Spending on marketing without effectively tracking metrics can take a big toll on the financial health of your practice! Ensuring you have a solid website, are advertising on the right platforms, and reaching your target audience will drive your marketing dollars in the right direction. We're chatting with John Sanders from RevKey about the ROI (Return on Investment) when it comes to marketing therapy practices.John Sanders is an expert in marketing, specifically in paid search engine ads. He enjoys helping businesses generate leads through search platforms that ultimately help their businesses grow. Many of John's clients are mental health professionals including therapists, counselors, and psychologists.Click here to pre-order your copy of Profit First for Therapists!Click here for your Profit First for Therapist pre-order bonuses!EPISODE HIGHLIGHTSWhat are some different types of ads private practice owners might come across?Search ads - should be a primary focus & is the most measurableBanner ads - target a very broad audience without guarantee of conversionSocial media ads - very time consuming & also caters to a broad audienceHow do you typically measure the ROI of Google Ads?A typical mid-sized practice will spend about $800/month ($10,000/year) on Google AdsFrom that spending, you can anticipate generating about 2,000 clicks on your advertisementFrom that 2,000 clicks, you will typically see about a 5% conversionWhere should I spend my marketing dollars?Create a fantastic website that caters to all of your specialties that your target audience might searchMax out your search engine ads before adding on additional sources of advertismentsLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comRevKey - www.RevKey.comROI CalculatorThey Ask, You Answer by Marcus Sheridan

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 & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit 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 HIGHLIGHTSWhy 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 booksLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comwww.IRSTroubleSolvers.comContact 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 HIGHLIGHTSInconsistent 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 profitLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit 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 HIGHLIGHTSDo 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 & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comTherapy Flow - www.MyTherapyFlow.comDeep Work by Cal NewportDigital 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 HIGHLIGHTSA = 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 & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit 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 HIGHLIGHTSDo 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 & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comAtomic Habits by James ClearPowHERhouse Money - www.PowerHERhouseMoney.comWilcox Financial - www.WilcoxFinancialGroup.com

If you've ever had a feeling of doubt that you deserve to have a successful practice  after all the hard work you've put into running your business, you may be experiencing Imposter Syndrome. Today, Julie's chatting about how Imposter Syndrome may affect your finances and a few tips for how to combat it!Click here to check out our Starting A Group Practice Workshop! Use the coupon code "LASTCALL" to get 25% off your registration until February 26th, 2023!EPISODE HIGHLIGHTSWhat is Imposter Syndrome?A feeling of self-doubt that your success has been legitimately earned or achieved through your own hard work - people who struggle with imposter syndrome cannot internalize/recognize their own successImposter Syndrome usually leads to burnout, anxiety, and ultimately quittingIt most commonly happens in small practices that experience rapid, successful growth - the owner is not used to such a large influx of money and feels they haven't put in enough hard work to have earned itHow can you beat Imposter Syndrome?Celebrate your small winsGive yourself permission to sit down once a week/month and take a look at your numbers and budget to ensure you are on track, then give yourself a pat on the back when you've been successful!Don't be too hard on yourself to make a mistake! Mistakes can be fixed and you can always re-tackle the problem tomorrow from a different angle.Recognize and celebrate when you achieve milestones in your practiceLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.com

As a business owner, there can be a lot of hoops and hurdles you have to jump through to run a successful business... It's time to change that mindset by owning your CEO status and learning how hiring and delegation can be used as powerful tools to build your dream practice. Julie's chatting with Brandy Mabra of Savvy Clover about how your money mindset and role as the CEO of your practice can help you grow your dream team.Brandy Mabra is the CEO of Savvy Clover Coaching & Consulting and a CEO Coach for private practice owners in healthcare. She has 15+ years of business management and leadership experience, where she has worked in diverse business climates and has turned hot mess practices into well oiled and profitable machines. Brandy has spent her career building, growing and leading multi-million dollar practices and now uses her skill set to help other women private practice owners to scale their practices for growth, sustainability and profit. She has a bachelors from The Ohio State University and a Masters in Health Administration from A.T. Still University. She is also a Certified Professional Coach and Master Energy Leadership Practitioner, receiving her credentials from the Institute for Professional Excellence in Coaching (iPEC). Brandy was part of the 2022 Forbes Coaches Council, and is a part of Entrepreneur Leadership Network. She has been featured in Forbes, Fast Company, Entrepreneur, PopSugar, Create & Cultivate and several well known podcasts. She is the founder of Private Practice CEO™ - the CEO school for private practice owners -  which empowers her clients to own their CEO status as the leader of their business so they can have a practice with streamline operations and an engaged team that can run without them. Brandy loves to travel and spend time with her family. She believes you cannot build a business on fumes and CEO breaks are required.EPISODE HIGHLIGHTSYour CEO Status & Money Mindset CorrelationWhen you take hold of your role as the CEO, it’s important to focus on the overall vision you have for the business in order to determine what your budget will look like and the financial metrics you need to track in order to achieve said goals It can be easy to fall into the “worker bee” role and focus on small, daily tasks that are productive but don’t necessarily push the business forwardTips For Refocusing Your RoleSit down and figure out your end game! From there, build actionable tasks to drive yourself to your goal within a reasonable time frameWhat might be holding you back?If you're in the weeds with billing, scheduling, following up with clients, providing customer service, etc. - it's time to outsource/hire/delegate!While all of those tasks are important for running a successful business, your time is better spent focusing on the bigger pictureLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comSavvy Clover - www.SavvyClover.comBeyond Entrepreneurship 2.0 by Jim Collins

