Accounting Essentials
for Health and Wellness Professionals

Getting your bookkeeping in order is essential.

It starts with accurate bookkeeping & an accountant that specializes in your industry.

Many health and wellness businesses overlook the need for basic guidelines and procedures that establish the financial integrity of their numbers. These guidelines are crucial for financial oversight and management of the business.

Establishing financial guidelines and rules for your business is a great foundation. However, the lack or absence of strong internal controls and oversight creates an opportunity for fraud. Are you opening the door to a potential thief?

Separate financial responsibilities

Establish division of duties for employees involved with your finances. You should have ideas on specific areas of responsibility for different people. Why? Because giving one person all of the control and knowledge for your books drastically increases opportunities for theft and mismanagement. A good way to do this is to list out the different financial areas of your business, like payroll, payments, and bookkeeping. Then consider how you can divide these responsibilities among team members in a way that makes sense for your office.

Define financial oversight for your business

Checks and balances are essential for the smooth functioning of our government, and this same approach is just as critical to ensuring the protection of your business. Centralizing all of the authority to access and review your books with one person is a recipe for theft fraud. As we discussed above, you should figure out all of the financial tasks that must be completed for your business, and then divide those duties between team members. Who will oversee the whole? Our strong suggestion is that it be the owner of the practice.

Outsourcing financial tasks is smart

You have to maximize your time and focus. However, business owners need to understand the financials of their business. That’s why we place so much emphasis on educating our clients. So while we can take on many of the tasks needed to manage your finances, you need to understand what needs to happen, why, and when – with regards to your money. We’re not saying that you need to get a degree in accounting (not that there’s anything wrong with that!), but it is an area where knowledge is key.

Monthly Bookkeeping, Accounting, and Cash Flow Reviews

Relying only on your bank balance is one of the biggest financial mistakes a business owner can make. Not reviewing bookkeeping and accounting records on a monthly basis leaves blind spots—cash in the bank may look strong, but it doesn’t show unpaid bills, future payroll, prepaid services, or upcoming expenses.

Monthly financial statement reviews, combined with updated cash flow forecasts, give business owners real visibility into their true financial position. With consistent reviews, you’re not just tracking bank balances—you’re managing cash flow, identifying risks early, and making data-driven decisions that protect stability and support growth.

Benefits of a Fractional CFo that offers Financial management services:

Here’s how our specialized bookkeeping services can benefit your health and wellness business:

Our approach goes beyond accounting— it’s rooted in financial leadership. We align your practice with accounting standards while focusing on strategy, profitability, and long-term success. With deep knowledge of the health and wellness industry, we don’t just report the numbers — we analyze, interpret, and turn them into actionable insights that guide growth and protect cash flow.

We are always asking questions and curiosity about your business. By asking “why?” at every stage, we uncover the deeper story behind your numbers — because deeper insights lead to better outcomes. This approach keeps you proactive, not reactive, and gives you the clarity and confidence to make smarter financial decisions.