We've made it easy to see how your practice is performing right on your Heard Home page. You can quickly review:
- Month to Date Income and how it compares to this month vs last month.
- Year to Date Profit & Loss
- Maximize Tax Deductions
Month to Date Income
See how your practice is performing right on your Heard Home
Year to Date Profit & Loss
We’ve improved the goal-setting experience to make it faster, smarter, and more personalized. Now you can set your annual income, expense, and profit goals with year-to-date benchmarks or past performance as your guide.
Understanding Financial Goals
Effective financial planning starts with setting clear, measurable goals for income, expenses, and profit. We will guide you through establishing profit targets for the current year by capturing:
- Income - This includes session fees, group therapy fees, workshop fees, insurance reimbursements, and any other specialized services you offer.
- Expenses - The costs of running your therapy practice.
- Profit - This is your personal income before taxes. It funds your living expenses, retirement contributions, and other financial goals.
Setting Financial Goals
You can enter an Annual Income Goal and an Expense Ratio Goal. Based on these goals, you can review the calculated Annual Profit Goal and adjust your goals as needed.
You can switch between Income, Expenses, and Profit tabs.
If you need help setting an income goal, you can use the Income Calculator to enter your session fees, other income sources, and weeks off a year to calculate your yearly income. For more, please see Using Heard's Income Calculator.
Maximize Tax Deductions
Your dashboard now shows exactly how much money you're keeping from tax deductions vs paying to the IRS. As we process more of your transactions, this number will continue to climb. We'll also prompt you to clarify certain transactions that may be eligible for tax deductions.
You can also review our Tax Deduction Tips to help you find more deductions to claim on your books.
Attend a webinar
You can also join a Business Insights Webinar hosted live by Heard, which offers a step-by-step walkthrough. This webinar provides an in-depth look at your profit and loss statement, allocation guide, quarterly and annual tax sections, as well as the 'Insights' financial reports. You can find this and other events listed in Member Events on the right-hand side of your Heard Home page.