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Managing Expenses In Your Speech Therapy Private Practice

Managing your expenses is a key part in having a successful private practice. One way to do this is by using an Apple or Android device and certain applications. In this episode, I will share my experience with one application called XpenseTracker. I have used this application to manage multiple properties, business mileage and business expenses. It’s worked well for me and I think it will do the same for you.

In this episode:
00:54 – Listener email: How to manage expenses
01:20 – Track your expenses effectively
02:03 – XpenseTracker Application
02:20 – Value information
03:28 – Good app for managing mileage, business expenses and property/real estate
04:09 – Costco TP! Take a pic of that receipt 😉
04:37 – Features of the app
04:58 – Works with Dropbox
05:21 – Ready for a mentor? I am still looking for 2 students – email me with “The Perfect Student” in     Subject Line
06:20 – Please leave some feedback on iTunes so that others will benefit
07:07 – Membership section coming soon

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Transcription of Episode Eight:

I am a firm believer of giving you guys’ value. And value is what you get in the absence of money.

Well, Hello everyone! You’re listening to the Speech therapy Private practice Startup Podcast; this is episode number 8. My name is Kyle Meades and am a speech pathologist since 1993 and these podcasts are designed to help you improve your business and your life one podcast at a time.

Now, I’m getting a lot of listener feedback and emails and I wanted to go quickly into this episode’s topic and it is ‘How to manage your expenses?’ this question came from a Speech Pathologist – her name is Monique, she wanted to know how I managed my expenses, how I tracked my expenses for the clinic. So I wanted to answer that question now. And I want to say this, when I started my own business, I really obsessed on tracking efficiently and effectively. You guys probably did the same thing.

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I downloaded a bunch of trial software off of the internet. For instance I tried FreshBooks, I tried QuickBooks which is an Intuit-based platform. I did all those trials and I really had good intentions of sitting down and putting all that information at the end of the day into that program or those programs and trying to keep it organized and keep it tracked and it never worked.

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And so around 2010, 2011, 2012 I started really utilizing this application on my smartphone and that app is called XpenseTracker with an X. And it’s made by a company called silverwaresoftware.com and I’ll provide the links to this Application on the Show Notes when I’m done with the podcast.

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And again, these people don’t know who I am; I just know this stuff works. And I am a firm believer of giving you guys’ value. And value is what you get in the absence of money. You hear me say it over and over and over and over again. Value, Valuable information and this is something that will help you track your expenses. I don’t get any kind of commissions or affiliate or anything by throwing this out there. I just know this program is awesome.

And I used it up until 2015 when I had to switch. Our clinic got so busy and our expenses grew to a level where I had to hire a CPA two month ago to go into our checking account and credit card statements and itemize every single thing because it just took too much time. But this is the application that I used to manage my apartments. I’ve got 2 triplexes on a half an acre of land here in Tucson and I’ve got 6 units. I used to live in one of those units when I was starting my business. I lived very frugally. If you go to episode 1 and 2, you’ll hear me talk about those days when I lived in that two-bedroom apartment when I raised my son there.

But this application not only will it reconcile and track your business expenses but it can do property. It can also do mileage so when I got in the car and I went from one patient to the next, I was able to enter the mileage and it just figured it out. And it was so easy. Or when I went to Casco and got clinic toilet paper and the cleaning supplies, all I would do is take a picture of the receipt and it filed it and I just tapped a few buttons and it filed it in the right folder for me.

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So I just wanted to throw that out there that XpenseTracker is a wonderful tool to use for making sure you can track your expenses and get the most benefit from your business expenses and deductions. It’ll sort your expenses by day, you can see running total in the currency of your choice, depending on what country you’re in. You can email your expenses, you can export them directly on your Mac or PC or you can PDF at the end of the year and give it to your CPA. It’s got a built-in backup feature. What I did was I paid and got an add-on for like a couple of bucks but it synced with Dropbox so everything that I did on my phone would back up just seamlessly to Dropbox. So we use a lot of Dropbox in our clinic.

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I just wanted to throw that out there for you and answer Monique, answer her question. So you guys can get value from that. So there’s that and also I wanted to say I’m still looking for two students who are interested in working with someone who has experience starting a Speech therapy Private practice. If you are interested and again you’ve probably heard me say this in my other episodes: sometimes relationships just don’t match.

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So if you want to consider being mentored or you need help from me in a one-on-one basis, make sure that you put “the perfect student” in your subject line and email me at kyle@privateslp.com, tell me why you think we should work together and I will read that email and if it’s a good fit, I will get back to you and we can work together. That’s not free but it’s not too terribly expensive either. So if you want to learn and come in to Tucson and come have a look at our clinic and work with me for a week or two. You can have access to me for up to 6 months at a time, just send me an email and we can talk about it.

So also I wanted to say thank you guys for leaving some good 5-star feedback on iTunes because when you do that, it’s going to help other people find value. And again, you’re just helping other people learn something that you already know now. So when people search for “Private practice Startup”, they’ll be able to find this podcast too. So thank you for leaving that good quality feedback. I really appreciate it because I really do try to help as many people as I can.

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And again, if you need to reach me, please send me a tweet at ‘privateslp’ or send me an email at kyle@privateslp.com. As always I want to thank you guys for giving me the opportunity to speak with you today. And if you ever need anything about Speech therapy Private practice Startup please go to privateslp.com keep an eye out because the membership website at PrivateSLP will be coming soon which is finishing up programming and I am making tons of content for the website and you’ll really going to like it because its got everything you need and everything we use in our clinic on our day to day basis, all the forms, how to bill it, how to collect it, its all there. And you’re going to get the community on top of that. So it’s perfect. You’re going to love it. So if you need anything, give me a tweet, shoot me an email. Thank you guys for listening.

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