4 Hidden Costs of Mixing Personal and Business Finances for Therapy Practices

When we do cleanups for therapy practices, one of the most common things we find is personal expenses all over the business accounts. It may seem harmless, but it actually is a huge cost risk for therapy practices. Why co-mingling matters more than you think: 1) Increased bookkeeping costs & comms with your bookkeeping team 2) Increased difficulty in defending your deductions in an IRS audit 3) It creates a corporate veil risk for LLCs - your liability protection may be cracked 4) Your profit and loss is no longer accurate, or as helpful --------------------------------------------------------------------------------------------------------------------------- We're a bookkeeping agency dedicated to private practices. We help solo practitioners and group practice owners see the full financial story of their business while eliminating any financial blind spots they may have. Video requests? Questions? Email us at nate@navigatorbookkeeping.us or leave a comment on one of our videos ---------------------------------------------------------------------------------------------------------------------------------------- Sign up for our Email List & Newsletter: https://navigatorbookkeeping.us Follow us on LinkedIn:   / natehendrikse   Follow us on Facebook:   / navigatingyourbooks   ---------------------------------------------------------------------------------------------------------------------------------------- Check out our favorite CRM/Pipeline Software, TheraSAAS: https://therasaas.com/