Worksheet 1.6

 

Set Up Bank Account, Credit Card, and Bookkeeping

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Overview:

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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

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Banks to Consider:

• Local credit unions

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

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

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Decision:

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I will open my business account with: _________________________

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Opening date: _____________________

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Part B: Business Credit Card

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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)

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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

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• CPA or Bookkeeper:
  Outsource everything monthly or quarterly

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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?

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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?

 

→ ______________________________________________________

→ ______________________________________________________

 

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Next Step:

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

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