Are you losing money in your mental health practice?

mental health practice

Dear Dangerously in Love with Your Finances, We are a mental health practice located in Dallas, Texas, with in-house counselors, psychologists, and psychiatrists on staff. I am one of three partners who acquired the mental health and counseling center two years ago. I recently started digging deep into the business finances and feel like something … Read more

Why Is My Net Income Different from My Bank Balance?

Dear Dangerously in Love with Your Finances, We are a private mental health practice located in Oklahoma City; we specialize in addiction to alcohol and drugs. Every month, as the owner, I review the profit and loss statement — it always shows a large profit. However, when I look at our business bank balance, the numbers tell a different story. Lately, … Read more

Answers to the 5 Top Money Questions of Small Business Owners

I’ve answered hundreds of small business accounting questions this year from clients, consults, and through this blog. Instead of responding to a finance query from an entrepreneur this week, I wanted to address some of the biggest issues I’m asked.

Being a business owner is one of the most rewarding jobs in the world, but it’s not for the faint of heart. There is no instruction manual to run your company. It requires research, stamina, support, and confidence.

4 Easy Steps to Manage Your Recurring Expenses Like A Pro

4 Easy Steps to Manage Your Recurring Expenses Like A Pro

Part of the beauty of creating a budget is that it requires you to take a look at all of the financial aspects of your company. Those expenses that you say surprised you? Be sure to track the item, amount, and vendor. Having this data will arm you for the future.

How Do I Find Out My Taxes For My Fitness Side Hustle?

How Do I Find Out My Taxes For My Fitness Side Hustle?

Too many people don’t understand the sacrifices, responsibilities, and risks they’re making when they take on a side hustle. It could be a financial disaster very, very fast. Just because it’s a side gig doesn’t mean that you don’t still have to do a lot of the same structure as a real business.

Extra income very literally comes at a cost. That’s not to say that you’re doing anything wrong, but there are tax considerations that you should know about sooner rather than later.

5 Steps to Holiday Health for Your Wellness Business

5 Steps to Holiday Health for Your Wellness Business

Stephanie leaped at the opportunity to become a spa owner. In her excitement, in getting up and running, she never opened a business checking account and used her personal checking account to operate her massage spa.

It wasn’t intentional, she was going to do it, but one day lend into weeks, which lend into months, which lend into the end of the year.

When tax time approached, Stephanie needed to get financial statements and financial documents to her tax accountant, she couldn’t remember who the purchases belonged to. Were these purchases and deposits personal or were they for the spa?

10 Ways To Get A Holiday Break For Your Business

10 Ways To Get A Holiday Break For Your Business

There is so much going on at all times in our lives, and that intensifies at the holidays. We never have enough time for family. There’s rarely the opportunity to take care of ourselves. If you don’t make the time, it will never appear.

Sure, as business owners we rarely truly get time 100% off. There are always small things to attend to, or ideas that come to mind. But if your business slows down over the holidays, then so should you.

In order to make this possible, but start making your plan now and expect to have several longer days than usual to ensure that you’ve attended to the necessary details.