Bookkeeping and Accounting for Clinical Psychologists

Looking for a bookkeeper and accountant for your clinical psychology practice? We manage your books, so you get more time to focus on your patients' wellbeing. Try us for free.

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How Bench works with clinical psychologists

Keep your mind on your patients, not your paperwork. Have your bookkeeping, income tax prep, and filing handled by experts—powered by a comprehensive platform. Bench synergizes with Clinical Psychologists.

We get you set up

Our dedicated team takes the care to thoroughly familiarize ourselves with your clinical psychology practice, address your inquiries, assist you in linking your accounts, and guide you through the workings of Bench.

We do your bookkeeping

Every month, your dedicated bookkeeper categorizes your practice transactions and prepares financial reports. If they require any additional details from you, they won't hesitate to reach out.

We deliver tax-ready financials

Our team of experts is well-versed with the tax provisions specific to the field of clinical psychology and will tailor their services to meet your practice’s distinctive requirements.

Here’s why clinical psychologists like you trust Bench with their bookkeeping and accounting

Get fast, unlimited support from our expert advisors

We'll keep you updated routinely with your bookkeeping status. Are there urgent queries you need to address immediately? Our Clinical Psychologists can rely on us to respond within one business day, if not sooner.

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Guaranteed accuracy in every detail

Our solution is designed to seamlessly automate data entry from most major providers, minimizing the potential for human errors. We work in harmony with service providers such as Gusto, Stripe, Shopify, and Square ensuring your financial records are consistently precise. Ideal for Clinical Psychologists like you, Bench Accounting simplifies your bookkeeping process.

See where you’re spending. Make smart decisions

Bid farewell to daunting stacks of paperwork and labor-intensive manual tracking—we seamlessly automate inputs directly from your linked accounts. Get comprehensive insights from our central dashboard, making it simple to grasp the financial health of your clinical psychology practice, enabling you to make strategic decisions.

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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

“Bench helped me replace QuickBooks, and save about 6 hours per month of horrible accounting work, which is priceless.”

CHRIS RONZIO

CEO, TRAINUAL
“This is the first year where it’s tax season and I don’t feel anxious one bit.”

DR. BUKKY KOLAWOLE

FOUNDER/EXECUTIVE DIRECTOR, RELATIONSHIP HQ
“Bench has lifted a giant weight off my shoulders and freed up my time so I can focus on earning money and working with clients, meetings and calls.”

HEATHER SHOLL

FOUNDER, THE VILLAGES GYM
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We know bookkeeping for clinical psychologists

For clinical psychologists navigating their private practices, Bench Accounting provides an unrivaled solution for managing finances. We understand the unique financial challenges faced by psychologists—ranging from managing various income streams like private consultations, insurance reimbursements, and speaking engagements, to industry-specific tax deductions including professional development costs and home-office expenses. Our intuitive software and professional bookkeepers synergize to handle these intricacies, monitor cash flow, and maintain accurate financial records, leaving you free to focus on providing care to your clients.

Moreover, the health sector is governed by strict laws and regulations, including specific patient confidentiality statutes which also extend to billing and record-keeping. Bench Accounting has a deep understanding of such regulatory frameworks and their implications on your bookkeeping requirements. Our expert team of bookkeepers ensures that your financial management stands up to any audits, simultaneously aiming for maximum tax savings. By managing your books and helping to optimize your tax deductions, we aim to reduce your financial stress allowing you to concentrate solely on your role as a clinical psychologist. At Bench, we cater to your unique business needs and deliver efficient, secure, and compliant bookkeeping services.

Simple, straightforward pricing for everything your business needs.

Get bookkeeping, tax prep, advisory, and filing with Bench's powerful, easy-to-use platform.

Choose Plan

Essential

Best for those looking for peace of mind and accurate financials done by professional bookkeepers.
$249/mo

billed annually

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Premium

Best for those looking for an all-in-one bookkeeping, tax advisory and income tax filing service.
$399/mo

billed annually

Everything in Essential plan
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Essential

Best for those looking for peace of mind and accurate financials done by professional bookkeepers.
$299/mo

billed monthly

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Premium

Best for those looking for an all-in-one bookkeeping, tax advisory and income tax filing service.
$499/mo

billed monthly

Everything in Essential plan
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Frequently Asked Questions

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As a Clinical Psychologist, what kind of expenses can I write off in my tax returns?

As a Clinical Psychologist, you can write off a variety of different expenses in your tax returns. These include:

  • Office expenses: If you maintain an office, you can write off expenses related to its upkeep, such as rent, utilities, insurance, and cleaning.
  • Psychological tests and tools: All the tools and tests you need to perform your job can be written off.
  • Continuing education: If you are required to take continuing education courses to maintain your license, these can be tax deductions.
  • Professional memberships and subscriptions: The cost of professional memberships to psychological associations or subscriptions to trade publications can often be written off.
  • Transportation: If you use your car for work purposes, you may be able to count this as a deductible expense. However, you must keep careful records.
  • Advertising and Marketing: Costs incurred in advertising and marketing your private practice are tax deductible.

As tax laws can be complex and vary by region, it's important to work with a knowledgeable accounting professional or bookkeeper familiar with the specifics of your industry to ensure you're maximizing your deductions while staying within legal guidelines.

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How can a bookkeeper assist in managing my insurance claims and payments in my psychology practice?

A bookkeeper can significantly help in managing your insurance claims and payments in your psychology practice. They can assist in tracking your transactions, organizing your financial data, and ensuring you're on top of payments and claim requests. Additionally, they can also help in understanding insurance billing codes and how they apply to your practice. This, in turn, can lead to smoother transactions and lesser errors. A bookkeeper can ensure you're getting paid on time and help manage your cash flow better. Overall, their contribution can not only aid in your financial management but can also help you to fully concentrate on your practice.

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What specific financial reports should I regularly review to monitor the financial health of my clinical psychology business?

To keep your clinical psychology business healthy and profitable, there're several financial reports that you should regularly review. These include:

<ul><li>Profit and Loss Statement (P&L): This shows the revenue, costs, and expenses during a particular period of time.</li><li>Balance Sheet: This snapshot of your business's financial position includes assets, liabilities, and equity.</li><li>Cash Flow Statement: This outlines the inflow and outflow of cash, helping you understand where the money is coming from and where it's going.</li><li>Accounts Receivable and Accounts Payable Aging: These details the due money or payments for your business within certain time increments.</li><li>Revenue by Client: This can help identify which clients are the most profitable.</li></ul>

Considering these reports will provide a complete view of the financial health of your clinical psychology business. Bench Accounting can handle all these areas and more, providing you with detailed and highly organized reports.

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Does Bench outsource bookkeeping?

Nope! All bookkeeping is completed in-house.

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Will I have one point of contact?

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.

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How much time each month will I have to spend managing my Bench account?

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 Clinical Psychologists

Sign up for a Bench trial, and get one month free. If you decide to go with us, we’ll take bookkeeping off your plate—for good.

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