Expansion can be a scary (but exciting!) time for private practices. We believe that having a data-driven plan is the best way to approach growing your business! Make sure to listen to the full episode to hear some tips from Julie's upcoming book, Profit First For Therapists, available for pre-order now! EPISODE HIGHLIGHTS:Businesses that grow rapidly are at a higher risk of running out of cashPayroll will increase, overhead will increase, and the demand for cash may outgrow the speed in which revenue is coming in3 Phases of GrowthPlanning & AnalysisThe longest phase - how much exactly is the expansion going to cost and where is the money going to come from?GrowthIt's important to recognize that you may be responsible for many roles during this phase and could potentially take home a less than typical payThe New NormalThis is when the financials and roles of the practice begin to stabilizeMake sure to listen through the entire episode for some Profit First For Therapists bonus tips! CLICK HERE if you are interested in pre-ordering your own copy of Profit First for TherapistsAlso, make sure to visit www.ProfitFirstForTherapists.com to register your pre-order and gain access to your bonus content!LINKS & RESOURCES:GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.com

Drumroll please... Julie is ecstatic to announce that her book, Profit First For Therapists, is available for pre-order! Take a listen to Julie’s personal Profit First journey, her process with writing the book, and all the special bonus offers available to anyone who pre-orders a copy. CLICK HERE if you are interested in pre-ordering your own copy of Profit First for TherapistsAlso, make sure to visit www.ProfitFirstForTherapists.com to register your pre-order and gain access to your bonus content!LINKS & RESOURCES:GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.com

Have you ever wondered what your retirement options are as a practice owner? Well, your questions are about to be answered! Today, Julie is sitting down with Gulielma Fager of the Toler Financial Group to talk about all things retirement.Before Gulielma because a licensed financial advisor, she spent 20 years in the reproductive health and sex education field, helping individuals, couples, and families answer embarrassing questions and solve deeply private problems. The interpersonal and communication skills she gained have proven to be incredibly useful in talking with people about money. For the last 5 years, she has owned a public health consulting practice, working with a variety of organizational clients to improve health equity and outcomes. Additionally, she managed her husband's private therapy practice, growing the business, instituting payroll and retirement plans, and ensuring compliance with Maryland state regulations. She, her husband, and their two dogs live in the historic mill village of Hampden/Woodberry in Baltimore (Go O's!), where she trains for and competes in triathlons. She also loves to travel, especially by Amtrak sleeper car.EPISODE HIGHLIGHTSWhat mistakes do therapists usually make when saving for retirement?Keeping their salary really low to reduce their social security liabilityOnly having one way to save for retirement instead of expanding their portfolioWhen saving for retirement, we always say "something is better than nothing" - what are some options practice owners have for retirement accounts and when does it make sense to look into additional options?Typically, practice owners will have a Roth IRA and a 401KWhen practice owners have free cash flow available, it's important to explore additional retirement accounts such as SEP IRAsWhat do you recommend practice owners do with an old retirement plan from a previous job/company?Depending on your employer's contribution, you can definitely maintain the old account and open a new account through the same companyRolling over your benefit over into a new account is also a great option to keep you account consolidatedLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comToler Financial Group - www.TolerFinancialGroup.comDeduct It!: Lower Your Small Business Taxes by Stephen Fishman J.D.

