Dear Dangerously in Love with Your Finances,
I am a Licensed Professional Counselor and Certified Group Psychotherapist in Lakewood, Texas, specializing in group therapy. I am having difficulty getting my bookkeeping and accounting in order. It is so much easier just looking the other way – out of sight, out of mind. I have never been good at math; I just don’t enjoy math, which is why I don’t give the financial side of my business the attention it deserves.
Should I just outsource the bookkeeping and focus on what I am good at – being a Licensed Professional Counselor in Texas?
~ Walking Away From My Bookkeeping Responsibilities
Dear Walking Away From My Bookkeeping Responsibilities,
I have two secrets to share with you – you are not alone in getting your business finance in order, and (drum roll please) accounting is not math. Bookkeeping is the foundation of accounting, so numbers are involved, but the calculations are straightforward.
You lack bookkeeping knowledge, which is not taught in the behavior health curriculum. You may share the same frustration with finances as other mental health professionals who own their own practice.
The key is to become knowledgeable – hiring a medical bookkeeper would take the task off your plate, but it won’t solve your problem. How do you hire a bookkeeper if you don’t understand what they should be doing? How do you know if the bookkeeper is doing a good job? How do you evaluate if the bookkeeper understands the unique nuances of healthcare industry accounting? What happens if the bookkeeper leaves – how do you pick up the pieces?
You don’t need to become a bookkeeper. But you do need to be familiar with the fundamentals of accounting for healthcare. This new form of education is an essential part of getting your business’ financial side in order. As you start learning and understanding bookkeeping, your reason for outsourcing will be due to your lack of time, not your lack of avoidance.
If you need help with any medical accounting principles, please do not hesitate to reach out.
As always, stay dangerously in love with your finances!