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Clariovera

Build with Clarity and Purpose

Worksheet 1.6: Set Up Bank Account, Credit Card, and Bookkeeping

 

 

 

Overview:

 

 

This is the financial backbone of your clinical practice.

 

Setting up a dedicated business bank account, credit card, and bookkeeping system ensures you:

 

  • Stay legally compliant

  • Make tax time easier

  • Track your earnings and expenses accurately

  • Avoid mixing personal and business funds (which can jeopardize liability protection)

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Clariovera

Build with Clarity and Purpose

Clariovera empowers health professionals to lead with clarity and build with purpose through a digital platform designed for clinicians ready to launch their own practice, service, or health-focused business. With step-by-step guidance, interactive worksheets, business strategy tools, and a supportive community, Clariovera helps healthcare professionals transition from clinical roles to entrepreneurial success—without the overwhelm. Ideal for physicians, nurse practitioners, therapists, and allied health professionals seeking autonomy, clarity, and impact.

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Clariovera

Build with Clarity and Purpose

Clariovera empowers health professionals to lead with clarity and build with purpose through a digital platform designed for clinicians ready to launch their own practice, service, or health-focused business. With step-by-step guidance, interactive worksheets, business strategy tools, and a supportive community, Clariovera helps healthcare professionals transition from clinical roles to entrepreneurial success—without the overwhelm. Ideal for physicians, nurse practitioners, therapists, and allied health professionals seeking autonomy, clarity, and impact.

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Clariovera

Build with Clarity and Purpose

Clariovera empowers health professionals to lead with clarity and build with purpose through a digital platform designed for clinicians ready to launch their own practice, service, or health-focused business. With step-by-step guidance, interactive worksheets, business strategy tools, and a supportive community, Clariovera helps healthcare professionals transition from clinical roles to entrepreneurial success—without the overwhelm. Ideal for physicians, nurse practitioners, therapists, and allied health professionals seeking autonomy, clarity, and impact.

Clariovera Wide Icon 5.webp

Clariovera

Build with Clarity and Purpose

Clariovera empowers health professionals to lead with clarity and build with purpose through a digital platform designed for clinicians ready to launch their own practice, service, or health-focused business. With step-by-step guidance, interactive worksheets, business strategy tools, and a supportive community, Clariovera helps healthcare professionals transition from clinical roles to entrepreneurial success—without the overwhelm. Ideal for physicians, nurse practitioners, therapists, and allied health professionals seeking autonomy, clarity, and impact.

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Clariovera

Build with Clarity and Purpose

Worksheet 1.6

 

Set Up Bank Account, Credit Card, and Bookkeeping

Overview:

This is the financial backbone of your clinical practice.

 

Setting up a dedicated business bank account, credit card, and bookkeeping system ensures you:

  • Stay legally compliant

  • Make tax time easier

  • Track your earnings and expenses accurately

  • Avoid mixing personal and business funds (which can jeopardize liability protection)

 

Part A: Business Bank Account

 

What you’ll need to open it:

  • EIN (see previous worksheet)

  • Articles of Incorporation / Organization

  • Business license (if applicable)

  • Valid photo ID

 

Bank Features to Look For:

  • No or low monthly fees

  • Online/mobile banking

  • Strong customer support

  • Integrated tools (e.g., invoicing, reporting)

  • Option to integrate with accounting software

Banks to Consider:

  • Local credit unions

  • National banks (Chase, Bank of America, Wells Fargo)

  • Online banks (Novo, Bluevine, Relay, Mercury)

Decision:

I will open my business account with: _________________________

Opening date: _____________________

 

Part B: Business Credit Card

Why it’s helpful:

 

  • Build your business credit

  • Separate expenses from day one

  • Track recurring expenses (EHR, insurance, etc.)

  • Use for emergencies or short-term cash flow

 

Consider cards with:

 

  • No annual fee

  • Rewards on business categories

  • Expense tracking dashboards

  • No personal guarantee (if available)

Part C: Bookkeeping System

 

 

You’ll need a way to track income, expenses, reimbursements, and profit.

 

Options:

 

  • DIY Spreadsheet

  • Bookkeeping Software:

    • QuickBooks

    • Wave (free)

    • FreshBooks

    • Xero

  •  

  • CPA or Bookkeeper:
    Outsource everything monthly or quarterly

Questions to Consider:

 

  • Do I want to manage this myself, or delegate?

  • Do I understand what’s deductible?

  • Do I want to prepare for quarterly taxes proactively?

I plan to use:

[ ] QuickBooks

[ ] Wave

[ ] Spreadsheet

[ ] Outsourced Bookkeeper

[ ] Other: ________________________

 

Bookkeeping will be reviewed:

[ ] Monthly

[ ] Quarterly

[ ] Annually

 

By whom:

→ ____________________________________

 

Reflection Prompts:

  • How will it feel to see your practice’s income and expenses clearly?

  • How might that clarity help you make better decisions?

 

→ ______________________________________________________

→ ______________________________________________________

 

Next Step:

Once your finances are in order, you’re ready to move into clinical systems and legal compliance.

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