143. Building a Strong Financial Foundation: Tips on Accounting and Bookkeeping for Private Practice w/ Andrew Riesen
In this episode, you’re going to learn about some expert tips on accounting and bookkeeping to help you set up a strong financial foundation for your private practice. As a private practice owner, you may often focus on the clinical side of your business, providing quality care to your clients and helping them on their journey to wellness. However, it's crucial not to overlook the financial aspects of running a private practice. It may not be sexy, but accounting, bookkeeping, and tax management are essential components of a successful business, and neglecting them can lead to unnecessary stress and financial difficulties down the line. In this episode, I speak with Andrew Riesen, co-founder of Heard, a platform that offers accounting and bookkeeping services for clinicians in private practice. Andrew shares valuable insights and advice on accounting and tax-related matters that are often overlooked by small business owners. He emphasizes the importance of separating personal and business finances, setting aside money for taxes, and tracking income and expenses. Andrew also discusses various deductions that clinicians can take advantage of, such as professional development expenses, home office deductions, and retirement contributions. He highlights the significance of planning for time off and taking care of mental health as a business owner. Andrew also provides an overview of the services offered by Heard, including software, reporting, and access to a team of professionals who can provide guidance and support throughout the year. In This Episode, You’ll Learn: The importance of separating your business accounts from your personal accounts How much should you save for taxes? Some expenses you maybe didn’t realize you could write off on your taxes Lessons I (Daniel) have learned from working with my own accountant Some of the accounting nuances therapists think about when setting up a private practice Retirement Accounts and why you should be thinking about retirement now How to plan for PTO in your business so that you can avoid burnout and feeling guilty about time off