![]() Once you know the process, a question often remains for private practice owners. This ebook dives into some helpful terms to know when navigating the billing and bookkeeping world. By filling in any gaps, you can better design and develop your own billing process. It’s also helpful to evaluate your current bookkeeping knowledge. Some private practices will have accounts receivable and payable, but for the majority, these three will suffice, whether done by you or by a certified bookkeeper. For most private practices you have a minimum of three steps that you must cover in your bookkeeping process-categorization, reconciliation, and reports. However, private practice bookkeeping goes far and above categorizing. We’ve heard many private practice owners share their experience of bookkeeping as simply categorizing transactions. If you use your bookkeeping reports to evaluate trends in your income, it can inform which services to market and which services to eliminate, so you focus on what is essential in your business. Meaning, you can set aside money each month to pay for the conference so it makes less of an impact on your monthly income. If you see this trend in your referrals alongside short increases in expenses, you can plan your cash flow better. However, the financial hit of the conference could be very stressful. It makes sense to go to the conference for the training and education, plus it’s during a slower time in your practice. ![]() And each year the conference falls during a time when your referrals also drop. However, private practice bookkeeping can really give a clinician a deeper understanding of how their practice is doing financially so they can make better business decisions.įor example, as a clinician there may be an annual conference you want to attend. Many think that bookkeeping is only used when it’s time to file taxes and you need to submit your reports to the IRS. Bookkeeping is simply a way to account for all of the money flowing in and out of your business.
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