We are here to help
Accounting Basics for Therapists
Accounting Basics for Counsellors: Mastering Financial Management
Workshop Overview
The “Accounting for Therapists” workshop is a concise and informative session designed specifically for counselling and wellbeing professionals. In this two-hour workshop, we will cover essential accounting principles and practices tailored to the unique needs of counsellors and therapists. Whether you’re a sole trader or a limited company, this workshop will equip you with the foundational financial knowledge and skills to effectively manage your practice. From income and expense tracking to tax obligations, this workshop will empower you with the confidence to handle your finances efficiently.
Workshop Objectives
- Understand the importance of accounting for counselling and well-being professionals.
- Learn how to set up and maintain accurate financial records for your counselling or well-being practice.
- Familiarise yourself with income and expense categories specific to counsellors and therapists.
- Gain knowledge of tax obligations and allowable deductions for counsellors and therapists.
- Explore practical tips for invoicing, billing, and managing client payments.
- Learn about accounting software and tools to simplify your financial management.
- Develop an understanding of financial reporting and its role in decision-making.
*Workshop Outline
I. Introduction to Accounting for Counsellors
- Importance of accounting in counselling and therapy practice
- Key accounting terminologies and concepts
II. Setting Up Financial Records
- Choosing a suitable business structure (sole trader, limited company, partnership)
- Registering with HMRC (Her Majesty’s Revenue and Customs)
- Opening a business bank account
- Organising and maintaining financial documents
III. Tracking Income and Expenses
- Identifying common income sources for counsellors and therapists (session fees, insurance reimbursements, etc.)
- Categorising deductible expenses (office rent, marketing, professional development, etc.)
- Introduction to basic bookkeeping methods (spreadsheets, accounting software)
- Tips for effective income and expense tracking
IV. Understanding Tax Obligations
- Overview of self-assessment tax returns and deadlines
- National Insurance Contributions for self-employed counsellors and therapists.
- Allowable deductions specific to counsellors and therapists
- VAT considerations (if applicable)
V. Invoicing and Client Payments
- Best practices for creating professional invoices
- Managing billing cycles and payment terms
- Accepting different payment methods
- Tips for handling overdue payments
VI. Introduction to Accounting Software
- Overview of popular accounting software options
- Benefits and features of accounting software for counsellors and therapists
- Selecting the right software for your practice
VII. Financial Reporting and Decision-Making
- Understanding key financial reports (profit and loss statement, balance sheet)
- Interpreting financial data for business decisions
- Monitoring the financial health of your practice
- Subject to change
You will receive a Zoom link to the training once your booking has been received.
* A minimum of 6 participants is required for this event to go ahead.
*Bookings are non-refundable but you will receive a copy of the recording if you cannot attend the live session.
