Whether your team is growing or your practice is going through leadership changes, there can be a number of reasons why it might seem efficient to share the financial picture of the business with certain team members. However, this can definitely be a slippery slope! Julie's chatting with Heidi Stepzinski of the GreenOak Accounting team to talk about when it makes sense to share the finances of the business, and some alternative solutions that can help keep your finances private.

Heidi Stepzinski is the Accounting Director and one of the licensed CPAs at GreenOak Accounting. Heidi is passionate about guiding her clients to meet their financial goals and helping them make data driven decisions to overall benefit their practice. In her spare time, Heidi enjoys spending time with her family, is an advisor for her college sorority, and loves being outdoors.

Episode Highlights:

• What are some reasons you might be interested in sharing your practice's finances?
  • Wanting to take a step back from the business and appoint a new leadership role
  • Taking a leave of absence and needing someone to temporarily take over
• What situations should you try to find other solutions?
  • Profit Sharing
  • Team Accountability
  • Metrics

Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast

Not all EHRs are created equal, and there are pros and cons to each software, which can make it difficult to decide which one is the best fit for your practice. Today, we're sitting down to discuss the top 4 EHR softwares we come across over at GreenOak Accounting, and give you a cost breakdown of each!

Hannah Rich is the Business Manager (and tech wizard!) at GreenOak Accounting. She works hand-in-hand with our team members and clients to ensure a seamless service experience, and handles oversight of the day-to-day operations. She holds a degree in Business Administration and enjoys expanding her vast knowledge of technology to implement efficient systems at GreenOak each day. In her free time, she loves binging a good Netflix show with her husband, partner, and cats!

*Disclaimer - We are evaluating these EHR systems based only on the cost. Each practice is different based on their needs so make sure to research what is best for your practice.

Episode Highlights:

• Top 4 EHR Softwares at GreenOak Accounting
  • Simple Practice
  • Therapy Notes
  • Jane
  • TheraNest
• Cost shouldn't be your only consideration!
  • The software should provide you any reports necessary for your practice, including payroll reports
  • You should feel comfortable with using the software and teaching others in your practice how to use it
  • Customer Service can play a big roll in your experience with the software
  • Ensure that the software can integrate with your current technology, such as scheduling softwares
  • Scale-ability is important if you are planning on growing and expanding into a group practice

Links & Resources:
GreenOak Accounting
Therapy For Your Money

We're coming back this week with another episode of our Tax Deduction mini series all about International Business Travel! Julie's inspiration for this episode came from an invitation to participate in an international conference, which got her thinking about how international travel for business may be deductible.

Take a look at IRS Publication 463 by clicking here!

Episode Highlights

• Most areas of tax are usually black and white; however, deductions pertaining to international travel for business can fall in a bit of a grey area so it's always important to consult your tax professional!
  
  
• Your vacation is not a business trip!
  • If the international trip is primarily for personal reasons, such as a short one-day conference, an hour-long seminar, or a short meet-and-greet, then the trip cannot be considered as a deduction on your taxes
• Mixing business with pleasure can be tricky...
  • If your international trip is primarily spent on business activities, but there are a couple of personal activities enjoyed, you can generally deduct MOST of the travel on your taxes
  • These deductions can include transportation, lodging, and meals
  • There are a lot of rules when it comes to spending certain days/times on business activities versus personal. It's vital to make sure to keep receipts and detailed records of what portions of the trip are business or personal.
• There are 4 exceptions to these deductions...
  • You have no substantial control over the trip
  • You are outside of the United States for no more than 7 consecutive days
  • You spend less than 25% of your time on personal activities
  • Vacation was not a major consideration even if you have substantial control over arranging the trip

Make sure to check out our blog post over at the GreenOak Accounting website all about international travel!

DISCLAIMER - Always  consult with a tax professional to determine what tax deductions you are eligible for.

Links & Resources
GreenOak Accounting
Therapy For Your Money Podcast

When you have an idea for an expansion to your business - such as an online course or a therapy retreat - it can be difficult to know where to start! Julie's chatting with Diane Tarshis of Startup Distillery to talk about how to focus on your ideas, create a plan, and turn to experts in places you may need help.

Use code "therapy" to receive 1 FREE hour of consulting with Diane!

Diane Tarshis is a seasoned business advisor and the founder of Startup Distillery. Working with entrepreneurs across the US and around the globe, Diane uses her unique mix of finance, retail, manufacturing, and operations experience to help entrepreneurs distill their ideas into profitable, growing businesses.

Episode Highlights:

• What are some of the biggest blunders you hear from your own clients? 
  • The numbers aren’t the only thing that matters… your product or service is what matters!
  • Sitting down to focus on your product to create something great will add value to your business and become a great asset to your clients
  • Take your numbers and schedule a meeting with a professional to discuss your budget, goals, and projections
• How should someone go about adding a new extension to their business?
  • Do your homework - What exactly do you want to odder? Who is your target audience? How do you plan on reaching them? What are all the costs involved?

Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Startup Distillery
Content Chemistry by Andy Crestodina
The Hundred Dollar Startup by Chris Guillebeau

One of the biggest investments you will make in your life is your practice! In order to make sure you get the most out of your investment down the road, it's important to sit down with a financial advisor and figure out how to increase the value of your investment and transition it into a forever plan. Today, Julie's chatting with Eric Miller of Econologics Financial Advisors about approaching financial planning with your best future in mind.

