Simple Bookkeeping Checklist for Therapists
As a therapist, managing your practice’s finances can be overwhelming. It is difficult balancing client care with administrative tasks. To help you ensure the important tasks are completed, we’ve created a Simple Bookkeeping Checklist specifically designed for therapists. This checklist will guide you through essential weekly and monthly tasks, reducing your stress and keeping your financial records clean.
Weekly Tasks (1 - 3 Hours, depending on case load)
Categorize Your Expense Transactions: Keep your expenses organized to avoid confusion and ensure accurate financial tracking.
Ensure Bank Deposits Match Patient Payments: Verify that all client payments are correctly deposited into your bank account.
Track Insurance Claim Billing & Reimbursements: Submit and review all outstanding and pending claims to maintain cash flow.
Review Outstanding Client Balances: Follow up on any payments owed from cash or co-pay clients.
Pay or Schedule Upcoming Bill Payments: Stay on top of your bills by scheduling payments in advance.
Plan for the Week Ahead: Block off time for client sessions, administrative tasks, and personal time to maintain balance.
Time Saving Tip: Schedule these tasks into your routine using practice management software, recurring calendar events, or email reminders (Boomerang for Gmail is GREAT for this) to ensure consistency and protect these valuable hours each week. Download the simple bookkeeping checklist and attach it to these recurring tasks to streamline the process.
Monthly Tasks (1.5 hours, as long as you’ve been completing tasks weekly!)
Reconcile Bank and Credit Card Accounts: Match the ending balance on your your accounts to your bank statements by confirming every deposit and withdrawal posted by your bank is also recorded in your accounting software/spreadsheet.
Generate and Review Profit & Loss Statement: Confirm that your revenue, expenses, and net income align with your expectations.
Generate a Balance Sheet: Ensure your bank account balances in your accounting software/spreadsheet matches your bank statements.
Pay Quarterly Taxes: Use the vouchers provided by your CPA to pay any applicable quarterly taxes.
Deposit Tax Withholdings: Ensure all income tax withholdings are deposited to the correct tax agency, a task typically managed by your payroll provider.
Achieve Financial Peace of Mind
By integrating these tasks into your weekly and monthly routines, you can significantly reduce the time and stress associated with financial management. This will allow you to focus more on your clients and less on administrative burdens, ultimately enhancing your work-life balance and helping you achieve a fulfilling career.
By implementing these practical tips, you can spend less time worrying about your practice’s finances. Want to spend more time simply doing what you love? Contact us — leave all these tasks to us so you can focus on helping your clients.
For more information on our services and how we can assist you further, visit Focal Point Bookkeepers.
