Balancing the Books: Essential Accounting Tips for Therapists with Eddie Vals [Ep 45]

The Bad Therapist Show

Welcome back to another guest episode of the Bad Therapist Show! In this episode, I sat down with Eddie Vals, founder of WellnessFi, an accounting firm for therapists and mental health practitioners.

During our conversation, Eddie shares his personal journey from dealing with ADD while creating a robust team serving therapists nationwide. He emphasizes the importance of evolving your services as the industry is changing, and how hiring help can lead to personal and business growth. We also delve into the concept of designing your life and business to align with your desires and much more!

Tune in to learn how to navigate the complexities of accounting for therapists, and discover how you can focus more on your therapy practice and less on the numbers. Plus, if you stick around until the end, you will find out how you can get a free consultation and a discount on bookkeeping catch-up services from WellnessFi. Don't miss this enlightening conversation!

More about Eddie Vals:

Eddie Vals is a founder of WellnessFi. WellnessFi is an accounting firm specializing in supporting mental health practitioners. Eddie founded Wellness Five five years ago, and in that time, it has grown from a one-man operation serving just a few local clients to a robust team of 15 serving mental health entrepreneurs all over the country.

Topics covered in this episode:

1. How Eddie turned his personal experiences with therapy into a successful accounting firm for therapists
2. What led Eddie to choose therapists as his primary clients, and how has this decision shaped WellnessFi's growth
3. What are the benefits of hiring an accountant early in your business journey, and how can it impact your growth?
4. Eddie shares essential accounting tips for therapists.
5. The challenges Eddie has faced as his business grew from a one-man operation to a team of fifteen.
6. What are the benefits of working with a coach?
7. How can you design your dream life first and then shape your business around it?

Connect with Felicia:

• Get my freebie & join the email list: The Magic Sheets
• Instagram: @the_bad_therapist
• Website: www.thebadtherapist.coach
• Facebook group: Healing Money

Connect with Eddie Vals:

• Website: https://www.wellnessfi.com

Resources from this episode:

• Quickbooks
• Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine Hardcover by Mike Michalowicz
• Relay
• Wealthfront
• The Big Leap by Gay Hendricks
• The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It by Michael E. Gerber
• We Should All Be Millionaires: A Woman’s Guide to Earning More, Building Wealth, and Gaining Economic Power Paperback by Rachel Rodgers

Related episodes:

• The Profit First Model: A Game Changer for Your Private Practice [Ep 44]

Quote:

“You need to hire people as soon as possible or you're going to get stuck doing these things that feel like chores.” - Eddie Vals