Author: David Leichter
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How Therapists Can Avoid Audit Risks With Accurate Accounting
No one starts a therapy practice thinking about tax audits. But whether you’re working solo or running a growing group practice, your business structure and financial habits can raise red flags, especially with the IRS and insurance companies keeping a closer eye on healthcare providers. The good news? Avoiding an audit doesn’t require fancy software…
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A Therapist’s Guide to Managing Practice Debt Effectively
How to pay down loans and credit without compromising your practice’s financial health Debt has a way of creeping into private practice. Maybe it started with startup costs. Maybe a slow season pushed you to lean on credit cards. Or maybe student loans have been hanging over your head since day one. However it started,…
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Top 3 Bookkeeping Mistakes Therapists Make and How to Fix Them
When you’re running a private practice, you’re a mental health professional and a business owner. And while you’re trained to track moods and progress notes, tracking your business finances might feel like a completely different beast. Unfortunately, a few simple bookkeeping mistakes can cause cash flow issues, inaccurate financial statements, and painful tax time surprises.…
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The Real ROI of Hiring a Bookkeeper for Your Private Therapy Practice
Let’s be honest: you didn’t start your therapy practice because you love tracking expenses and reconciling bank statements. But here’s the thing — your financial health is just as important as your clinical work if you want your practice to thrive long-term. And after decades as a CPA working with mental health professionals, I can…
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The Cost of Avoiding Financial Advice for Your Therapy Practice
You spent years studying mental health, human behavior, and how to guide clients through trauma and transformation. But no one gave you a manual for building a sustainable business. Financial planning? Tax strategy? Retirement plans? None of that was on the syllabus. Many therapists steer clear of financial professionals. Some think it’s too expensive. Others…
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Can You Handle Bookkeeping Yourself as a Therapist? Pros and Cons
Being a therapist means you’re juggling more than client sessions. You’re also a business owner managing financial and administrative tasks, and the entire business structure that supports your private practice. Most mental health professionals weren’t trained for bookkeeping tasks like tracking insurance reimbursements, client payments, business expenses like office supplies and office rent, managing quarterly…