Welcome to the Therapy For Your Money School of Accounting! Today, Julie's going over key financial terms that are vital to running a successful business.
Pre-order your copy of Profit First For Therapists by clicking here!
EPISODE HIGHLIGHTS
- A = Asset
- Any resource owned or controlled by a business
- B = Burn Rate
- Measures your outgoing cash flow based on the money your practice typically spends each month
- C = Cash Accounting
- Method of accounting that only reflects transactions at the time the payment is actually received or made (versus accrual accounting method)
- D = Double-Entry Bookkeeping
- When each transaction has both a debit and a credit - this ensures accuracy, and balances your financial statement at all times
- E = Expenses
- Any cost associated with running your practice (includes a variety of things - payroll, office supplies, technology costs, rent/utilities, taxes, etc.)
- F = Fiscal Year
- The timeline that you use to budget your finances
- G = General Ledger
- Where every single transaction is accounted for in order to prepare budgets, taxes, audits, etc.
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations.
Death, Sex & Money
Anna Sale explores the big questions and hard choices that are often left out of polite conversation.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.