Private Practice Accounting Blog

09

Oct

Employees, Salary

How do I hire Someone?

First...take a step back. While you might have someone already picked out for an open position in your practice, you need some lead time before you can hire someone in Washington State. Do you already have a payroll system set up? If you’re an S-Corp, you should. If payroll is already established, the hiring process can often be a little quicker. File a New Business License Application If not, then you will need to file a NEW business license application. When you apply, the purpose will be “hire employees.” We recommend that you file for a new business license online…

Why should I switch from Excel to Quickbooks?

Why should I switch from Excel to Quickbooks? It’s a common story I hear from clients: I keep track of my income and expenses in Excel. I have all my expenses in Excel and I use Stripe to record my income. While Excel is a powerful tool (I use it everyday), it isn’t ideal for bookkeeping. Small business owners should switch from Microsoft Excel to QuickBooks Online for a number of reasons: 1. QuickBooks saves time and money: Excel requires you to manually record each of your expenses into a spreadsheet. This process is time-consuming, not to mention the time…

How To Pay Yourself In Private Practice?

How to Pay Yourself in Private Practice? For most therapists in private practice, it depends. No, really — it does. I ask each client a handful of questions when trying to determine how much they should compensate themselves: How much work do you do? Do you have any employees? How much money are you currently making? Are you a PLLC or LLC? Are you an S-Corp? (The below information does not apply to S-Corps because S-Corps require a reasonable compensation.) Generally, I’ll look into your records and cash flow to help determine your salary. However, the following chart works well…