Uncollectible Revenue

uncollectible revenue

Dear Dangerously in Love With Your Finances, We are a 3 year-old, insurance-based naturopathic family medicine practice located in Oregon. Our staff includes an office manager, a medical assistant, and me. We also have an outside medical billing service taking care of our billing. We have quite a large dollar amount of billing – in my … Read more

Can I afford to expand my pet grooming business?

Pet Grooming Business

Dear Dangerously in Love with Your Finances, We are a pet grooming business located in Colorado. I started this business 4 years ago by myself, and now we have four staff employees. Next year, I would like to expand our business model with additional services such as dog walking, dog daycare, and dog training. I … Read more

Having Money Ready for Quarterly Tax Payment

Dear Dangerously in Love with Your Finances, Oops, I did it again!! I am a mental health provider – Licensed Marriage and Family Therapist – located in Austin, Texas.  As a solo clinician not on the practice payroll, I keep getting into trouble with my taxes: I am not saving enough to pay my quarterly … Read more

Combining Cash Flow and Discount in my Yoga Studio

Dear Dangerously in Love with Your Finances,  Our yoga studio, based in Jersey City, believes in holistic health -connecting, repairing, and reenergizing the entire body. For five months during COVID-19, we offered a 15% discount on our Yoga 101 classes. Our intent was to help the community with rejuvenating their mind, body, and soul.   The … Read more

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.