Private Practice Accounting: My Entire Bookkeeping Process

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Open a Business Checking Account in Private Practice:
   • Opening a Business Checking Account i...  

Tax Deductions in Private Practice:
   • Tax Deductions in Private Practice | ...  

Many of you ask me how I keep track of finances in private practice, and I haven’t shared yet because most people opt to use software to keep track of their finances, while I do everything the oldfashioned way and keep track of them myself. But today I’m finally sharing how I do my accounting in private practice.

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This video is geared for therapists of all kinds, including psychologists, MFTs, LPCCs, social workers, and others in the clinical counseling field.

Welcome to Private Practice Skills! I’m Dr. Marie Fang, psychologist in private practice. I post videos offering tools I learned the hard way about starting and growing private practice so that you don’t have to.

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This video is not intended as professional or legal advice. Be sure to seek the services of a professional if you are in need of them.

When it comes to accounting in private practice there are a few key categories of items to keep track of:

Income
Expenses
Tax Deductions
Taxes

Additionally, I keep track of retirement savings each month before cutting myself a paycheck.

There are a few methods I personally use to keep track of all of these items:

Separate Checking account and Credit Card
Paper bookkeeping
Spreadsheets
Saving receipts

I’m curious, how do you keep track of all your bookkeeping in your practice?

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