Bookkeeper for Psychologists
Keep session fees, insurance reimbursements, and assessment income organized, so your books stay current and you can see your real profit and cash flow.
Quick Answers
The Bookkeeping Questions You’re Asking
What does bookkeeping cost for psychologists?
We charge a flat monthly fee starting at $300. Your exact rate depends on how many transactions your practice has. That covers reconciling bank and credit card accounts, categorizing expenses, and sending you a clear monthly profit and loss report.
How should psychologists track session fees, insurance reimbursements, and other revenue?
You bring in money from client fees, insurance reimbursements, and sometimes workshops, speaking, or consulting. We set up separate income accounts for each stream so you can see which part of your practice actually earns a real rate and which is just keeping you busy.
Challenges
The Pain Points of a Therapy Practice
My Bookkeeper Stopped Responding
You need an answer about estimated taxes or a business expense you're about to sign for, and your bookkeeper has gone silent. The books might still be getting closed, but that doesn't help you when you have a decision to make.Read The Breakdown ›My Books Are Way Behind
I've been seeing clients and doing assessments for months without opening the books. My receipts are in a pile, and the last reconciliation goes back months. Now I face a deadline and I have no idea what I have as income or expenses.Read The Breakdown ›Revenue Is Up, But I Still Don't Feel More Profitable
My sessions are full and I've raised my rate, but the bank balance isn't reflecting how busy I've been. Rent, insurance, and software keep climbing, and I can't tell from the books why the bottom line hasn't improved the way I expected.Read The Breakdown ›I Can't Tell Which Work Actually Makes Money
Therapy sessions, assessments, and workshops all go into one income line, but they have different costs and liability. I'd like to know if assessments are worth the paperwork and insurance, but the books don't tell me. Am I overworking for less?Read The Breakdown ›I Mix Business and Personal Expenses
My home office shares utilities, internet, and every phone bill of the household. I'm honestly guessing what's a business cost and what's personal, so the profit is not trustworthy. When the CPA asks for records, I have to hand over a mess.Read The Breakdown ›Can I Afford to Grow?
I could bring on an associate, rent a real office, or invest in marketing, but I'm not sure I can actually afford the next step. The books don't give me a clear yes or no, and I'm scared of using a credit card to find out.Read The Breakdown ›
Our Services
Our Services for Psychologists
Three ways to get your books handled, depending on where they stand today.
Monthly Bookkeeping for Psychologists
For psychologists who are doing the books themselves, or have a bookkeeper who is hard to reach. We record session payments and insurance reimbursements and track expenses like office rent, liability insurance, and continuing education. Bank and credit card accounts are reconciled each month. You get clean books that show what the practice earns and where the money goes.
Explore Monthly Bookkeeping ›Catch-Up Bookkeeping for Psychologists
For psychologists whose books are months or years behind. We go back through bank and credit card statements, rebuild the income from session payments and insurance reimbursements, and sort the expenses that belong to each month. You end up fully caught up and ready to step into regular monthly bookkeeping without carrying old unfinished months forward.
Explore Catch-Up ›Clean-Up Bookkeeping for Psychologists
For psychologists whose books exist but don't add up. We review past transactions, put session and insurance income into the right accounts, and fix expenses that were miscategorized or mixed in with personal spending. What you get is a reliable set of books, so you stop carrying old mistakes into the next month.
Explore Cleanup ›
Client Results
What Our Clients Say
They caught up our books quickly! , I was trying to figure out if I should hire an assistant to help free the business. They walked me through everything, honestly such a helpful call. Left feeling like I actually knew what to do next.
Wade MarcyJune 2026Incredibly responsive team. They got back to me almost immediately and had everything knocked out in a day. The whole experience was smooth and efficient. Would definitely recommend to anyone looking for quick, reliable service.
Michael WrightJune 2026Recently, we were introduced to Matt for bookkeeping services, and our experience has been excellent. Matt has been highly responsive, engaged, prompt in his communication, and consistently professional in his approach. We’ve appreciated his attention to detail and willingness to assist, and we would not hesitate to recommend his bookkeeping services to others.
Michael TurgeonJune 2026
Why Equipped
Why Equipped
Bookkeeping run the way an owner would run it.
You Won't Have to Chase Us for an Answer
When you have a question about a session payment, an insurance reimbursement, or an expense, you get an answer the same business day. You can actually use the information while the decision is still in front of you.
Financials That Help You Run the Business
We organize your accounts around the ways a practice makes money: sessions, insurance, assessments, and consulting or teaching. Reports show what is earning, what is costing, and where the money is going.
Books You Can Rely On
Every transaction is recorded and reconciled against your bank and credit card statements. Matt reviews and verifies every set of books before we consider it done. When something doesn't match, we find out why. The numbers you see are the ones you can act on.
Bookkeeping Built Around What Owners Actually Need
Our team spent years running small businesses before doing bookkeeping for owners. We know what it's like to wait on money other people control, so we build books that give you answers fast, stay dependable month after month, and make the time you spend on your practice count.
Next step
Get a Quote on Your Bookkeeping
Tell us where your books stand and how your practice is set up. We'll review the situation and give you a clear quote before anything starts.