Eric Miller has been in the financial planning industry for over 20 years. He is Co-Owner of Econologics Financial Advisors and Chief Financial Advisor. He has a degree from Capital University and is a Registered Financial Consultant® (RFC) and Licensed Insurance Agent. He has managed over 500 Practice Owner Clients in various fields of healthcare. As the Chief Financial Advisor for the firm, Eric has had the good fortune to have had over 20,000 financial conversations with private practice owners guiding them into a more optimum financial condition using their proven system.

Episode Highlights:

• View your household as your "parent company"
  • This is the best mindset to start when it comes to financial planning
  • Owning real estate or having a 401K is considered an asset to your household
• In order to make the most of your investment, think about running your life like a business
  • Track metrics like you do in your business to keep track of spending
  • Minimize or eliminate debt
  • Ensure your income exceeds your expenses

Link & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Econologics Financial Advisors

The next episode of our Tax Deductions mini-series is focusing on organizational and operation expenses! If you're thinking about opening up your own private practice, but aren't sure where to start when it comes to deducting start-up expenses, take a listen to this episode.

DISCLAIMER - Always  consult with a tax professional to determine what tax deductions you are eligible for.

Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast

There are many opportunities to create a source of passive income in the therapy industry! Today, Julie’s sitting down with Business Coach & Strategist, Nicole Liloia, to talk about the pros & cons of passive income streams and how to decide which avenue would be best for your business.

Nicole Liloia's first business was a private practice where she worked with counseling clients and supervised other therapists, but she quickly added in new income streams so that she could travel while still running her business online. She got her Master's in Social Work from Columbia University and has contributed to Forbes, Huffington Post, Mind Body Green, and more. Nicole spends her free time shopping at Costco and loves a glass of wine.

Episode Highlights:

• Where should you get started?
  • Starting with leveraged income can be a great first step in moving toward passive income
  • Creating a group or workshop for multiple people at once, rather than focusing entirely on one-on-one sessions, can free up a lot of time on your schedule to focus on creating passive streams
• Passive income is not entirely hands-off - there is a lot of work still involved
  • In order to create passive income, there is a lot of time that must be dedicated to the initial set-up and marketing work
  • Once you've finalized the passive stream, you also need to continually check in for maintenance, marketing, improvements, and continuity
• What are some income streams therapists can offer?
  • Online workshops and courses are the most popular forms of passive income
  • Expanding into a group practice can also increase income

Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Nicole Liloia
Get Rich, Lucky Bitch! by Denise Duffield Thomas

Today launches a new mini-series... Tax Deductions! Meals & Entertainment is the most common deduction we get questions about, and Julie's here to give you the scoop on which meals you can deduct, what kinds of entertainment qualify, and examples of some meals that aren't deductible.

DISCLAIMER - Always  consult with a tax professional to determine what tax deductions you are eligible for.

Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast

The language of investing seems so foreign to many people, and it's very common to feel confused learning how to speak it! The problem is that being slammed with so much information at once can make navigating investments overwhelming and an unnecessary challenge. This week we're joined by a fantastic returning guest, David Frank from Turning Point HQ, to talk about the many ways you can invest as a private practice owner.

David is the owner of Turning Point Financial Life Planning located in California and works specifically with therapists in private practice. He strives to bring therapists and private practice owners a plan of action to meet their goals and help them lead more authentic lives.

Episode Highlights:

• Investing does NOT need to be overwhelming!
  • The main misconception about investing is that it’s challenging when it only seems that way because the world of investing throws a lot of information at you all at once
  • Realistically, successful investing involves very few steps and little monitoring – you don’t need to stress about having a “strategy”
• Don't put all your eggs in one basket
  • It's important to diversify your portfolio with a variety of investments, both domestic and international
  • Different types of investments:
    • Stocks & Equities
    • Bonds
    • Crypto Currency

Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
David Frank - Turning Point HQ

Having those financial conversations with your clients can be difficult if you aren’t sure where to start! It’s important to have an open conversation with your clients, rather than shift your values, in order to offer them the best care possible. Your services can be effective, affordable, AND profitable – we’re here to teach you how!

Miranda Palmer and Kelly Higdon are the founds of ZynnyMe, a company that is dedicated to teaching therapists to build valuable businesses while living a healthy, happy, and sustainable life. Their team is passionate about the mental health field, and enjoy serving the private practice community to help increase incomes and improve outcomes.

Episode Highlights:

• How are money and clinical outcomes tied together?
  • Money is a part of the therapeutic relationship! It can be an opportunity to deepen trust and to model how to have financial conversations moving forward.
  • Money is a resource and how you personally interact with it can be the bigger issue - your money story can greatly affect your decisions to set your fee or offer discounted rates. It is important for you to place a value on the resource you are offering.
• What are some ways to respond to the question, "Is this the best fee you can offer?"
  • Respond with a question to get a bigger picture of the client's situation and gauge what the client is able to handle - "This is my fee, but tell me more about what you are able to do knowing we will be meeting once a week."
  • The frequency you meet with a client can greatly affect the clinical outcome, so it's important to factor that into the finances of your business.

Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
ZynnyMe - Private Practice Experts