Episode Details

Julie Herres from GreenOak Accounting joins the podcast again to speak about financial tips for surviving the COVID-19 crisis. We are going to be talking about thoughts that we're having about this whole crisis and what's going on for people financially. We speak about how we can get through the next couple of weeks and next few months if you don't have a considerable amount saved for a sudden downturn like this. We discuss how to budget for a crisis, creative ways to pay for expenses, and calling big-name companies and asking for assistance. Later, we speak about paying your team, applying for loans, and diversifying your income streams. Stay tuned as we take questions from Zoom!

Julie Herres is the owner of GreenOak Accounting. The firm provides bookkeeping, accounting, CFO and tax services to mental health private practice owners throughout the United States. When Julie founded GreenOak Accounting she started working with a few therapists. Over time, more and more therapist referrals came in and she started noticing trends across the practices that were thriving. Based on those trends she developed success ratios as a way to quickly determine the health of a practice.

Today, GreenOak Accounting's focus on mental health private practice is intentional and geared towards helping business owners understand the story that their numbers are telling. Julie understands what's involved in managing and growing your practice and is uniquely positioned to be a trusted advisor to clients.

What does it look like if you don't have a big buffer, can you make it through? Make decisions based on data and not from fear. So it's always a great idea to know where you stand, right? Run the numbers and see how much is coming in. Also, know what it takes for you to keep your doors open.

What's the minimum number of dollars that you need to bring in to pay for the rent and to pay for the minimal software expenses that you have? How much does it cost for your payroll and how many clients do you need to cover that? You'll find it's not as much as you think it is. So you may not be paying yourself as much as usual, and there may not be a lot left over. Figure out where you are. You want to make sure that you have enough money in your personal life to pay for your food, shelter, and necessary expenses.

Call your mortgage company, call your landlord, call your credit card company and ask them what they can do to help. There are a lot of different programs and it really depends on the company and the state. Some utility companies are not disconnecting anyone for lack of payment. Many companies are suspending all the payment fees. So if you reach out, you might be able to get a break. Always be proactive versus reactive.

You can also reach out to your credit card company. Ask if they will waive your payment and not apply any fees. You can also reach out to your bank and say that you are going through a time of financial distress. A lot of banks are being very amicable because they know what a difficult time it is for someone. Start with the big companies that are going to be understanding.

Look at how you can really streamline things. A lot of times we have subscriptions we pay for, that we don't need. Suspend the subscription for the months that we are in financial distress. Most people are going to be open to that; they realize money is tight for people. For instance, if you have been thinking about cutting cable, now would be a good time to suspend those payments. Now is the time, especially if we're having more downtime, is to look at your numbers and understand what it takes to stay open and what it takes to pay your people.

It's a good time also to pull out your credit card bill and go down the list. What ar