.
Before we address if you’re ready to outsource your bookkeeping, let’s talk about what a bookkeeper does. You can connect with a licensed CPA or EA who can file your business tax returns. To speak to your ideal clients and provide potential clients with credibility, it’s essential to have a user-friendly website that is up to date with the latest research. The cost varies, and the types of content you provide can help you reach and attract new clients. Find out why you should get connected with a Pro to file your taxes. Whether you are a solo practitioner, a mid-size team, or a large group practice, therapyzen grows alongside your business.
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Finally, you can also integrate many scheduling platforms onto your website so that everything is done directly from the one site. As a result, therapists don’t just need software to make them more efficient with, for instance, back office support and legal compliance. They also need software that integrates with other tools including perhaps even into research studies. Overall, you want a smooth workflow so you can provide exceptional service and even contribute to the industry.
Advanced is $180 per month, and includes advanced analytics, add-ons, a dedicated support team, and access for up to 25 users. Essentials is $50 per month, includes more features, and allows access for 3 users. That https://www.bookstime.com/ being said, QBO has a steeper learning curve than other options, costs more, and may come with a load of tools you never use. In that case, it’s worth comparing to Xero and Wave, the other options on our list.
Role of a Bookkeeper in Growing Your Therapy Practice
- “Sometimes people are afraid to start something new. Pursue your passion if it’s important to you! TheraPlatform is very supportive of small businesses, empowers your business and helps make it possible.”
- They offer professional advice, support, and even mentorship in navigating the complexities of business and financial management.
- Heard handles your monthly bookkeeping and provides easy-to-understand reports so you can get a full picture of the money you spend and earn.
- Stay in control, even during your busiest moments.With MassageBook Manager, your practice is always at your fingertips.
- Throw in the mix the fact that you must keep your accounting separate from your client information to stay compliant with HIPAA regulations and things get a lot more demanding.
You are also legally compliant regarding record keeping and documentation in general. Connecting your accounting software directly to your bank account can simplify income and expense tracking. ZarMoney’s Bank Connection feature provides seamless integration with your bank and a real-time snapshot of your business income and outgoings. Ease of payment plays a crucial role in ensuring prompt compensation for your services. ZarMoney online accounting software offers an “Accept Credit Cards Online” feature, enabling your clients to make credit card payments effortlessly. Your clients can effortlessly make payments through any bank without the chances of missed or denied transactions.
Best Accounting Software for Therapists 2024
Keeping up with billing, payments, and financial records can become overwhelming if your practice attracts more clients. A bookkeeper can help manage these increased demands, allowing you to focus on providing the best possible care and growing your private practice. A bookkeeper keeps track of all the money that comes in and bookkeeping for therapists goes out of your therapy practice. They ensure every transaction is recorded accurately, helping you keep your business expenses in check and your bookkeeping system up to date. You can typically deduct expenses necessary to run your therapy practice. Attending a counseling conference, for example, could be a tax write-off.
- I’ve crossed my fingers and toes for you that you don’t ever get audited by the IRS.
- Our article on accountants vs. bookkeepers for therapy practices covers their differences in greater depth.
- The cost varies, and the types of content you provide can help you reach and attract new clients.
- Whether you’re juggling back-to-back appointments or just need to check in, all it takes is a tap on your phone to handle daily tasks with ease.Available on the App Store and Google Play.
- It’s almost impossible to bring on new employees or clients if your books are a mess.
Track your money with confidence
Yes, ZarMoney provides features for tracking income, expenses, and cash flow, helping you understand your business’s financial health. For bookkeeping and accounting purposes, each of these financial statements is generated on a monthly or quarterly basis. You should also plan to create annual financial statements, after the year ends, which you’ll use to file your taxes. However, accounting software can’t protect you from user error.
