This month, we’re exploring medical practice compliance, chart of accounts, and the importance of a Diagnostic Review.

We’ll translate the financial jargon, equip you with actionable tips, and keep things engaging (because financial literacy shouldn’t feel like a foreign language. So, grab your favorite coffee (or tea!), settle in, and get ready to level up your financial knowledge!  

Before, you begin your journey of reading, I invite you to:

Take a deep breath, clear your mind, and think about what you’re grateful for at this moment.

I will start: At this moment – I’m grateful for the time, energy, and teamwork that went into creating our new newsletter, Financial Insight with Lozelle.
When we come together, our combined ideas spark creativity, bring unexpected surprises and a whole bunch of laughter. 

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Dear Dangerously In Love With Finance….

Dear Dangerously in Love with Finance,

I am a pediatric occupational therapist, located in Raleigh, North Carolina. My passion lies in helping children thrive. However, I find myself struggling with the daunting task of bookkeeping and accounting. Despite my best efforts, I can’t shake the feeling that I might be making mistakes that could potentially affect my practice. In my search for assistance, I’ve reached out to several bookkeeping and accounting professionals, only to be informed that a paid diagnostic review is necessary before they can provide guidance. I’m left wondering, is this truly the only way?

Regards,

An occupational therapist looking for guidance

Dear Occupational Therapist Looking for Guidance, 

For countless business owners, like yourself, their business is more than just a means of generating income; it is a labor of love. It embodies their passion, commitment, and aspirations. It is a testament to their tireless dedication, unwavering commitment, and ambitious aspirations. 

When it comes to allowing a diagnostic review of their financial records, however, they may experience feelings of apprehension about what might be revealed. Yet, this process is not a cause for worry but a source of reassurance, leading to greater financial clarity and security. 

As a fellow business owner and accountant, I am acutely aware of the importance of maintaining precise and organized financial records as they relate to a business’s operational processes. It is crucial to question and fully comprehend the services you are paying for and their associated benefits. With that in mind, allow me to delve into the importance of investing in a Diagnostic Review and the advantages it offers business owners (like yourself), accountants, and bookkeepers.

So, what exactly is a Diagnostic Review?

A Diagnostic Review is a tool that can provide a comprehensive understanding of your financial situation, helping you make informed decisions and ensuring your business’s financial health.

Accountants and bookkeepers offer a comprehensive service to meticulously examine a client’s financial records before commencing any cleanup or maintenance work. This process gives the accountant and bookkeeper a detailed understanding of your current bookkeeping and financial situation, the required cleanup level, and appropriate service pricing. This review thoroughly scrutinizes your business’s financial records to ensure accuracy and pinpoints any areas needing attention.

–Lozelle Mathai, MBA, Certified Forensic Examiner
Your health and wellness accountant