Dear Dangerously in Love with Finance,
I have a bookkeeper who handles my invoices, reconciles my bank statements, and makes sure payroll goes out on time. But here’s the thing—although I have a nice cushion in the bank, I feel like I’m flying blind when it comes to my money. I asked my bookkeeper to help me understand my cash flow and build a budget, and she told me, “That is not included in her contracted scope of work, if I want these services it would be an increase in price”.
Wait… what? Isn’t that part of bookkeeping? So who do I need to hire to help me with cash flow and budgeting? I reached out to my Facebook community and was advise to look into CFO services for chiropractic clinics, but I thought CFOs were for big corporations. So, what’s the difference between what a bookkeeper does and what a CFO does? And do I actually need both?
Sincerely,
Financially Twisted in Tulsa
Dear Financially Twisted in Tulsa,
Oh, how I love this question! You’re not alone in your confusion—many chiropractic clinic owners and not to mention other health and wellness owners assume their bookkeeper should be able to provide financial strategy and projections. But let me clear up this financial fog before you give yourself a spinal misalignment from all that stress.
Bookkeeper vs. CFO: Who Does What?
Let’s break it down:
- Your bookkeeper is like your clinic’s front desk assistant—they make sure everything is recorded, categorized, and neatly filed. They handle bank reconciliations, payroll processing, accounts payable, and accounts receivable. They ensure your financial data is accurate and up to date, but they don’t analyze it or create forward-looking financial strategies. They manage the day to day financial transactions.
- Your CFO (Chief Financial Officer) is like the head chiropractor of your business’s finances. They analyze your numbers, help you plan for growth, and make sure your clinic isn’t just surviving—but thriving! A CFO for a chiropractic clinic will help you:
- Create a projected cash flow analysis so you know when money is coming in and going out.
- Build a realistic budget that aligns with your goals (like hiring that new chiropractor).
- Strategically price your services to improve profitability.
- Plan for taxes, equipment upgrades, and expansion so you’re not caught off guard financially.
Why Your Bookkeeper Isn’t Giving You Financial Strategy
Your bookkeeper’s job is to record the past, not predict the future. They work with transactions that have already happened—categorizing them correctly so your financial reports are accurate. A CFO, on the other hand, helps you forecast what’s coming and strategize for it.
Think of it this way:
- If your bookkeeper is giving you a rearview mirror view of your business (past transactions),
- Your CFO is your GPS, guiding you forward and helping you avoid financial roadblocks.
Do You Need Both a Bookkeeper and a CFO?
Yes! Here’s why:
- Without a bookkeeper, your financial records will be a hot mess, making it impossible to file taxes properly or understand where your money is going.
- Without a CFO, you’re making financial decisions blindly, which can lead to cash flow problems, missed growth opportunities, and unexpected financial shortfalls.
Stop flying blindly with your clinic’s financial future, maybe it’s time to bring in a CFO for your chiropractic clinic. They will work alongside your bookkeeper to translate your numbers into an actionable plan that supports your growth.
How to Get Started with CFO Services for Your Chiropractic Clinic
Now that you know what you need, here’s how to move forward:
- Find a CFO who specializes in financial management for chiropractic clinics.
- You want someone who understands the ins and outs of a service-based business with fluctuating cash flow and insurance reimbursement cycles.
- Work with your CFO to create a projected cash flow analysis.
- This will help you see when money is coming in and going out, so you can plan accordingly.
- Develop a budget that aligns with your goals.
- If hiring another chiropractor is your next step, your CFO will help you determine if and when you can afford it.
- Set up regular financial check-ins.
- Your CFO can help track your financial health, adjust your pricing structure if needed, and ensure that your clinic remains profitable.
Mindful Thoughts
You deserve to run your chiropractic clinic with confidence, knowing your finances are in order and your future is secure. A bookkeeper is essential for accurate record-keeping, but a CFO is what will take your business from guessing to strategic growth.
It’s time to stop treating your financial health with DIY adjustments and bring in an expert to give your business the financial alignment it needs. Trust me, once you have a CFO guiding your clinic’s finances, you’ll wonder how you ever ran your business without one.
Financial clarity is the best adjustment you’ll ever make!
Lots of Love, Coffee and Chocolate……. Dangerously in Love with Finance.
Ready to Align Your Finances Like a Perfect Chiropractic Adjustment?
Let’s be real—running a chiropractic clinic is no joke!! Between managing clients, keeping your team happy, and staying on top of the latest industry trends, your plate is already overflowing. The last thing you need is not being prepared with the financial ups and downs of running a pratice.
That’s where Healthy Bodies of Finance comes in. We specialize in bookkeeping, CFO services, and financial strategy tailored for chiropractic clinics, medical spas, fitness studios, day spas, and private therapy practices—because your business deserves financial wellness, just like your clients deserve physical wellness.
At Healthy Bodies of Finance, we believe in proactive financial leadership, not just number-crunching. We’ll help you move beyond just getting by to truly thriving—with a financial roadmap that supports your business growth.
Book a free consultation today and let’s talk about how we can keep your financial proactive and reactive.
This article is designed to provide information only and should not be considered legal or tax advice. Because of the complexity of the law and the variables in your own personal tax and accounting situation, you can’t rely on our advice specifically related to your unique circumstances. In order to get the best tax savings and legal advice available to you, you should consult with your own accountant, attorney or advisor regarding your particular facts and circumstances. Healthy Bodies of Finance is an accounting firm that specializes in working with health and wellness providers. We provide monthly accounting & bookkeeping services and financial education. For more information on our specialized services for health and wellness providers please contact us at [email protected]