Published on September 17, 2024 by Zencare Team.
December might be the “most wonderful time of year” but for many, it’s also the most stressful. Not only do you need to deal with a last-minute influx of client appointments before the holiday break, but you also have to manage everything outside of your therapy practice. Buying gifts, visiting family, and hosting dinners on top of the day-to-day routine can leave you with little time for essential year-end bookkeeping necessities.
If you’re feeling anxious about your mounting to-do list, fear not! We’ve prepared a list of everything you need to organize your year-end bookkeeping. And thankfully, with the help of Zencare Practice Management, you’ll have all the information you need at your fingertips!
1. Check for Unpaid Invoices
Check that you’ve been paid for all of your sessions. With Zencare Practice Management, you can send invoices to your clients with a single click, while also saving paper. We also offer the ability for your clients to pay with their credit cards or bank accounts using Payments, directly through your account. And if there are invoices that are a little late in being paid, you can simply send a reminder, along with the easily-accessible payment method. It’s quick, simple, and you can manage it from Zencare Practice Management on any device!
2. Reconcile your Books
It’s essential to take some time in November or December to review your books and ensure everything is in order while the information is still relatively fresh in your mind.
Make sure all of your accounts are accurate. Don’t forget to take into account credit cards, bank accounts, loans or lines of credit, any asset accounts if applicable, and any payroll liabilities if applicable.
3. Set Up Goals for the Year Ahead
Let’s be clear — setting up goals for next year is NOT a New Year’s Resolution!
As you likely know, New Year’s Resolutions rarely work, primarily because they’re more like wishes than goals. If you want to grow your therapy practice in the year ahead, you need to set up concrete and achievable goals.
Think SMART goals: specific, measurable, attainable, relevant, and timely! Then once you have a series of goals, check in on them throughout the year to see how things are developing. We’d recommend setting up monthly, quarterly, and yearly goals with actionable plans.
For example, if you want to expand your client list, then a possible way to tackle this is to create a free profile on a site like Zencare, a free online listing service for therapists all over the country. All clients need to do is put in their location and clinical needs, and they’ll be matched with therapists in their area. It’s an entirely free service for both clients and providers, so putting up a comprehensive profile can be a cost-free and easy way to build your practice!
4. Take Stock of your Practice’s Needs
As practices grow, their needs start to change. For example, in the early period of your business, you might only be conducting 20 sessions a month. But as more people begin to come to see you, you might need to account for more sessions. You might even need some help with your booking and client intake.
Now is an excellent time to check your current needs and see if it’s time to update the way you manage your practice. Maybe it’s even time to upgrade your practice management solution.
5. Reflect on Everything You’ve Accomplished This Year
As a mental health professional, you often help people reflect on their past experiences, giving them a new perspective on their present and future. But therapists who run busy practices rarely have this luxury for themselves! Running a successful business is almost always about what’s next: the next appointment, the next marketing blitz, or the next step to grow your practice.
The year’s end allows you to reflect on your successes in the last twelve months. Using Zencare Practice Management’s calendar management tools, you can go back and check your appointments and meetings to see the incredible amount of time you’ve put in. Using our invoicing tools, or third-party services, like QuickBooks Online, you can take stock of your yearly income and how your business did financially.
In other words, take some time over the holidays to reflect on your successes, failures, and struggles. This can put you in the right frame of mind to move forward with your business going into the upcoming year!