Session 180: The Biggest Bookkeeping Blunders That Clinicians Make and Their Solutions

Overview

Balance sheet, profit/loss statements, cash flow, business expense—-do these terms send you into a sudden state of anxiety and panic? If so, then this is the perfect show for you! The entire topic of keeping accurate records for your business can be ultra-intimidating for any clinician. Let’s try to make sense of it all together!

Greg Higdon is the founder of Grow the Books. He’s here to discuss the biggest bookkeeping blunders that clinicians make and offer solutions that make sense. If looking at your numbers makes you sweat, or if you’ve taken the ostrich approach of hiding your head in the sand, then I hope this episode will make things more manageable and less stressful for you. Join us!

What We’ll Learn

  • What is bookkeeping? Greg’s definition is that bookkeeping tracks daily transactions and categorizes them to generate financial statements
  • Why does a business owner need to keep track of cash flow?
    • To stay in business!
    • To ensure that taxes are filed correctly
  • Top Five Common Bookkeeping Mistakes that Clinicians Make:
    • Mixing business and personal bank accounts
      • Use the same bank, keep transactions separate, and keep receipts
    • Not looking at the numbers
      • At least once monthly, look at your balance sheet, profit/loss statement, and cash flow statement
    • Not looking at your financial statements
      • Looking at the statements allows you to see the trends and know when the slower months are
    • Not making payments to yourself properly
      • Be sure to use bookkeeping software, use “owner’s draw” for your pay, and DON’T take your pay as an expense
    • Trying to do it all on your own
      • You may not have the time to stay up-to-date on new tax laws; your time is your most valuable asset, so delegate what you can
    • How to know how often to pay yourself
    • How a good bookkeeper can save you $$ in the long run

Resources Mentioned

Grow The Books  Find out more about Greg’s work and schedule a consultation

Selling the Couch Find help with Google AdWords

Quick Books The online resource recommended by Greg for business bookkeeping

Thank You for Listening

I know that our lives are busy, and I’m grateful that you took the time to listen to this week’s podcast.

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