Being a therapist is not easy. Your time is dedicated to individually caring for your patients and monitoring their wellness. Managing and analyzing your patients’ past records to draw insights is time-consuming. With so much already on your plate, finding time to sort your finances becomes challenging. In such a scenario, hiring professional services for the financial management of your business is a wise choice.
Significance of professional Services
Do you have back-to-back sessions scheduled from 9 AM to 5 PM? Managing the finances and invoices for each session individually is not easy. Making projected quarterly tax payments and keeping your accounts up to date may seem like a hassle. We understand your concerns. Employing a bookkeeper may appear time-consuming, expensive, or unpleasant for therapists. However, having a bookkeeper can genuinely relieve your financial and mental burdens while you manage your workload.
Every therapy business must have a bookkeeping department. It helps keep track of all earnings, expenditures, and profits generated throughout the year. This ensures complete and timely payment of taxes. Maintaining accurate books helps keep the business organized and reduces the likelihood of mistakes or discrepancies.
One-on-one collaboration with a professional will enable you to:
- Have a dedicated individual maintain your books using a confidential and reliable procedure.
- Obtain information about your spending and cash flow reports.
- Reduce anxiety related to payroll and spending.
- Recognize opportunities for financial expansion.
- Monitor your business’s financial performance.
- Avoid year-end tax bills for unreported or forgotten spending.
- Develop a financial strategy tailored to your specific business needs.
- Get the financial information you need to make informed business decisions.
- Understand your tax obligations and ensure compliance with tax laws and regulations.
- Make informed and right decisions regarding the future of your business based on accurate financial data.
Benefits of Hiring a Bookkeeper
A professional bookkeeper can assist you in maintaining several important aspects of your business, including:
Monitoring insurance payments: Bookkeeping services help therapists keep track of insurance payments, ensuring they are correctly reflected in financial accounts. This allows therapists to identify any inconsistencies or payment delays and take swift action to fix them.
Identifying trends: Bookkeeping services help therapists spot financial trends, such as sales increases during specific months or decreases in marketing-related costs. This enables therapists to make more informed decisions regarding their company’s operations and marketing plans.
Giving financial reports: Bookkeeping services can provide therapists with regular financial reports, such as profit and loss statements and balance sheets. These reports help therapists better understand their financial situation and business operations. They can also be useful for attracting investors or obtaining funding.
Cash flow Management: Keeping an eye on cash flow is crucial for therapists running a successful practice. Bookkeeping services help therapists track cash flow, ensuring they have enough money to cover expenses. They also assist therapists in identifying opportunities for improving cash flow, such as faster payment collection or improved vendor payment terms.
Providing specialized services: Bookkeeping solutions can be customized to meet therapists’ specific requirements. For example, therapists who work with insurance companies may need additional services to track payouts. A bookkeeping service can tailor its offerings to meet these specific demands and help therapists better manage their funds.
Benefits of Hiring an Accountant
Like hiring a bookkeeper, hiring an accountant can benefit your business. Some ways in which an accountant can be helpful include:
Reporting on grants: Accounting services assist therapists in tracking and reporting on grants received to support their profession. This includes tracking expenditures per grant program, creating financial reports that adhere to grant standards, and ensuring proper use of grant money.
Financial education: Accounting services provide therapists with financial education, helping them understand important financial concepts and principles. This includes information on financial statements, budgeting, cash flow management, and tax planning, enabling therapists to make well-informed business decisions.
Strategic planning: Accounting services help therapists create and implement successful company strategies. This may involve creating financial models that consider various scenarios, analyzing financial data to identify growth opportunities, and offering advice on the financial impact of different business actions.
Accounting for partnerships: Therapists with partnerships may require specialized accounting services to handle their finances. This includes keeping track of contributions and distributions made by each partner, creating financial statements for the partnership, and ensuring compliance with tax rules and regulations.
Fraud prevention: Accounting services assist therapists in preventing fraud and financial mismanagement by implementing internal controls and financial monitoring procedures. This includes establishing financial policies and processes, monitoring transactions for any unusual activity, and providing guidance on how to avoid financial fraud.
Conclusion
The risks can feel overwhelming, with potential costs mounting if you file your taxes incorrectly or rely on expensive firms for private practices. A smoothly running practice requires someone who understands the financial side of your business thoroughly. This frees up your time and energy, allowing you to prioritize and focus on your clients while reducing stress about handling your books. Just as you provide personalized care to your patients, the same care should be given to your practice’s finances.
At Remote Books Online, we understand this. We offer reliable, quality, and accurate bookkeeping and accounting services tailored to businesses of all types and sizes. Our services are affordable, ensuring you do not have to compromise on the best.
Checkout our Bookkeeping and Accounting Services and hire us today!
Why Choose Remote Books Online?
Your business is not bookkeeping, but ours is. Let us take care of your books for you. We have your needs covered with back bookkeeping, real-time bookkeeping, bookkeeping and payroll services, and full-time or part-time bookkeepers. This way, you can get back to doing what you do best. Moreover, we will help you quickly and easily bring your books up to date for taxes, loans, or other transactions, providing a clear picture of your business’s financial situation.
Dedicated Bookkeepers: You will be assigned a dedicated bookkeeper and meet with one of our lead accountants. (All of our dedicated lead accountants have at minimum a four-year accounting degree, and many are CPAs.)
Automated Systems: Our automated and secure web service will download your statements every month and send them to your dedicated lead bookkeeper. The bookkeeper imports the bank statements into your QuickBooks Online account or QuickBooks Desktop account, categorizing monthly transactions and preparing the necessary financial statements.
Back Bookkeeping: Behind on your books? No need to worry! Back bookkeeping services help you get fully caught up with tax-ready financials in less than a week.
Tax-Ready Financials: Remote Books Online completes your bookkeeping and financial statements for filing taxes.
Data Security: We take the security and privacy of our customers seriously. We protect your data with 256-bit SSL/TLS encryption—the same level of encryption as online banking.
Try Remote Books Online for FREE!
Remote Books Online offers the first month of bookkeeping services for free. We document all transactions and essential journal entries for your books. Take advantage of this free consultation to experience and assess our bookkeeping service and procedure. We aim to establish a foundation for a long-term relationship by providing you with a personal understanding of how we relieve you of the stress and aggravation of bookkeeping.
Get the qualified bookkeeping assistance you need for your business. Speak with a representative to obtain an estimate and schedule a meeting with a Certified QuickBooks Pro Advisor to review your financial records.