important things you should know

Frequently Asked Questions

Because we provide a holistic, strategic, and proactive approach to providing effective and efficient financial solutions for your practice, we have provided a complimentary 20-minute strategy call for you to request. During this interactive call, we go over your problem areas, growth plans and expectations. This process helps us understand your practice before assessing and diagnosing the corrective action plan that will allow you to mindfully care for your practice. After our strategic call, we send you additional information we need to assess your accounting, tax and business systems. This assessment process is very crucial because it allows us to deepen our understanding of your business and to identify gaps. After our conversations and assessment, we provide effective customizable financial package quotes that address your practice’s financial challenges.

Yes, we can properly set up and provide a continuous review of your Profit First strategies. We’ll focus on how to make sure your money is working well for you by creating sustainable financial saving strategies for the long-term success of your practice.

Yes, we do! We want your practice to start on the right track. We provide effective guidance on business, financial and tax to focus on as you are starting. An example of ways we help you is going over the pros and cons of the different types of business entity option (sole proprietor, LLC, PLLC, S Corporation etc.) you have. We also provide guidance on states’ business entity structure requirements.

Yes, we understand the stress of not having your financial records in order. One of our main goals is providing you with peace of mind as we work on the financial side of your practice. We will be glad to go back to prior years or months to do bookkeeping clean up. We will bring all your practice’s financial records to date and this will allow you to start fresh.

Yes, we love working with startup practices. From our experience, we believe it is best to partner with a strategic CPA during the early stages of your practice. This allows you to start on the right foot with your business finances and saves you a lot of headaches down the road. According to the Small Business Administration (SBA), about 50% of new businesses fail during the first 5 years of starting a business. Two of the top reasons about 50% businesses fail during the first 5 years are: not having enough capital (i.e., cash) and pricing (client rate fees). Not having enough cash to run your practice or not properly setting your client rate fees will slowly limit your business profit growth. By partnering with us during the early stages of your practice, we will provide strategic advice on cash flow management, budgeting, client rate fees analysis and revenue analysis projection amongst other powerful financial solutions we offer. Focusing on these areas with a strategic CPA will set you up for success because of proper strategic business planning.

Yes, we are Certified QuickBooks ProAdvisors and Certified Xero Advisors. Both certifications are administered by the accounting software companies – Intuit (QuickBooks) and Xero. Because of our immense experience working with small businesses and using this accounting software, we can provide strategic insight that will drive success for your practice.

Bookkeeping is recording your business’s financial transactions, such as purchases, sales, vendor payments, and employee wages. It requires daily handling and entry of transactions. But keeping up can be a lot of work, and it’s easy to accumulate a backlog. Unfortunately, bookkeeping backlog can hold up monthly reconciliations and payments, leading to delayed bill payments, delayed payroll processing, and worst of all, client dissatisfaction.

Accounting is classifying, interpreting, analyzing, reporting, and summarizing your business’s financial transactions. Not knowing how your business is performing can cause missed opportunities and ultimately prove detrimental to your business’s success.

You don’t have to sacrifice time and opportunities to have great bookkeeping and accounting. Get the best of both when you partner with us.

Like Psychotherapists, Certified Public Accountants (CPA) are licensed and regulated by the state and other governing bodies (ex. AICPA, IRS) and have continuing education requirements to stay on top of the ever-changing accounting and tax rules. Before receiving the CPA designation, a bachelor’s and/or master’s degrees in accounting are required besides work experience requirements. CPAs are recognized in the business world and by the government as professionals who are credible and experts in their field. A CPA specializes in various areas of the profession, such as accounting, tax and/or audit.

On the other hand, an accountant is not licensed or certified. Some accountants have a bachelor’s degree but it doesn’t have to be in accounting.

A skilled CPA for Psychotherapists focuses on the unique needs of your practice and understand your day to day challenges because of our close interactions with other clinicians who are mindfully caring for their practice. We design specialized financial reports we use for your practice just as you use clients’ therapy notes for evaluation, diagnosis, and treatment planning. We analyze the financial health of your practice and perform strategic tax planning on how you can minimize taxes while generating the appropriate revenue mix. In addition, we provide “best practice” guidance on how other practices are doing in the psychotherapy private practice field. One of our main goals is to provide business financial education that will help you to make informed decisions about your practice’s finances.

Accounting is classifying, interpreting, analyzing, reporting, and summarizing your business’s financial transactions. Not knowing how your business is performing can cause missed opportunities and ultimately prove detrimental to your business’s success.

You don’t have to sacrifice time and opportunities to have great bookkeeping and accounting. Get the best of both when you partner with us.

During our 20-minute strategy call, we will go over your challenges, visions and goals. We will also go over what is working and not working in your practice. From there, we assess the stage you are at and recommend insightful advice to move your practice to the next level. Some services we offer to growing practices are Revenue Analysis, Cash flow projection & management strategies, Disciplined budgeting, Budget to Actual reporting, Debt planning and reduction, Succession planning, Strategic tax planning, S Corporation election analysis, Reasonable compensation analysis, strategic business management coaching calls, etc.

Yes. We understand the importance of knowing how or whether your practice is operating effectively. We also understand the importance of doing strategic tax planning throughout the year and before the end of the year. We provide a monthly or quarterly review of your accounting system to ensure your business finances are in order. After reviewing your accounting system, we take corrective actions to clean up your books. We also provide tax planning throughout the year on how you can reduce your tax liability and save thousands of dollars. Besides reviewing your books and providing key financial insights into your practice, we can also be engaged to prepare and file your business and personal tax returns.

Yes, we provide strategic tax planning and preparation. We also offer business entity strategy and entity setup. We make sure you save money and keep more of the money you earned because we stay up-to-date with changes in the tax laws to ensure we recommend the best tax advantages under the law.

Yes, besides working with Psychotherapists in private practice, we work with non-profit organizations and are very familiar with the nuances of non-profit bookkeeping and accounting. We can also file your Federal and state tax information reporting requirements (ex. IRS Form 990 – Return of Organization Exempt from Income Tax) accurately and painlessly.

Yes, we are a cloud-based CPA firm that serves practices in all 50 states and US territories. We take incredible advantage of the technologies we have at our disposal to connect with all of our clients wherever they are. One of our main goals is connecting with our client throughout the year, and depending on the service(s) you are looking for we will connect with you on a weekly, monthly or quarterly basis. As part of our service packages plan all of our clients receive complimentary unlimited email/text support where they can ask us any accounting, bookkeeping or tax questions about their practice at any time of the day. We pride ourselves in educating our clients so they are informed to make the best financial decisions.

As a licensed CPA firm, we are bound by professional standards of confidentiality required by the IRS and the American Institute of Certified Public Accountants (AICPA). We will always protect your right to privacy, and your financial information will be securely uploaded using our requested file-sharing system. In addition, your financial information will never be shared with third parties without your written consent. Here is additional info about our privacy policy to learn more.

The most widely used accounting/bookkeeping software for small businesses are QuickBooks, Xero, FreshBooks, Wave and Sage 50cloud. After our 20-minute strategy call, we will assess your current business accounting system and recommend the best accounting system that will work well with your practice needs. If you are not using accounting software, that’s ok! We will assess your situation and also recommend what software to use.

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