Payroll is one of those topics every group practice owner knows is important… but let’s be real, it’s also where things can get really messy, really fast. In this episode, Julie is joined by Julia Henry, GreenOak Accounting Manager, to unpack the most common (and cringe-worthy) payroll mistakes they’ve seen behind the scenes. From missed tax payments to bonus blunders and everything in between, they’re sharing real stories and practical tips to keep your practice out of payroll trouble.

Whether you’re new to managing payroll or a seasoned pro, you’ll pick up clear strategies to protect your business and your team. Learn how to spot payroll problems before they snowball, what to do if you’ve fallen behind, and which payroll providers actually have your back. Tune in and discover how a few smart moves today can help you avoid headaches—and IRS nightmares—tomorrow. Don’t miss this essential episode!

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

If Profit First has felt inspiring but hard to implement, this episode is your on-ramp. Julie shares why so many practice owners stall at the “first step,” and hints at a new, ultra-practical way to get moving using what you already have. You’ll hear how to think about profit beyond the P&L and why three specific accounts can meaningfully change how—and how much—you pay yourself.

If you want clarity, simple next moves, and a nudge to finish the year strong, hit play and take notes.

Resources

• Profit First for Therapists Workbook book Club: https://www.profitfirstfortherapists.com/fall-book-club
• 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

In this episode of Therapy for Your Money, Julie chats with Doug Vestal, a former Wall Street exec turned financial coach for therapists and OTs. They delve into the real financial challenges therapists face—such as high student loan debt and low starting salaries—and how these can lead to burnout if not addressed carefully. Doug shares the surprisingly simple wealth-building strategy that works (even if you're not a budget person), why your money mindset matters more than you think, and how early financial habits can set you up for long-term success. Doug also opens up about how a childhood memory shaped his entire financial philosophy. Whether you're solo or in a group practice, you’ll walk away with practical ideas and a fresh perspective on money.

Doug’s book Financial Freedom for OTs: A Guide to Building Wealth Without Burnout is available on Amazon and Barnes & Noble. Learn more about his work and his course, Private Pay MBA, at freedomofpractice.com.

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

Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi

You might think the biggest threats to your private practice are burnout, cash flow issues, or poor marketing…
But what if the real danger is something far sneakier?

In this episode, I’m breaking down the hidden cost of this habit—and why it can quietly derail your business if you’re not careful.

🎧 Listen now to get clarity on what your practice really needs from you—especially if you’re juggling team needs, money decisions, and your own leadership growth. 

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 

Audio, Video, and Show notes by https://www.coursecreationstudio.com/

Thinking about taking on debt to start or grow your private practice?

In this episode, we’re breaking down the most common types of loans available to practice owners—including the pros, cons, and risks no one talks about. From lines of credit to SBA loans and even credit cards, we’ll walk through when (and if) it makes sense to borrow money—and how to avoid financial decisions that could haunt you later.

If you’re considering a loan—or just want to grow wisely—this one’s for you.

🎧 Listen now to learn how to fund your next move wisely—without putting your practice or personal finances at risk.

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 
• Audio, Video, and Shownotes by https://www.coursecreationstudio.com/

Special Episode: Navigating New 2025  Tax Laws for Therapy Practice Owners

In this special summer edition of 'Therapy for Your Money', host Julie Herres, owner of Green Oak Accounting, discusses important updates from the new tax bill that affect small business owners and private practice therapists. Julie provides a concise breakdown of business changes, personal tax updates, and some unique deductions that may have fine print, offering key insights and practical advice for therapy practice owners to stay informed and prepared. Key topics include maintaining the QBI deduction, the return of bonus depreciation, pass-through entity tax benefits, and adjustments to personal deductions like the SALT deduction and child tax credit. Julie emphasizes the importance of consulting with tax professionals to navigate these changes effectively.

Episode Highlights

• 00:00 Introduction to Therapy for Your Money
• 00:44 Special Edition: New Tax Law Overview
• 01:57 Context: Tax Changes Since 2017
• 03:46 Business Tax Updates
• 08:30 Personal Tax Updates
• 13:32 New Deductions with Caveats
• 23:00 Medicare and Medicaid Changes
• 25:23 Conclusion and Final Advice

Links and Resources

• Free Guide: 7 Things Private Practice Owners Should Know about OBBB - https://www.greenoakaccounting.com/obbb
• 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

Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi

Therapist Finances in 2025: What’s Working, What’s Risky, and What to Watch

In this quarterly recap, Julie Herres sits down with Green Oak Accounting’s Jacquie Carter for a candid conversation about the financial realities therapy practice owners are facing in 2025. From insurance shifts to hiring woes, this episode is packed with no-fluff guidance for navigating uncertainty.

You’ll hear:

• Why now isn’t the time to drop insurance panels (even if you want to)
• What “people pleasing” looks like in payroll—and how it can tank your profits
• When a new revenue stream is the right move (and when it’s just a shiny distraction)

If you’ve been wondering whether to grow, pivot, or hold steady—this episode is for you.

