Dear Dangerously in Love with Your Finances,
I am the owner of a luxury spa in Kansas City MO. We provide a variety of restorative wellness therapies that nurture, heal, and restore the bodies and minds of our clients. This is the fourth year that we have been in practice. Since I had previous experience working in corporate America as a business manager, I chose to handle the accounting and bookkeeping for the spa when it first opened its doors. However, I have found the end-of-the-year accounting and tax season to be highly stressful in the past two years. How can I reduce or get rid of this stress completely?
~ Trying to Get Rid of Accounting Stress
Hi Trying to Get Rid of Accounting Stress,
You are definitely not the only business owner experiencing what I refer to as “the end of the year blues.” Sadly, most small business owners who have previous experience in business believe that they are capable of and ought to perform the accounting and bookkeeping duties for their companies.
Don’t get me wrong, having a background in business is a great asset, especially as an entrepreneur. However, as a business owner, you are probably swamped with so many other responsibilities that you should consider outsourcing accounting and bookkeeping functions.
Having a professional healthcare accountant come in means that you can better focus on continuing to grow your business and expand the outreach of the impactful services which you offer to others. Splitting your time between roles is dividing your attention and adding unnecessary stress to your plate.
It’s also important to note that a general background in business is not the same as a background in speciality accounting for healthcare businesses. Health and wellness businesses like yours come with their own unique set of intricacies that can require a different level of care.
Your prior experience in business can come in handy as you work with your medical professional accountant to monitor and track your expenses, analyze expenses and gross margin, and handle the various other financial aspects of running a business.
For the Future
As your company continues to develop, you’ll have more and more to keep track of. One thing that a health care accountant may likely suggest is implementing medical bookkeeping software with document management technology. There are a range of different efficient, easy-to-use systems which are specially designed for businesses such as yours.
This solution keeps client information private but organized, ensuring you feel less overwhelmed since everything you need is accessible at a glance. Your health and wellness accounting expert would be able to work with you to choose the right option for your needs and then walk you through the steps for using it.
By outsourcing your accounting and bookkeeping tasks and utilizing the benefits of helpful technology, you are not waiting until the last minute to close things out, which can eliminate the stress of tax time and make things easier on you throughout the year.
Let me know if you have any questions about professional medical bookkeeping services or technology.