Did you tell yourself you’d ‘do your own books’ and now you’re staring down the barrel of a ton of bookkeeping you need to do? I know bookkeeping can feel like a never-ending chore for some private practices, and it’s a strenuous task without help.
But, learning how to stay on top of the work with a regular bookkeeping process will ultimately benefit you and your practice (and did I mention it will save you money on your accountant too?!).
That’s why I wanted to make things a little easier and share four ways that will have you streamlining your bookkeeping processes; making it easier and cheaper to file your taxes and manage your books! (Maybe you’ll start getting excited for your taxes too? Or is that a little too far…?)
#1 Starting the New Year Fresh
Although it may seem tedious, taking the time to catch up and organize your books is the first step. It’s far easier to maintain your bookkeeping throughout the year than it is to do it all at once in a stressed panic close to tax season.
So, use this time to investigate what it is you need from your business. Getting your books up-to-date, reviewing your common expenses, and exploring what you need from your practice is the best way to ensure that your time spent bookkeeping is as structured and beneficial to your company as possible.
Not only is being up-to-date for the new year empowering, but it also guarantees less time spent in the future on this time-consuming bookkeeping task.
#2 Hold Yourself Accountable
Using your calendar or schedule database, set a recurring reminder to complete your bookkeeping. You wouldn’t cancel on a client, would you? So don’t cancel on your regular bookkeeping date!
The key to a successful bookkeeping process is consistency. So setting aside time every week, you are sure to stay on top of your books.
If these tasks are treated like client appointments or personnel meetings, not only have they been worked into your schedule, but you also have put yourself in the mindset to complete them. Although it’s not the most exciting part of the job, it is necessary to ensure your practice is doing the most for itself and its clients.
#3 Allocate a Space
Do you have a dedicated space where you can keep receipts, invoices or any other digital or physical paperwork you’ll need for bookkeeping? If you just answered no, I’ve just given you a great excuse to go buy some stationery (you’re welcome!)
By organizing your records now, pulling a specific receipt or invoice in the future will only take seconds, making the process more efficient for your clients and your company. Logging information that is filed together neatly is a breeze, and you should hold on to all invoices, bank statements, and business expense receipts for this very reason.
Note: this applies to both digital and physical paperwork! Get a handy filing system in the cloud and you’ll be able to access it from anywhere to get your bookkeeping done. From your practice, or the comfort of your couch.
#4 Use Spreadsheets
If you don’t want to mess with bookkeeping software like QuickBooks Online quite yet, or you just love a good ole excel spreadsheet, this is a great alternative! You can still record all of your income, expenses, insurance income/claims/reimbursements as needed, and even create auto-calculating formulas.
Or, if you want a spreadsheet, but don’t want take the time to create it or create auto-calculating formulas, I have the perfect solution for you, and it’s made exclusively for therapists!! It’s called The Bookkeeping Cure™ and you should definitely check it out and get started using it right away!!
#5 Out with the Old
Nowadays software is on your side, so don’t shy away from bookkeeping software which can be a great complement to your spreadsheets and EHR/EMR software.
If bookkeeping isn’t your thing, it’s probably not going to be something you’ll ever enjoy, but at least this way it might stop filling you with dread! If you want to ditch your bookkeeping responsibilities instead, click here to learn about our services & apply to work with us! We can help you with all your private practice bookkeeping and tax needs.
