Episode 15-Interview with Julie Herres

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Hosted by
Aaron Potratz

Do you feel a sense of fear when talking about money or finances? What does Julie mean by finding your “zone of genius”? Is it okay to handle some of your accounting or taxes, or is it better to hire those out?

In this episode, Nathan and Aaron interview guests Julie Herres.

Julie Herres, Green Oak Accounting

In This Podcast

Summary

  • Who is Julie Herres
  • Why is money so hard for therapists?
  • Common issues businesses face
  • About Green Oak Accounting
  • Julie’s Tips & Recommendations

Who is Julie Herres

  1. Julie Herres is an Accountant and owner of Green Oak Accounting in Washington D.C.
  2. She hosts the Therapy For Your Money podcast
  3. Julie believes every business can and should make money and support the life of the business owner
  4. Although looking at accounting is vulnerable, it’s ultimately empowering and gives you a peace of mind to know what’s going on

Why is money so hard for therapists?

  1. They want to help and “give give give” but do not “receive” because they see this as selfish. However, if you don’t make money you can’t keep your business open!
  2. Julie moved around as a kid and did not have money so saving money now makes her feel secure

Common issues businesses face

  1. Fear about what’s going on, not knowing details of spending, income, expenses
  2. Comparing yourself to other businesses
  3. Not knowing if I am making enough money? Can or should I make more?
    • “Profit First” is a great structure for “getting your house in order” financially
  4. Avoidance is easier than looking at it
  5. Bank Balance Accounting: how much money is in the account so spend. This doesn’t consider actual income or upcoming expenses

About Green Oak Accounting

  1. They focus on long-term business relationships; do not take one-time work
  2. They get to know their clients’ spending, goals, and help them understand and achieve their goals
  3. Julie sees her job as to put up the bumpers at the bowling alley so business owners make the best decisions but carefully
  4. They are a “no judgment zone” and want to make your situation better a month at a time

Tips & Recommendations

  1. Even small businesses should have a professional do their taxes to avoid making and having to fix mistakes, which can be expensive
  2. It’s okay to “bootstrap” your bookkeeping in the beginning to save money
  3. Use an app: QuickBooks Online (Julie’s recommendation), Zero, Freshbooks
  4. Follow the “E-Myth” franchise model: hire out what someone else enjoys and can do better
  5. Julie recommends having 2-3 months worth of expenses saved in case a slow month occurred or an issue arises in the business to buy you time to resolve it
    • Start saving even $10-$50 at a time to build your savings
    • Put some money in retirement rather than none
  6. Determine if your spending is in line with your values
    • For example, are you spending too much, causing you to work more and spend less time with your family?
  7. Green Oak uses a Break-Even Analysis to determine the true cost of moving into a new space – including deposits, furnishing, administrative, janitorial, etc. – and what this means in terms of number of billable hours per week to achieve

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aaron potratz and nathan hawkins therapists standing smiling

Meet Nathan and Aaron

Nathan Hawkins and Aaron Potratz are both licensed therapists and clinical supervisors in the state of Oregon. They each own their own private group counseling practices and co-own a third group practice together. Nathan and Aaron have been in the field since 2004 and 2007, respectively, and have over 100,000 hours of therapy experience each. On their show, they discuss facing fears and common challenges from a therapist’s point of view, imparting wisdom and humanity to their viewers. Along the way, they hope to not only share their insights but bring some light-hearted entertainment to make the journey easier.

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