This Business of Therapy

Tag: accounting records

  • Could Your Practice Use a Little Discipline?

    I have been writing a book about starting a practice, and as I have been honing the framework of what I want to say, the word discipline keeps coming to mind. Discipline is a loaded word for me. It conjures images of rigid formations and punishment for infringements of rules. It reminds me of harsh…

  • A Business Mind Set

    In his classic series of E-Myth books, Michael Gerber speaks of the entrepreneur mind set, and in particular the distinction that he sees between those who succeed in business and those who don’t. The E-Myth of the title, is the entrepreneur myth, that anyone who starts a business is an entrepreneur. He then goes on…

  • How Well is Your Practice Performing?

    How do you know you’re earning enough to pay your bills? You may remember that this was a question I addressed some weeks ago, when I showed you how to calculate the Break Even Point for your practice. (You can read the article here.) Calculating the Break Even Point gives you an idea of the…

  • Time to Get those Figures in Order!

    It’s that time of year again, when those green forms from the Revenue appear in the letter box, and you promise yourself that this time next year it will be a different story. This time next year, you’ll have found a way of keeping track of your practice finances, so that you’re not facing a…

  • Starting a Therapy Practice – a Ten Point Plan

    Ray Pembroke is a Chartered Accountant and Partner in Pembroke & Pembroke Chartered Accountants, 15 Ormonde Road, KilkennyTel: 056 7762027 email: [email protected] Firm specialises in dealing with the affairs of Medical Doctors and related Para-Medical Practitioners.Ray says: “The initial meeting with us is always free, and, we would be pleased to advise how we might…

  • The Importance of Intention

    “Nature abhors a vacuum” I was taught in one of my first science classes. Whether you’re talking about air rushing in to fill the empty space, or how other people’s goals and intentions can fill up the space in our lives, it’s true. Nothing gets done without there first being an intention. My big indulgence…

  • Managing Your Therapy Practice

    Here we are looking at the fifth section of the Therapy Practice Business Assessment as the basis for making some changes to your therapy or counselling practice in 2016. You can read the blog posts in which I made suggestions in the previous areas by clicking on these links: Knowing Your Practice Growing Your Practice…

  • More About Accounts – Making Sense of the Figures

    Comparison With Previous Period One feature of your typical set of financial statements is that they give comparative figures for the previous accounting period (usually a year, but in larger organisations accounts will be prepared more regularly so the comparative may be the previous month, or quarter.) The benefit of comparative figures is that the…

  • Price War

    There used to be an old joke about a man selling eggs. One morning he put a sign outside his door saying “One dozen large eggs, €2.50.” An hour later, he looked out the door of his shop to see another shopkeeper on the other side of the road had put a sign out saying,…

  • In your Therapy Practice: Don’t Confuse Cost Savings with Cost Effectiveness

    One way to sabotage your practice is to confuse cost savings with cost effectiveness. Some costs have to be incurred in order to run your practice. Some are optional. Some costs will generate income for you down the road, others will not. Some costs will bring other benefits, such as developing your skill base, or…