If you’ve ever Googled “Who should do my taxes?” you’ve probably seen a whole alphabet of professional titles pop up: CPA, EA, tax preparer, accountant... It’s enough to make your head spin. While most people are familiar with CPAs (Certified Public Accountants), there’s another highly qualified—and federally licensed—accounting professional you might not know much about: the Enrolled Agent (EA) . And if your accountant is an EA? You’re in very capable hands. What Exactly Is

The barriers to starting a solo practice have never been lower. With a few clicks, a therapist can set up a website, join a telehealth platform, and start taking clients. But while it’s easier than ever to start a private practice, that doesn’t mean it’s a road paved with rainbows. Running a practice is hard work . Many solo practitioners find themselves working long hours for less pay than expected, barely breaking even in their first year. And let’s not forget that a practi

Owning a thriving private practice is an incredible achievement! As your hard work pays off and the practice becomes more profitable, it’s natural to want to enjoy the rewards. After all, one of the ultimate goals of running a business is to create financial freedom and stability—for your business and  yourself. But there’s a sneaky trap many successful practice owners fall into: lifestyle creep.  It can happen to anyone, and it often starts without you even realizing it. Thi

Since the pandemic, it’s been easier than ever for therapists to hang their shingle and start their own private practice. At GreenOak Accounting, we work with a lot of therapists in their first year of solo practice, and we want to clear up a few common myths about what that first year might look like.  Myth # 1: You can start a private practice on a shoestring Therapy is a relatively low-cost business to start compared to industries like restaurants or retail, but you’ll sti

Starting a private practice is an incredible journey filled with both excitement and challenges. At GreenOak Accounting, we've seen countless therapists pour their hearts into their work, only to encounter financial hurdles that they didn't anticipate. It's easy to get caught up in the passion of helping others and forget to take care of your own financial needs. But here’s the truth: prioritizing your financial stability is not selfish; it’s essential. Without a solid financ

At some point, nearly every practice owner considers the prospect of exiting their practice. Whether you're looking forward to...

As a business owner, I’m sure you’ve heard the titles of different financial professionals from the first day you opened your doors, but...

A couple blog posts ago, I discussed the things that you could do to start preparing for year end.  Things like gathering all relevant...

If you’ve tried to hire over the past several years, I’m sure you’re very aware of how difficult it has been to hire. Between finding...

Are you horrified by the fact that it’s almost year end? Every time I schedule a new meeting for the next month, I’m stunned that I have...

Should I hire part-time clinicians? While it may seem like a great idea to compile a staff full of part-time clinicians, it can be...

We all know that taxes can be a bit of a headache, but fear not, because today we're here to shed some light on what happens to your...

Two questions I often get are: What are the differences between owner’s draws and officer pay? How much is an owner allowed to take? Just...

As a practice owner, there is a constant barrage of information saying you should do one thing or another when it comes to your staff. ...

Are taxes the most popular thing going right now? No. (Never) Do you need to hear some solid tax tips? Yes, you probably do.

What is financial self-care anyway? We’ll start where we always start: good old fashioned financial records and reports. It may seem...

If you are like most private practice owners, you have experienced the panic of closing the year-end books. Fortunately, it doesn’t have to

Your choice of business entity is important! It can have a big impact on your finances, legal security, and the way your business is perceiv

Lesson #1: Friends are friends-not business consultants