Bookkeeping and Accounting for Psychologists
In need of a bookkeeper and accountant for your psychology practice? Let us handle your books, giving you more time to focus on your patient's mental health. Sign up today and get a free month of bookkeeping, valued at $299.
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How Bench works with psychologists
Let Bench manage your bookkeeping, income tax prep, and filing so you can focus on understanding minds, not crunching numbers. We're the trusted solution for psychologists.
We get you set up
Our team makes the effort to thoroughly understand your psychological practice, respond to your queries, assist you in syncing your accounts, and guide you on how Bench functions.
We do your bookkeeping
Every month, your dedicated bookkeeper sorts through your psychology practice transactions and compiles accurate financial statements. If they require any additional information from you, they'll initiate contact.
We deliver tax-ready financials
Our team of experts is well-versed with the specific tax requirements for psychology practices and will tailor their approach to meet your practice's distinct requirements.
Here’s why psychologists like you trust Bench with their bookkeeping and accounting
Get fast, unlimited support from our expert advisors
We'll persistently contact you with bookkeeping updates tailored for your psychology practice. Have urgent inquiries that can't be put on hold? We'll respond to you within one business day or even less.
Guaranteed accuracy in every detail
Our platform enables you to streamline data inputs from most major providers, averting typical errors. We collaborate with providers familiar to psychologists like Gusto, Stripe, TherapyNotes, and Square—ensuring your finances are always pinpoint accurate.
See where you’re spending. Make smart decisions
Wave goodbye to mountains of client invoices and labor-intensive financial tracking—our system automates inputs directly from your linked accounts. Gain insights from one comprehensive dashboard, empowering you to comprehend the financial health of your psychology practice and make informed strategic decisions.
Bench integrates with your favorite small business tools
We sync seamlessly with your financial accounts and tools to keep your books up-to-date and save you the time and effort of manually uploading documents.
Trusted by 25,000+ American small business owners
CHRIS RONZIO
DR. BUKKY KOLAWOLE
HEATHER SHOLL
We know bookkeeping for psychologists
For psychologists, the intricacies of their financial management can become overwhelming. Especially dealing with the nuances of medical service codes, industry-specific tax deductions, and laws such as HIPAA that require careful handling of sensitive information. This is where Bench comes to the rescue. We provide adept online bookkeeping services that relieve you of these daunting tasks. Our team is proficient in managing psychologist-specific financial aspects like accurately reporting on both deductible and non-deductible expenses, correctly coding mental health services for billing, and handling private health information without violating HIPAA mandates.
Not only do we handle regular bookkeeping, but we also simplify tax preparation for psychologists. Incorporating a psychiatrist's professional and office expenses, making use of applicable deductions, and providing a clear representation of your business for the tax period require an adept understanding of the profession and its tax nuances. Bench pairs intuitive software with expert human bookkeepers to manage your books in a revolutionary way. Our team knows the ins and outs of the tax laws and obligations applicable to psychology professionals, ensuring your accounts are not only compliant, but optimally organized for tax benefits. With Bench, you can focus less on the complexities of finances and more on supporting your clients’ mental health.
Simple, straightforward pricing for everything your business needs.
Join over 35,000 US-based business owners who have streamlined their finances and have grown their businesses with Bench.
Choose Plan
Bookkeeping
billed annually
Bookkeeping & Tax
billed annually
Bookkeeping
billed monthly
Bookkeeping & Tax
billed monthly
Frequently Asked Questions
As a psychologist, you can deduct a range of industry-specific expenses on your taxes. Some of these include:
- Continuing education fees: Courses, workshops, and seminars to maintain your license or further your skills.
- Professional insurance: Both malpractice and general liability insurance expenses can be deducted.
- Supplies and materials: Costs related to psychological testing materials, office supplies, and other materials necessary for your practice.
- Home office deductions: If you use a portion of your home for your psychology practice, you may be able to deduct these expenses.
- Travel expenses: If you travel for professional reasons, such as visiting clients or attending conferences, you can deduct these costs.
- Professional association dues: Membership fees for professional organizations such as the American Psychological Association.
- Advertising and marketing costs: Expenses associated with promoting your practice, including website maintenance, digital marketing, and print advertising.
Please consult with a tax professional or accountant to learn more about eligible deductions for psychologists, as this list is not exhaustive.
Managing a private psychology practice requires specific accounting practices for effective financial management. These include:
- Accounts Receivable Management: Ensuring invoices are sent out in a timely manner and following up on overdue payments is key.
- Expense Tracking: Regularly recording all business expenses will keep the practice financially healthy and ready for tax season.
- Budgeting: Creating and sticking to a budget will help manage costs and ensure that the practice remains profitable.
- Payroll Management: If the practice employs other practitioners or staff, accurate and timely payroll is a must.
- Tax Planning and Preparation: Implementing a system for tracking receipts, deductibles, and quarterly estimated tax payments can save time and prevent headaches at tax time.
Outsourcing these tasks to a professional bookkeeper can streamline these processes and allow the psychologist to focus more on their clients and less on the financial side of running a business.
Not necessarily. While some aspects of finances in a psychology clinic, like insurance reimbursements and patient payments, can be complex, a competent and experienced bookkeeper should be able to handle these tasks. However, it may be beneficial to find a bookkeeper who has experience working with healthcare providers as they might be familiar with industry-specific financial challenges. At Bench Accounting, we have a diverse team of savvy bookkeepers who have experience across various industries and can certainly help manage the financial aspects of your psychology clinic.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.
Bookkeeping Services for Psychologists
Discover how we can help you have better finances with a personalized demo from a Bench expert, ready to answer all your questions. Sign up as a customer today and get a free month of bookkeeping.
No credit card required. By clicking ‘Get Started’, I agree to Bench’s Terms & Privacy Policy.