Simple Bookkeeping For Your Acupuncture Practice with Sarah Quiggle
In this episode I interview Sarah Quiggle of Horizon West Bookkeeping about the most important things an Acupuncturist should know when setting up their medical practice. We talk about accounting vs bookkeeeping, common mistakes beginners make, small but important tips to keep in mind, and we finish off with a discussion of one of our favorite books.
Simplified bookkeeping for your acupuncture practice
Are you feeling confused about how to set up your bookkeeping?
Confused about what taxes to pay or how much to put away each quarter?
Do you feel overwhelmed about what software you should or could be using?
If you are like me you want to understand and learn how it all works but you can’t seem to find the right help. Boy have I got the right person for you!
It took me a couple years to find Sarah with Horizon West Bookkeeping, and I rode the struggle bus until then. But now my books are in order and I know where, how, and why to budget all of my income to ensure the success of my businesses.
The best thing about Sarah and her team is that they meet you where you are. She loves to teach but is totally content to take over all of your bookkeeping needs so you can focus on patient care.
Sarah offers a free 30 minute consultation to all AcuSprout listeners to ensure she is the right fit for your business. You can grab that opportunity at Horizonwestbookkeeping.com/Acusprout .
today’s guest
SARAH QUIGGLE, HORIZON WEST BOOKKEEPING
Sarah Quiggle is an Advanced Certified QuickBooks ProAdvisor and a very detail oriented bookkeeper. Her love for numbers led her to pursue a degree in Mathematics, where she graduated Magna Cum Laude in 2003. She is very organized and great at problem solving. She loves helping clients find solutions to what is troubling them most in their business.
She lives in Central Florida with her husband and three children and dog, Scout. She enjoys reading, going to the Disney parks with her family, and listening to true crime podcasts.
you’ll learn
What to look for in a bookkeeper.
Biggest mistakes small businesses make.
Biggest problem you solve.
3 Suggestions for new business owners.
Basic terminology and types of accounting.
Difference between a bookkeeper and accountant.
resources
Profit First by Mike Michalowicz (affiliate link) Game changing book!!!
Novo I LOVE this online bank. Instead of opening a bunch of separate accounts they allow you to move your money into “reserve” categories within the same account, providing you with a visual snapshot of where your money is.
Quickbooks is what I use and what Sarah teaches.
Horizonwestbookkeeping.com for your free consultation with Sarah.
Jane Electronic Medical Records. Use this link to get your first month free!
How To Start An Acupuncture Practice II
In this episode I continue to outline the systems you need to have in order to launch your practice including and EHR, malpractice insurance, a domain name, and how to set up your books and find an accountant.
five pain in the ass things you have to do second
This podcast is for the new practitioner, student or someone transitioning from contractor to business owner. In this episode I dish up your second serving of , “open a clinic pie”. Yep! A spoonful of sugar makes the medicine go down! There is absolutely NO WAY you can avoid this dish. This acupuncture practice stuff requires a special balance. Here we are working on Yin within Yang. This episode is all about the things within the business that make it turn.
you’ll learn
I launch with special thanks to my support team and all of the 2020 podcast celebrities on my show.
Here is the link for the Qiological podcast. You are going to love it!
Coming up in 2021 we are going to start with a series with Rachel Schumont of Counsel For Wellness. Knowing what legal matters you should and shouldn’t concern yourself with is key. We often esteem ourselves with our abilities to come to a quick and accurate diagnosis and treatment plan. You need to be the same with your business. Know your legal boundaries and how to keep them accurate as well. It could save you a fortune.
The one and only Sharon Weizenbaum will be here soon with a special announcement of whats cooking at the White Pine Institute. Here’s a hint: There is something for everyone.
Watch for a membership thru AcuSprout this year. This will be a great opportunity for you to go deeper into topics where you need a little more information and attention. Things to look forward to: Webinars, Q and A office hours, and a community forum where we can all communicate.
Here are the next 5 things to do: BUT WAIT! If you haven’t listened to episode 013 do that first. There is a method to the order. It will be easier for you!
1.) Get Malpractice Insurance
2.) Choose an EHR
Or you can be old fashioned and use paper. Just be sure to understand the HIPAA regulations regarding the safekeeping of those files.
Check out GoogleWorkspace. (*Affiliate Link) You are going to need a HIPAA compliant email address anyway. Keeping records here may be a good way to start if you can figure out how to sign the documents.
3.) Set up your Books (options)
Hire a bookkeeper to keep your books OR hire a bookkeeper to set them up and teach you how to do the things.
In episode 012, Travis Kearn suggests you learn how to set your books up with Hector Garcia CPA on youtube to learn the ropes. I agree.
I mention GoDaddy but have since changed my mind. You should just start out with QuickBooks .
4.) Hire an Accountant
Ask other Acupuncturists who are similar to you who they use. A word of mouth referral is going to yield the best possible outcome.
Go for a consultation. Is their office organized? Are they timely? Good Shen? (LOL)
If you are confused at all, walk away. They should be able to explain everything clearly and have a nice little “to do” schedule for you.
5.) Pick a Domain Name
I like Hover. Whatever you do, don’t use the same company for your domain name and domain host.
You might consider using,”Acu” instead of “Acupuncture”.
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* Some of the links on this page are affiliate links. This is currently how this show is being supported. If you purchase through an affiliate link there is no additional cost to you and often there is actually a discount. I may receive a small commission from the sale. Because I truly care about my community I provide only links from companies that I also support or believe to be great support to your growth.
Intro To Business Accounting
In this episode we talk about the basics of bookkeeping and accounting.
acupuncture accounting 101
ACU-002 - Management wizard of the 20th century Peter Drucker once said, “If you can’t measure it, you can’t improve it.” While this applies to most facets of business, NONE of us are impervious to the deleterious effects of not managing our money. Yet, how do you know as a new business owner where to start. What software is right? Can you save time and money doing it yourself or is that a set-up for disaster in the first couple years? Do you even know what the terms, “cost of goods sold, ROI, gross income and net income”, mean? This is one very important part of business you want to get right from the beginning. The growth of your practice depends on it. Tune in and learn some valuable lessons about accounting and establishing an entity.
today’s guest
JENNIFER SPIDLE CPA, CMCA
Jennifer brings more than 12 years’ experience in both public and private accounting. She has worked as an auditor in the non-profit sector, developed and managed complex budgets, and has a passion for teaching accounting. She started Spidle Office Solutions with the goal of enabling small business owners to take control of their finances and focus on building their business. Jennifer is a Certified Public Accountant (CPA) with a B.A. in accounting from Western Washington University. In her free time, Jennifer enjoys spending time with her husband and two young sons in their backyard garden.
website spidleofficesolutions.com
you’ll learn
Did you know that while QuickBooks is fantastic for a high yield office if you are taught how to use it, it might have a little too much driving power in the beginning. A better solution in the beginning may be to utilize the simplicity of Quicken.
How should you establish your entity? Are you a LLC, C Corp, S Corp or Sole Proprietor? Knowing the ins and outs of each is HUGE!
Where and how do you pay taxes? You really don’t want to mess this up!
resources
Quickbooks is great if your business is a bit established. Most accountants love it because they can pull reports and file your taxes easily.
Quicken is your simple inexpensive way to start.