The Insights pages in Heard host your practice's financial reports, offering a visual representation of your income, expenses, and profit over time. This includes Monthly Reports, Annual Reports, and Profit & Loss statements.
In the video below, Melissa walks through an overview of Practice Insights and Reports.
Practice Insights
At the top of the Practice Insights page, you'll see a breakdown of your income, expenses, and profit for that month. For a bird's-eye view, take a look at the Practice Finances Over Time chart, which displays these trends over the past 12 months, allowing for quick comparisons.
Income Breakdown
Clicking "View Income Breakdown" takes you to a detailed income page. This section defines income and provides a monthly average, which helps project overall annual earnings. If you have multiple income sources (e.g., individual therapy, supervision, and consultation), they will be listed separately, accompanied by color-coded bar graphs and numerical breakdowns. You can review individual transactions within each income category to ensure accuracy.
Expenses Breakdown
The "View Expenses Breakdown" section defines business expenses as "ordinary and necessary costs incurred to operate your business." Similar to income, it provides a monthly average and a visual breakdown of expenses by category (e.g., psychotherapy fees, professional fees, software services, meals and entertainment, professional liability insurance, travel expenses). You'll see a breakdown of your Top Expenses.
Profit Breakdown
The profit section defines profit as "income minus business expenses." It displays the monthly average profit, providing a snapshot for future projections, as well as the total profit for the year to date.
Monthly Reports
Monthly reports provide a comprehensive summary of your practice's financial performance for a specific month. On the top right of the page, click Month 2025 to select a specific month. This page defaults to the current month, so you may need to select the previous month to view the completed report.
In the Overview tab, you’ll find:
- Monthly Cash Summary
- Top Expenses This Month
- All transactions for that month and their category
Switch to the Profit and Loss tab for a detailed profit and loss statement for the selected month.
Annual Reports
Annual reports provide a comprehensive overview of your financial data for the year.
- Annual Cash Summary: This report summarizes your profit, income, and expenses for the entire year. You can toggle between different years for historical data.
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Annual Cash Flow Report: This visual report shows your income and expenses throughout the year. It allows you to quickly identify periods of high income or expenses and see if your profit (green) consistently outweighs your expenses (yellow).
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.