To wrap up 2022, we wanted to switch things up and bring you a brand new episode that highlights our listeners' favorite Therapy For Your Money moments!EPISODE HIGHLIGHTS:Episode 56: How to Diversify Your Income and Get More Out of Group Programs (with Annie Schuessler)Episode 61: The Pros + Cons of Different Income Streams for Therapists (with Nicole Liloia)Episode 63: Treat Your Practice Like an Investment (with Eric Miller)Episode 64: Distilling Your Dreams into Business Ideas (with Diane Tarshis)Episode 73: 3 Reasons to Take A VacationLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.com

Managing a group practice can sometimes feel like an uphill battle, but maximizing your revenue can take a lot of the pressure off your shoulders! When it comes to running a healthy business, it's important to take a look at your numbers and ensure your clinicians are meeting your expectations. Today, Julie's chatting with Jacquie Kiefer of GreenOak Accounting about her expertise in helping clinicians maximize their revenue!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.EPISODE HIGHLIGHTSFigure out the expectations for each team memberRoles can vary in a practice, from employees to contractors, to part-time and full-time clinicians, and even administrative team membersIt’s important to collaborate with team members to ensure they understand the expectations and any questions they may have will be answeredHaving those conversations may be difficult, but can definitely strengthen your relationship with your employees when they feel supported and heard in their own concernsCalculate your numbersIf your team members aren’t meeting their expectations, your business could suffer financiallyIt’s important to track metrics and KPIs in order to ensure the financial health of the practiceWhat’s the general breakeven point for clinicians in a group practice?For an independent contractor, a general breakeven point is about 8 clientsFor a W-2 employee, a general breakeven point is about 10-12 clientsThere are different breakeven points depending on if the clinician is full-time or part-timeLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.com

Calling all solo practice owners! If you're interested in expanding into a group practice, today's episode is for YOU. There are so many things to think about when it comes to expanding your practice, so we've compiled some information that we think is most useful when setting up your expansion for financial success!Today's guest is Carolyn Chrestman of GreenOak Accounting. Carolyn is an Enrolled Agent and one of the Accounting Managers at GreenOak, and she loves helping her clients expand their businesses! She enjoys educating and empowering her clients to understand their finances. Carolyn came to finance by way of a career in education, and has the superpower to translate "accountant-speak" into terms a normal human can understand. In her spare time, Carolyn can be found running after her 3 kids, hiking, or reading.EPISODE HIGHLIGHTSWhat are some of the biggest concerns we look at when helping a solo practice expand into a group practice?Sticking to a budget and creating a savings nest in advance to ensure healthy, stress-free growthUnderstanding what is going on with your money - How is money being allocated? Are there any unnecessary expenses? Figuring out the COMPLETE compensation packageWhat can be included in a complete compensation package?Financial compensationInsurance benefitsPTOAdvertising/MarketingAdministrative hoursDon't forget to use code "EARLYBIRD" to get a discount on our Starting A Group Practice Workshop! Click HERE to register! LINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.com

This week's episode is all about unique strategies you can implement into your private practice in order to provide more accessible care within your community! Julie's sitting down with Vanessa Newton of Colors of Austin Counseling Group and Brave and Well to chat about the many ways she has expanded her outreach and accessibility within her own community.Vanessa Newton, LCSW-S is a first generation Latina and Entrepreneur. She is the Owner and Founder of Colors of Austin Counseling, a group practice in Austin, TX that provides mental health services to clients in the state of Texas. She also created Brave and Well as a community for therapists seeking to launch or expand their private practice and believes in supporting clinicians in building businesses that are sustainable, profitable, and value-aligned. She has spent over a decade working with teens, survivors of trauma, LatinX women and communities of culture. Her training in EMDR and the curriculum of Brené Brown has helped transform the way clients heal. She believes in removing barriers of access to mental health treatment for all and uplifting the future generation of therapists so that together we can decolonize mental health and business.EPISODE HIGHLIGHTSWhat are 4 ways that practice owners can provide more accessible care to their communities?Accepting insuranceCapping sliding scalesPartnering with organizations and non-profitsOffering groups and workshopsAccepting InsuranceBy becoming paneled with multiple insurances, you open the door to clients who many not be able to afford out-of-pocket sessionsCapping Sliding ScalesCreating a policy within your practice ensures that your clinicians are taken care of and your clients still have access to servicesYou can cap sliding scale rates as well as the number of sliding scale spots that each clinician can offerPartnering with OrganizationsConsistency is key when searching for partnerships that align with your values and can target your ideal clientSome non-profits can create grants to help members of the community to receive services through your practice, which allows them to service the community and also help you grow your businessOffering Groups and WorkshopsBeing able to offer groups and workshops can allow clients to gain access to services they otherwise may not be able to affordLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comBrave and Well - www.braveandwell.comColors of Austin Counseling - www.colorsofaustincounseling.comEmergent Strategy by Adrienne Maree Brown