Highlights:
00:44 – Why private-pay practices are pivoting to insurance (and how to think about the tradeoff)
03:39 – Summer slowdown or summer surprise? How to plan for seasonal shifts
04:37 – Why marketing is becoming non-negotiable—and how to track your ROI
07:11 – “The math has to math”: The cost of people pleasing in your payroll strategy
08:52 – The truth behind that controversial Facebook ad about overpaying clinicians
10:20 – Is group practice really the path to passive income? (Spoiler: No.)
12:37 – Why chasing $1M revenue doesn’t always make sense
15:37 – What to do when you ignore professional advice—and how to recover
18:24 – Are you spending money to look successful instead of being profitable?
20:09 – One of the riskiest financial decisions Julie has ever seen a client make
25:01 – “You might be the problem”—the hard truth about self-sabotage in business
29:33 – Why “boring” financial advice often leads to long-term success

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

Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi

Understanding Tax Inequities: Why Billionaires Pay Less

In this episode of 'Therapy for Your Money,' host Julie Herres, an accountant and owner of Green Oak Accounting, delves into the often-asked question of why billionaires seem to pay so little in taxes compared to small business owners. Julie explains the U.S. tax system's design to benefit the ultra-wealthy and explores the 'buy, borrow, die' strategy that allows billionaires to leverage their assets without triggering taxable events. She also discusses estate taxes and how complex legal structures enable the wealthy to pass on fortunes tax-free. This episode aims to educate listeners about these discrepancies and inspire more informed conversations around tax reform.

Show Highlights

00:00 Introduction to Therapy for Your Money

00:44 Why Do Billionaires Pay Less in Taxes?

03:18 Understanding the Buy, Borrow, Die Strategy

10:46 The Impact of Tax System on Small Business Owners

11:55 Estate Tax and Wealth Transfer

15:04 Conclusion and Final Thoughts

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

Smart Money Moves for Therapists in a Shaky Economy

Feeling nervous about the economy? You're not alone—and you’re not powerless. In this episode, Julie Herres welcomes financial planner David Frank back to the show for a calming and practical conversation about what therapists can do when things feel financially unstable.

You’ll learn why panic doesn’t serve your practice—and what to do instead. Whether you’re watching the market dip, worried about Medicare or Medicaid cuts, or just feeling the pressure of team payroll, this episode is packed with tools and reassurance.

Why listen:

• Understand what market volatility really means.
• Learn how to protect your business from revenue concentration risks.
• Get proactive steps to ease anxiety and make grounded decisions.

Show Highlights:

01:45 – Why anxiety is rising and what’s really happening in the market

03:00 – Zooming out: what history tells us about bear markets and recovery

05:00 – Julie’s “set it and forget it” investing strategy

08:00 – Dollar-cost averaging explained—and why it works

09:30 – How to think like a CEO if you rely on Medicaid/Medicare

10:40 – Revenue concentration risk: what it is, and why it matters

11:30 – Using “fear-setting” to prepare without panicking

14:00 – The value of securing a line of credit before you need it

20:00 – The difference between tracking for action vs. emotional reassurance

22:00 – How missing a few big days in the market can hurt long-term returns

23:00 – Julie’s closing reminder

Closing Thought:
 “If you’re feeling unsure, that’s okay. You don’t have to hustle harder, but you can plan smarter. You’ve got this—and I’m cheering you on.”

Links and Resources

• Turning Point HQ – David Frank’s Financial Planning Services https://turningpointhq.com/
• 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

Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi

Episode Summary

Thinking about switching your group practice from 1099 contractors to W-2 employees? You’re not alone—and you’re not crazy for feeling overwhelmed by it.

In this episode, Julie talks with group practice owner and consultant Amy Dover about her real-life journey making this transition. Amy shares what triggered the change, the surprises along the way, and what she wishes she knew from the start. Labor laws, compensation shifts, team dynamics, and aligning your business model with your values...it's all in this episode!

Here’s why this episode is a must listen:

• You’ll learn what to expect (including some hard truths) when you make the W-2 switch
• You’ll understand how misalignment between your business model and operations can shrink your profit margin
• You’ll get honest insight into what happens after the dust settles—and why Amy has no regrets

Episode Highlights

 00:45 – Why this is one of the most requested topics among therapists
 02:00 – Amy’s rapid growth—and early red flags
 03:40 – The legal wake-up call: “This is a W-2 setup in disguise”
 05:50 – Choosing alignment: why Amy shifted to employees
 07:15 – Rolling it out: legal prep, communication, and transparency
 08:30 – When kindness isn’t enough to avoid legal risk
 10:00 – The emotional weight of leadership and unexpected team changes
 11:50 – Over half the team left—what Amy learned through attrition
 16:00 – Julie: “We can’t invest in growth if the numbers don’t work”
 18:20 – “No one keeps their full fee”—a reality check for therapists
 20:00 – Life after the storm: alignment, faith, and steady referrals
 22:00 – Transition timelines: why 12+ months is realistic
 23:00 – Julie and Amy: the sooner you decide, the smoother it goes 

Resources

• Wise Practice Consulting – Amy Dover's Bio & Services
• 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

Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi