496. Profit First and Beyond w/ Julie Herres

Would you rather read the transcript? Click here. Many of you have either heard of Profit First or implemented it to varying degrees. My guest today, Julie Herres from Green Oak Accounting, literally wrote the book on using Profit First in mental health practices. But this isn’t another “basics of Profit First” episode…Julie and I have a broad conversation covering the principles of Profit First, more advanced cash flow options for folks who have a good handle on practice finances, and a touch of existential angst about our kids getting older. Other highlights of the conversation include: * Financial red flags – if these things are happening, you need to do something ASAP * Emotional challenges of managing money * Advanced financial strategies for practice growth * The “right” profit margin for your practice * How much to pay employees if you’re thinking about growing Cool Things Mentioned * The Testing Psychologist mastermind groups and business consulting * Tools for your business * Julie’s Book: Profit First for Therapists * Green Oak Accounting Featured Resources I am honored to partner with two AMAZING companies to help improve your testing practice! PAR is a long time supporter of the Testing Psychologist podcast, and I will continue to bring you featured items from their catalog! Listen to each episode for specific product recommendations and links. Learn more at www.parinc.com. TherapyNotes is the leading EHR system for mental health practitioners. I’ve used TherapyNotes for over 10 years, and it just keeps getting better. Use this link and the promo code “testing” to get two free months and try it for yourself! www.therapynotes.com/testing The Testing Psychologist podcast is approved for CEU’s! I’ve partnered with At Health to offer CE credits for podcast episodes! Visit this link to access current and past episodes available for CE credit. You can use code “TTP10” for a discount on ALL the course credits you purchase from At Health! About Julie Herres I’m an accountant and the owner of GreenOak Accounting – a firm that specializes in working with therapists, psychologists, and counselors in private practice. Over the years my team and I have worked with hundreds of private practice owners and we’ve developed some serious knowledge about what makes a practice financially successful. The goal of my accounting firm is to help practice owners feel comfortable with the financial side of their business and have a profitable practice. My goal is the same for the podcast! I look forward to sharing the best practices I’ve learned along the way and to bring on guests to discuss a myriad of financial topics. Get in Touch * Websites : https://www.therapyforyourmoney.com/ –