We know practice owners are always on the hunt for new tax tips to help reduce their taxes, and this episode is full of them! We want to make sure you have ample time to maximize your tax savings for 2022 and better prepare for your taxes in 2023. Julie's joined by the Tax Manager of GreenOak Accounting, Emily Grauerholz, and enjoys a chat all about her favorite end-of-year tax saving tips!Emily Grauerholz is the Tax Manager on the GreenOak Accounting team. She enjoys problem-solving and is passionate about helping others because she loves to see clients succeed.  In her spare time, Emily enjoys spending time with her kids and helping her husband on the family farm. EPISODE HIGHLIGHTSTax season can sneak up on your if you haven't fully prepared - but there's no time like the present to start saving!Tip #1 - Accelerating Expenses in Cash-Pay PracticesDeductions occur in the year that you pay them - if you can accelerate any necessary expenses in December rather than wait until January, that could save you from having to wait a whole calendar year to deduct your January expensesExamples - rent, software fees, subscriptions, etc.Tip #2 - Retirement PlanningTraditional IRA or Roth IRA - do have income limitationsSEP ContributionsAll retirement contributions must be made prior to the end of the yearTip #3 - Business Use of a Personal VehicleCan use the standard IRS deductionMileage needs to be tracked meticulously - you can use the Mileage IQ app or the QuickBooks app to track your milesTo hear all tips included in this episode, make sure to take a listen!LINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.com

If you are starting to grow your solo practice (or are looking to restructure your current group practice compensation model) then today's episode was made for you! Julie's chatting with a member of the GreenOak Accounting team, Jacquie Kiefer, about all things compensation and some common problems you can easily avoid when creating a compensation model for your practice.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.EPISODE HIGHLIGHTSThe simpler the compensation structure, the easier it will be to run & grow your practice!Having a solid, simple compensation structure in place will cut down on administrative time, the frustration that comes along with tracking payroll, and will help you manage the overall finances of the practice with easeInterns & pre-licensed clinicians can be supervised by a clinical directorThe weight the clinical director is taking off your shoulders, along with the added income of the inters/pre-licensed clinicians help compensate for the director's overall salary and still leaves room for growthWhat percentage should you start new clinicians at in order to sustain your practice in the long run?The ideal percentage for a pre-licensed clinician is around 40% while a full licensed clinician is around 45-50%This leaves room for benefits, raises, bonuses, insurance, etc.LINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.com

There's been a lot of talk about a recession lately... Are we currently in one? When will the next one be? How long will it last? While we don't have a crystal ball with all the answers, we do have some awesome tips to help you prepare for an inevitable recession!EPISODE HIGHLIGHTS:Tip #1: Make sure you have a business AND personal emergency fundFor your practice, we recommend no less than 2 months worth of expenses (including payroll!)For your personal fund, we recommend having at least 3-6 months of expenses at minimumTip #2: Consider opening a line of creditThere are times when having an open line of credit can give you peace of mind in case of an emergency"If I have a line of credit, do I still need an emergency fund?" Absolutely! A lone of credit should be for emergencies only, not your first line of defense against financial troubleTip #3: If you have high interest debt, focus on paying it NOWInterest rates may continue to increase throughout a recession, which can make paying things off more difficult in the long runFor tips #4-8, make sure to listen to the full episode!LINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.com

At Therapy For Your Money, we're big believers in supporting the therapists and clinicians that make such a great impact on our communities. Today, we're talking about a great way to increase your revenue, offer new opportunities to your clinicians, and widen the impact your practice can have through the Clinical Supervision Directory! Today, Julie's chatting with Dr. Amy Parks all about the Clinical Supervision Directory and how you can implement it into your practice.Dr. Amy Parks has over 30 years of experience working with children, adolescents, and families as both an educator and psychologist. She has a Doctorate in Educational Psychology with a specialty in developmental neuroscience. She is a Child & Adolescent Psychologist as well as the founder and Clinical Director of WISE Mind Solutions LLC and The Wise Family Counseling, Assessment & Education in Virginia. She is also the founder of the Clinical Supervision Directory - an online platform for supervision-seekers working toward licensure to match with a supervisor in the US that best fits their needs.EPISODE HIGHLIGHTSWhat is the Clinical Supervision Directory?A one-stop shop to take away the hassle of finding a clinical supervisor throughout the United States!There is a lot more work to supervision than people may think...Major time dedicationLiability of their practice/licenseThorough review of your work & notesFinding a supervisor should be an intentional process - it's important to make sure your supervisor fits your needs in order to have a great experienceWhat are the benefits of opening up your practice to supervision?Bringing an intern or resident into your practice provides you with great opportunities to expand your caseload and revenue, train your staff for leadership and supervision, and also growing your impact within the communityLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comThe Clinical Supervision Directory - www.TheClinicalSupervisionDirectory.comAtomic Habits by James Clear