Free Finance Tracking Template for Therapists and Other Small Businesses
Ah, the dreaded F word. Finances. It’s boring, complicated, and you hate it. Well, it doesn’t have to be complicated (can’t help you with the boring part though, sorry). As a small business, tracking your finances is crucial, for accurate reporting come tax season, but also just knowing the overall health of your business.
I work with a lot of therapists and I put together a finance tracking template in Google Sheets, specific to therapists, which you can make a copy of here. This sheet can also be used by other small businesses — for my digital marketing business, I use a variation of this same template too.
But first, let me explain a bit more about tracking finances and why it’s important.
What is a Finance Tracking Sheet?
Finance tracking, or more formally called a P&L (profit and loss) sheet is designed to keep track of all your business finances, broken down into categories like operations, marketing, etc. It’s crucial to get this right from the beginning of your business to avoid spending hours looking for invoices and searching through emails, or worse, just guessing, when it comes to tax season.
Free Google Sheets Finance Tracking Sheet for Therapists
I created a finance tracking template in Google Sheets that is specific to therapists since a lot of my clients are therapists, but it’s easily adaptable for any small business. Make a copy of the sheet here.
There a lot of tools online that are designed to help you with finances that are more comprehensive than this sheet, like Xero and QuickBooks. In a lot of cases, those tools are probably worthwhile, but for solo businesses like a therapy practice, tracking finances in a Google Sheet like the one above is enough, although you’ll also need a tool to handle invoicing, which might be through your EHR.
How to Use the Finance Sheet
Each private practice is different, so you’ll need to adapt the template above to suit your own needs. For example, maybe you only offer telehealth so you don’t have room costs, maybe you only have individual sessions so you don’t need rows for couple/group sessions. Maybe you have other revenue streams like e-books or other digital resources. With the Google Sheet template, feel free to add and delete rows as you need for your business. Just make sure to check the formula rows to make sure they’re calculating totals properly.
I included an example month with made up numbers and space for all of your 2024 finances, and I’d encourage you to go back as far as you can to have all your financial data in one place. It’ll help to see trends (hopefully overall revenue is increasing, and ideally profit per session too) and see the overall health and growth of your private practice.
If you have any questions about the sheet, how to use it, or why you should be using it, drop me an email at adam@wattsahead.co or let me know in the comments.
