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Accounting Essentials

for Health and Wellness Professionals

We understand the unique bookkeeping needs of health and wellness businesses. You’re passionate about helping your clients achieve their wellness goals, but managing the financial side of things can be a burden. That’s where we come in.

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We find that many of our medical and wellness clients overlook the need for basic guidelines and procedures that establish the financial integrity of their numbers and serve as guidelines for oversight and financial management. What we like about the process of setting rules for our own business is that, once established, we feel compelled to follow them. 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?

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.

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Checks and balances are essential for the smooth functioning of our government and are just as critical to ensuring the protection of your health practice. 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.

You have to maximize your time and focus. However, business owners need to understand the financials of their business. That’s why we place such 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.

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One of the biggest recipes for disaster for a business is dealing with your finances only once a year. A lot happens in any given year, and by not paying close attention to those events, you’re endangering the short and long-term health of what you’ve worked so long to bring to life. That’s why we have monthly reviews to examine the previous month’s financial statements (bank, credit, etc.) closely. It’s important to note and address any irregularities in a timely fashion .

We help our clients think through, standardize, and automate procedures that become an essential part of the financial process, month end and year-end close.

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

Timely, accurate data within an accounting software that works best for your business

Monthly financial statements to help guide your growth

A liaison between your tax preparer/CPA

More time to focus on your profession

Our approach is designed to streamline your accounting and bookkeeping process while adhering to accounting standards specific to your practice. And our in-depth knowledge of the wellness industry allows us to analyze, interpret, and turn your numbers into useful information so you get practical insights right away. Our approach allows you to be proactive, not reactive.

“You wouldn’t go to a chiropractor for yoga advice, or to a sports pro to learn how to cook. Why should you expect to have the all the accounting and financial skills to manage your own books?”
– Lozelle Mathai, Owner Healthy Bodies of Finance