As therapists, understanding and managing the financial side of your practice is crucial. 

But that doesn't mean it has to be complicated.

Andrea Rotondo, a bookkeeping expert for therapy practice owners at Liquid Cents Bookkeeping, recognized the need for clear and accessible financial guidance in the mental health field.

Andrea shares her insights with host Michael Fulwiler, discussing the importance of setting up financial systems from the start and the common pitfalls therapists face when managing their practice’s finances. 

She discusses the challenges therapists encounter when transitioning from clinical work to business management, the significance of keeping personal and business finances separate, and the essential steps to maintaining compliance while growing your practice.

Listen to learn how building a solid financial foundation can empower you to make informed decisions, reduce stress, and ultimately support the growth of your therapy practice.

In the conversation, they discuss:

• The importance of setting up financial systems early on and how doing so can save you time and stress as your practice grows.
• Why separating personal and business finances is crucial for clarity and peace of mind, especially when tax season rolls around.
• How adopting a CEO mindset, even if you’re just starting, can empower you to make informed decisions and confidently steer your practice toward growth.

Connect with the guest:

• Visit her website: https://www.liquidcentsbookkeeping.com/
• Andrea on Instagram: https://www.instagram.com/andrea.rotondo/
• Andrea on LinkedIn: https://www.linkedin.com/in/andrearotondo1/

Connect with Michael and Heard:

• Michael’s LinkedIn: https://www.linkedin.com/in/michaelfulwiler/
• Newsletter: https://www.joinheard.com/newsletter 
• Book a free consult: https://www.joinheard.com/welcome-form 

Jump into the conversation:

[00:00] Introduction to Heard Business School with guest Andrea Rotondo

[02:37] Why Setting Up Financial Systems Early Is Crucial

[06:39] When and How to Start a Financial System as a New Practice Owner

[11:12] Choosing the Right Tools to Grow Your Practice

[18:05] Understanding the Role of Bookkeeping in Private Practice

[23:01] Costs and Benefits of Hiring a Professional Bookkeeper

[30:26] What to Do If You’re Behind on Your Financial Systems

[37:36] Regularly Assessing and Planning for Future Financial Needs

[42:29] Closing

This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.