178. The Top 5 Accounting Mistakes Therapists Make with Julie Herres

Private Practice Elevation with Daniel Fava

In this episode, we’re talking about the financial mistakes that therapists often make in private practice—and how to avoid them.

Whether you’re just starting out or scaling your business, this conversation will help you manage your finances more effectively, save money, and reduce stress.

Our guest, Julie Herres, CEO of Green Oak Accounting and an experienced accountant who works with private practice owners, shares practical advice to help you feel confident about your numbers and make smarter financial decisions.

If you’ve ever worried about tax surprises, felt unsure about when to hire a professional, or struggled to make your practice profitable, this episode is for you.

What You’ll Learn in This Episode:

• Why saving for taxes is essential and how to avoid year-end financial panic.

• The key mindset shift you need to treat your practice as a successful business.

• How skipping professional help for accounting or legal advice can cost you big in the long run.

• Simple strategies, like Profit First, to allocate your income and keep your practice financially secure.

• Tips for scaling your practice while staying on budget and avoiding common pitfalls.

Key Takeaways:

• Prepare for taxes: Set aside money regularly to avoid unpleasant surprises during tax season.

• Adopt a business mindset: Treat your therapy practice as a business to ensure its long-term success and impact.

• Get expert help: Hiring professionals for accounting and legal needs can save you time, money, and headaches.

• Plan ahead: Consult with experts before making significant business changes to avoid costly mistakes.

• Profit First strategies: Use intentional income allocation to maintain financial stability and growth.

Tune in to learn how to avoid common financial pitfalls and build a thriving, profitable private practice.

Links mentioned in this episode:

• Profit First For Therapists Facebook Group

• Therapy For Your Money Podcast

• Green Oak Accounting Website