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Bookkeeping for therapists
Tax season's a bummer. And if you're financially messy, it's a double bummer.
Andrea Rotondo, Liquid Cents Bookkeeping
To help therapists get financially organized, I reached out to Andrea Rotondo, the owner of Liquid Cents Bookkeeping with a few important questions.
Andrea, what's the first step for a therapist in keeping track of their finances when starting on their own?
The easiest first step when launching your practice is to keep your personal finances completely separate from your business finances. In other words, open a business bank account as soon as your business is created.
Even if you don’t have an LLC created yet and you’re operating as a sole proprietorship, you can still do this by opening a new personal bank account that is used exclusively for the practice. This applies to everything related to your finances: merchant accounts, credit cards, Paypal, and all bank accounts.
The second step would be to schedule at least one money meeting per month where you go over all your business transactions to make sure all the bills have been paid, you have collected all the payments owed to you, and to give some thought to the way the money is moving.
What hidden expenses should therapists keep in mind when they're preparing to pay taxes?
According to the IRS, an expense that is ordinary and necessary qualifies as a deduction for your taxes.
Vaping and Anxiety
A CBS interview with Dr. Loren Wold, professor and associate dean of research at Ohio State University College of Medicine, discusses the new study from the American Heart Association.
The study is focused on the link between teen vaping and poor mental health.
More than 2,500 teens and young adults were surveyed about THC and nicotine vaping and their implications on mental health.
Some of the findings showed that nearly 60% of users reported anxiety, and 50% were feeling depressed.
Behavioral Health Trends
A new report released by Trilliant Health, the leading analytics and market research firm in the healthcare industry, forecasts that by 2026, 25.2% of Americans will require behavioral health services.
Another finding shows that untreated behavioral health conditions will exacerbate other comorbidities. Read More Here
Gen Z's stance on mental health
According to the Human Resources Director (HRD), mental health benefits are more popular with younger people.
Millennial and Gen Z employees use mental health benefits at a higher rate than Gen Xers and Boomers.
A report from Cigna alarms that nearly 97% of 18-34 year olds are burned out. Unfortunately, almost 24% don't know how to access their benefits. Read it here
As the excitement around AI is growing, so are the fears about its use in the mental health space.
Some are starting to use ChatGPT as a personal therapist despite the platform's warning against it.
As the demand for mental health services is growing, people and providers use technology to solve their problems. But according to Simon Leigh, director of research at ORCHA, it's hard to predict AI's responses and this could result in unintended harm. Read more
This issue was dedicated to the topic of financial organization and bookkeeping.
Lack of organization is one of the main culprits to private practice failure.
Becoming financially literate is crucial for managing your own therapy business. Luckily, businesses like Liquid Cents Bookkeeping cater to therapists' needs.
Highlighting business resources for therapists is one of the main ideas behind this newsletter.
If you feel like I haven't explored a topic you're interested in so far, let me know if there're topics that you'd like me to cover.
If you'd like to share your thoughts, just reply to this email. I always respond.