Spring Clean your Business Finances for Psychologists

Spring is the perfect time to reset and refresh—not just your home, but your business finances too. If you're a psychologist in private practice, a tidy-up now can set you up for a smoother, more profitable end to the year.

Here’s how to get started:

🧾 Review Outstanding Invoices and Payments

Take a moment to chase up any unpaid invoices, whether they’re from clients or third-party providers like Medicare, NDIS, or private health funds. Likewise, double-check that you’ve paid your own bills—especially supervision, insurance, and practice management software subscriptions.

💰 Sort Out Your Cashflow

Aim to build up a buffer—ideally two to three months’ worth of your own wages—in your business account. It’s a smart way to protect yourself against cancellations, slow periods, or unexpected costs (hello, laptop repairs!).

📊 Separate Business and Personal Finances

Even as a sole trader, it’s essential to keep your business and personal spending separate. It might feel easier in the moment to grab a coffee on the business card, but it adds time (and cost) to your bookkeeping later—and can make tax time far more confusing.

📁 Organise Your Tax Records

Start collecting and sorting your receipts, especially for supervision, CPD, office equipment, and travel. The ATO app is actually quite handy for snapping and storing receipts on the go.

💸 Set Aside Money for Tax

You’ve heard me say it before, and I’ll keep saying it—put money aside for tax.

In your early years of business, you’ll face a tax bill at the end of your first year and Pay As You Go instalments in your second. If you're not prepared, that double whammy can really throw you off.

⚙️ Automate Where You Can

If you haven’t already, consider automating regular tasks like invoicing, bill payments, payroll (if you have a team), and paying super to yourself. It’ll save time and reduce the risk of missed payments.

📈 Revisit Your Budget and Business Goals

Now’s a great time to check in with what you’re aiming for. Do your numbers support your goals—whether that’s more time off, a practice expansion, or simply more financial breathing room? If you’re not sure, we’re happy to talk it through.

If you'd like to chat about your business goals or forecast your earnings for the rest of the year, just reach out—we’re here to help.