Episode 173: Your Practice, Your Numbers: Why Owning Your Financial Data Matters

Navigating Finances and Tech for Your Therapy Practice In this episode of Therapy for Your Money, Julie Herres, owner and accountant at GreenOak Accounting, discusses how technology impacts financial management for therapy practice owners. This episode was recorded after the unexpected closure of Bench.co, a popular bookkeeping service, which sparked this important conversation about owning your financial data and the potential risks of relying solely on cheap, tech-driven accounting options. Julie breaks down some of the challenges with services like Bench, such as their proprietary software that can make it hard to move your data elsewhere, and those "free" tax services that might not be as thorough or accountable as you'd hope. She also draws parallels to what's happening in the mental health industry, where venture capital-backed tech companies are influencing pricing and reimbursement rates. This episode will help you feel more informed and empowered to make the best decisions for your practice's financial health and to choose accounting services you can truly trust. What We Covered: 00:00 Welcome to Therapy for Your Money! 00:48 Let's talk about technology and your practice's finances. 02:03 What was up with Bench.co closing? 03:30 What does this mean for us small business owners? 04:19 Are those super low-cost bookkeeping services really worth it? 05:34 Why owning your financial data is so crucial. 07:47 A quick comparison: QuickBooks Online vs. other options. 08:46 The real deal with "free" tax services. 11:55 How venture capital can affect pricing. 15:24 Wrapping things up with some final thoughts. Links and Resources Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup GreenOak Accounting - www.GreenOakAccounting.com Therapy For Your Money Podcast - www.TherapyForYourMoney.com Profit First for Therapists - www.ProfitFirstForTherapists.com Profit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio