As a therapist in private practice, you face a lot of unique challenges. From setting appropriate pricing to managing client loads and balancing self-care, running your business can feel like a lot to juggle. One area that can make or break your practice’s success? Your finances. That’s where the right accountant for therapists comes in.
Finding someone who understands the ins and outs of a therapy practice—and can handle bookkeeping, taxes, and financial planning—can feel daunting. To help, we’re diving into three accounting options tailored to therapists: Heard, Traktion Accounting, and GreenOak Accounting. Each has its strengths (and some weaknesses), so let’s break it all down.
Heard: Convenience, Automation, and Some Drawbacks
If you’ve ever searched “accounting for therapists,” you’ve likely come across Heard. They position themselves as a one-stop shop, offering automated bookkeeping, tax filing, and payroll services. Their platform is designed for therapists, which is a big plus, but their heavily automated approach has received mixed feedback.
What They Offer
- Bookkeeping: They handle the categorization and reconciliation of expenses, so you can focus on your clients instead of spreadsheets.
- Tax Services: Quarterly tax estimates, reminders for payments, and filing of both personal and business taxes.
- Payroll: For practices with employees, Heard manages payroll processing and files taxes on your behalf.
- Financial Reporting: Tools to track how your practice is performing financially.
- S Corp Guidance: Help with filing as an S corporation and calculating your salary.
What People Are Saying
Heard’s automation makes it appealing for therapists who want hands-off financial management. Some therapists have praised the convenience of having everything in one place, like this:
“I like that Heard focuses on accounting for therapists. They understand the typical expenses that can be deducted.”
But not everyone has had a positive experience. Here’s one review from Trustpilot:
“I do NOT recommend. Disappointing and frustrating experience! Over five months, I was met with disappointment after disappointment. There’s no way to get in touch with anyone outside of their messaging portal, and responses don’t come within the promised 24-48 hours. The final straw was when they failed to file my 2022 taxes, even though I provided all the required information.”
Bottom Line
If you want convenience and don’t mind an automated system, Heard could work for you. However, their customer service concerns and reliance on automation might leave you feeling unsupported when you need help the most.
Traktion: Personal, Hands-On Support for Your Growth
Traktion is the new kid on the block, but don’t let their smaller size fool you—they’re making a big impact. This family-run business takes a highly personalized approach, working one-on-one with clients to improve their profitability and financial health. They not only handle your taxes, they also ensure you run a more financially successful practice.
What They Offer
- Bookkeeping: They’ll keep your financial records accurate and up-to-date.
- Financial Coaching: Personalized advice to help you grow your practice and understand your numbers.
- Forecasting & Budgeting: Clear insights into your future financial picture so you can plan with confidence.
- Cash Flow Monitoring: Tools to help you avoid financial surprises.
- Profitability Analysis: Deep dives into your financials to uncover opportunities for growth and cost savings.
What People Are Saying
Traktion’s focus on human connection has earned them glowing reviews. Here’s one from Google:
“I recently had the pleasure of working with Mebea, the owner of Traktion Accounting, and I cannot recommend him and his team highly enough. I came to him with unresolved issues from my previous accountant, and Mebea was incredibly helpful and insightful in sorting everything out. He went above and beyond in every way, taking the time to explain things clearly and making sure I understood everything. His expertise and dedication were evident throughout the entire process.” — Kerri Torres
Bottom Line
If you value a personal touch and want someone to help you understand your numbers while growing your practice, Traktion is an excellent choice. In addition to filing your taxes, their focus on financial coaching and business growth sets them apart.
GreenOak Accounting: Expertise in Therapy Practices
GreenOak Accounting is a seasoned player in the field of accounting for therapists. They specialize in serving mental health professionals, which means they understand all of the challenges you face.
GreenOak offers a mix of traditional accounting services and higher-level strategic guidance, making them a great option for practices of all sizes.
What They Offer
- Monthly Accounting: Custom packages that cover bookkeeping and financial reporting.
- CFO Services: Compensation analysis, forecasting, and expansion planning for practices looking to grow.
- Tax Assistance: Help with tax planning, filing, and ensuring compliance.
- QuickBooks Support: Setup, troubleshooting, and ongoing help for QuickBooks users.
- Profit First Methodology: Implementing a system that ensures you get paid consistently while maintaining a healthy business.
What People Are Saying
Therapists who work with GreenOak rave about their industry knowledge and tailored approach. One client said:
“GreenOak has been instrumental in helping me grow my practice. Their expertise in the mental health field is evident in every interaction, and I feel confident knowing my finances are in great hands.”
Bottom Line
If you want a firm with deep experience in the therapy world and a broad range of services, GreenOak is a great fit. Their CFO-level guidance is especially helpful for practices planning to scale.
So, Which One is Right for You?
There’s no “one size fits all” solution when it comes to choosing your private practice accountant. It’s a big decision, and it all comes down to what you need:
- Go with Heard if you want an all-in-one platform and are okay with limited human interaction—but be prepared for potential frustrations with customer service.
- Choose Traktion if you want a one-stop shop for all your accounting needs, with hands-on, personalized support to help you understand your numbers, improve profitability, and manage everything from bookkeeping to tax to CFO services–all in one place.
- Pick GreenOak if you need a trusted advisor with experience in the therapy world and a wide range of services, including tax support.
We hope you’ve found this helpful!
If you’re interested in booking a call with the team here at Traktion, we’d love to help.
Simply head over to our Contact page to get started. We look forward to chatting with you!
Until next time.