In this episode, we’re talking about the financial mistakes that therapists often make in private practice—and how to avoid them.
Whether you’re just starting out or scaling your business, this conversation will help you manage your finances more effectively, save money, and reduce stress.
Our guest, Julie Herres, CEO of Green Oak Accounting and an experienced accountant who works with private practice owners, shares practical advice to help you feel confident about your numbers and make smarter financial decisions.
If you’ve ever worried about tax surprises, felt unsure about when to hire a professional, or struggled to make your practice profitable, this episode is for you.
What You’ll Learn in This Episode:
- Why saving for taxes is essential and how to avoid year-end financial panic.
- The key mindset shift you need to treat your practice as a successful business.
- How skipping professional help for accounting or legal advice can cost you big in the long run.
- Simple strategies, like Profit First, to allocate your income and keep your practice financially secure.
- Tips for scaling your practice while staying on budget and avoiding common pitfalls.
Key Takeaways:
- Prepare for taxes: Set aside money regularly to avoid unpleasant surprises during tax season.
- Adopt a business mindset: Treat your therapy practice as a business to ensure its long-term success and impact.
- Get expert help: Hiring professionals for accounting and legal needs can save you time, money, and headaches.
- Plan ahead: Consult with experts before making significant business changes to avoid costly mistakes.
- Profit First strategies: Use intentional income allocation to maintain financial stability and growth.
Tune in to learn how to avoid common financial pitfalls and build a thriving, profitable private practice.
Links mentioned in this episode:
- Profit First For Therapists Facebook Group
- Therapy For Your Money Podcast
- Green Oak Accounting Website
Watch The Video:
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This Episode Is Brought To You By
Alma is on a mission to simplify access to high-quality, affordable mental health care by giving providers the tools they need to build thriving in-network private practices. When providers join Alma, they gain access to insurance support, teletherapy software, client referrals, automated billing and scheduling tools, and a vibrant community of clinicians who come together for education, training, and events.
Learn more about building a thriving private practice with Alma at helloalma.com/elevation.
About Julie Herres
Julie Herres is an expert in Profit First who has helped hundreds of private practice owners gain financial freedom. Founder of GreenOak Accounting, the country’s largest firm serving the mental health industry, Julie is an accountant, consultant, speaker, author of Profit First for Therapists and host of the Therapy for Your Money podcast.
About Daniel Fava
Daniel Fava is the owner and founder of Private Practice Elevation, a website and SEO agency focused on helping private practice owners create websites that increase their online visibility and attract more clients. Private Practice Elevation offers web design services, SEO (search engine optimization), and WordPress support to help private practice owners grow their businesses through online marketing.
Daniel lives in Atlanta, GA with his wife Liz, and two energetic boys. When he’s not working he enjoys hiking by the river, watching hockey, and enjoying a dram of bourbon.
