.png)
Therapy For Your Money
Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Founder of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses.
Therapy For Your Money
Episode 173: Your Practice, Your Numbers: Why Owning Your Financial Data Matters
Navigating Finances and Tech for Your Therapy Practice
In this episode of Therapy for Your Money, Julie Herres, owner and accountant at GreenOak Accounting, discusses how technology impacts financial management for therapy practice owners. This episode was recorded after the unexpected closure of Bench.co, a popular bookkeeping service, which sparked this important conversation about owning your financial data and the potential risks of relying solely on cheap, tech-driven accounting options.
Julie breaks down some of the challenges with services like Bench, such as their proprietary software that can make it hard to move your data elsewhere, and those "free" tax services that might not be as thorough or accountable as you'd hope. She also draws parallels to what's happening in the mental health industry, where venture capital-backed tech companies are influencing pricing and reimbursement rates. This episode will help you feel more informed and empowered to make the best decisions for your practice's financial health and to choose accounting services you can truly trust.
What We Covered:
- 00:00 Welcome to Therapy for Your Money!
- 00:48 Let's talk about technology and your practice's finances.
- 02:03 What was up with Bench.co closing?
- 03:30 What does this mean for us small business owners?
- 04:19 Are those super low-cost bookkeeping services really worth it?
- 05:34 Why owning your financial data is so crucial.
- 07:47 A quick comparison: QuickBooks Online vs. other options.
- 08:46 The real deal with "free" tax services.
- 11:55 How venture capital can affect pricing.
- 15:24 Wrapping things up with some final thoughts.
Links and Resources
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio