- Pros and cons of starting a bookkeeping business in 2017 full#
- Pros and cons of starting a bookkeeping business in 2017 software#
- Pros and cons of starting a bookkeeping business in 2017 professional#
You have a small private practice and can’t justify the costs of a full-time accountant on staff.You run a smaller private practice, but you enjoy that extra layer of financial protection.More than two therapists on staff full-time.“Large” is subjective, but you may qualify if any of the following applies: Not sure whether you should hire or contract an accountant? Here’s a helpful guide: Should You Hire or Contract an Accountant ? To learn more about HIPAA compliance, click here. This can include utility bills, payroll, and taxes. You’ll only need an accountant for business-related income and expenses that fall outside of the scope of client-related information. TheraNest handles everything related to your client records, including billing, payment, and invoicing. If you do work with an accountant, there’s no need to hand over your client records (including payments, pending, etc.) because all of that can be reconciled with our software.
Pros and cons of starting a bookkeeping business in 2017 software#
Our TheraNest software keeps your client information safe and protected, in compliance with HIPAA. Your accountant should never know the names, addresses, treatment plans, or other personally identifying information of your clients. Anything related to the personal health information of your clients should be kept separate from your accounting records.
In accordance with HIPAA laws, your accountant should not be privy to your clinical records. Now that we’ve talked about the pros and cons of hiring an accountant, let’s talk about some legal considerations you need to know as well. It’s possible that you’ll have to go through several accountants to find the right one for your business. You may luck up and find the right accountant on the first try, or you may not. Your accountant should be someone who meshes with you and “gets” you. Transitioning can be uncomfortable (and expensive). The good news is that this may be tax deductible, but as I mentioned earlier, discuss this with your accountant to be sure.Īre you already good with bookkeeping? Do you have a system in place? If so, it may be more prudent to stay with that system instead of hiring someone else. You’ll need to find room in your budget to pay for an accountant’s services. It goes without saying that an accountant doesn’t work for free. Here are a few reasons why hiring an accountant may not be the best option for you (right now): An accountant can handle all of it without you needing to worry.
Pros and cons of starting a bookkeeping business in 2017 full#
From scheduling employee pay to deducting taxes and FICA, to sending out tax information on time to both the IRS and the employee or contractor, payroll can be a full-time job.īut there’s no need for it to be your full time job.
Hiring staff is wonderful, but it can also be a death trap when you’re trying to keep track of payroll. So be sure to sign your own checks and stay informed about any major financial decisions that can affect your private practice. Of course, you don’t want to turn into a cautionary tale. Hire someone else to do it for you and reclaim your work life balance. This is especially true when you’re stuck after hours reconciling accounts and invoices. Plus, accountant fees are tax deductible-but I’m not an accountant, so make sure you check with your accountant on that.Įven with your best intentions, it can be difficult to balance the needs of your clients with the needs of your private practice. By hiring an accountant for your taxes, you won’t need to keep up with it-only your accountant needs to. You don’t want to wait until an audit’s knocking down your door to hire someone who can make sense of your finances. This is when an accountant comes in handy. And for those in private practice, the tax man swings by four times a year (at least).Īre you bogged down by taxes? Do you spend a ton of time every quarter sorting through deductions and exemptions and expenses and receipts? It takes a lot of work to crunch the numbers and make sure that you’re not unintentionally defrauding the government. Accountants are financial advisors that can help you grow your business. They can give you financial advice that helps you get loans, qualify for tax deductions, structure your pricing, and much more. Remember that accountants can do more than just reconcile numbers.
Pros and cons of starting a bookkeeping business in 2017 professional#
So, hire a professional who enjoys handling finances and can make the connections that you can’t. But, you’d rather be helping your clients. Here are the benefits of hiring an accountant for your therapy practice:Īs a business, you need to document your receipts and track your expenses.
0 kommentar(er)