In-Depth Guide
The Bookkeeping Playbook for a Psychology Practice
What good bookkeeping actually looks like for an owner whose revenue arrives per session and whose real cost is their own time. Most of it is not mysterious. The mistakes around it are specific.
How the money comes in
For most practices the money comes in two ways: the client pays you at the session, and insurance sends the rest later. The split is different for every owner, but both parts have to be counted, and they land in different weeks.
Session fees are the steady number. They range by market, and the average varies from state to state. That part is predictable week to week, which is why most owners get comfortable with it.
The second stream is what the therapy calls other income: writing, teaching, coaching, consulting, and public speaking. It is lumpier than session income and it gets its own line in the books, because it is the work that decides whether a practice is actually profitable or just busy.
| Revenue line | What it is | Why it matters |
|---|---|---|
| Client sessions | The client pays you directly at the end of the session | Steady, and the easiest to forecast |
| Insurance reimbursement | The claim goes out, the payment comes later | The gap in the middle needs a cash cushion |
| Other income | Writing, teaching, coaching, consulting, speaking | Lumpy, so it hides without its own line |
What the real costs are
Rent is the largest single cost in a practice, and it does not care whether the chairs are full. Beneath it sits a list of smaller recurring costs that are easy to lose track of.
- Office rent or a home office. The home office counts only if the room is used exclusively for the practice.
- EHR and telehealth software, which you pay every month whether you see ten clients or forty.
- Professional and general liability insurance. On marketplace quotes it runs around $29 a month for general liability and $46 for a business owner policy, with workers comp separate.
- License renewals, continuing education, and professional memberships. They are easy to miss because they bill once a year.
The common bookkeeping mistakes
The same three mistakes come up again and again in this trade: personal and business money live in one bank account, no share gets set aside for estimated tax, and the books get opened only when the tax deadline forces it.
The trade knows it is a problem. Therapist forums are full of owners complaining that owners are never transparent about not being able to afford to run a business, and a state psychology association says that a psychologist who ignores their business infrastructure will collapse. You do not need a horror story to prevent that: you need a set of books that get looked at more than once a year.
What you need to track separately
Assessment work has to sit on its own line, because it has its own cost and billing, and the owner cannot see what it actually earns when it is mixed in with talk-therapy sessions.
The same case holds for the other side: writing, teaching, coaching, consulting and public speaking each take real hours and pay at very different rates. If they share a single miscellaneous line, the practice profit is unreadable. And if you keep a separate job on the side, keep that income entirely out of the business books.
Decisions the books support
The books answer the real running questions: raise a fee, take insurance, hire a contractor, and stop doing anything that does not actually pay.
| Question | The line that tells you |
|---|---|
| Should I raise my session fee? | Your average fee per session against your overhead and total training |
| Should I take insurance? | The delay between claim and reimbursement, and what that costs your cash position |
| Should I hire and associate? | The new salary and overhead vs. what they can take in |
| Is my assessment line worth it? | Assessment revenue vs. the added time and insurance alone |
One benchmark works well: broad business and consumer services, average net margin is about 7 percent. That is a sector number, not a psychology number, and your practice will differ. It is a range of what a healthy business looks like from the profit side.
The S-corp question
The S-corp is the election that keeps coming up in any owner's research, and whether it fits is a question your books answer.
An S-corp election changes how you take money out: part as a salary and part as profit. It can reduce the self-employment tax on the income side, but it adds payroll. The two numbers you need are practice profit and your own salary, and they both have to be clean. We keep the books in that shape and your preparer files.
How It Works
How It Works
Your First Month
Clarity
Review the practice and the books
You get a clear picture of what's working and what's off before we change anything.
Price certainty
Understand the findings and get your quote
The findings are useful even if you do not hire us.
Clean start
Get the books into the right starting shape
Either way, you end up with books you can trust.
Peace of mind
Take over monthly bookkeeping
We stay on top of it, so you do not have to worry.
Who reviews your books
The Person Accountable for Your Books
Your books are not handed off to an anonymous team with no clear owner. Matt oversees the quality of the bookkeeping and reviews the financial reporting before it reaches you.
Matt Cavanaugh
Founder, Equipped Bookkeeping
It starts at $300 a month. The price depends on the size of your practice and the volume of transactions. We'll give you a clear quote after we review your books.
Absolutely. This is common. We'll get the missing months caught up first, fix anything that needs fixing, and then keep everything current going forward.
Yes. We work with owner-led psychologists, whether you are solo or a small group. The scope may change, but the process stays the same.
Yes. We focus on bookkeeping, and your tax accountant still handles your taxes. We'll make sure your books are organized and easy to hand over.
We don't run payroll or file taxes. We keep the books accurate so your payroll provider and tax accountant can do their part without a mess.
It helps a lot. When you separate them, your bookkeeping is cleaner and you know exactly what your practice is making.
We record them separately in your books. That way you see what comes from session fees, what from insurance, and what from other streams like assessments or speaking.
We handle the day to day tracking, reconciling, and the month end close. You get a profit and loss statement, a balance sheet, and a cash flow report each month.
Just give us a sense of where your books are now. We'll schedule the initial review and walk you through everything. There's no need to worry if the books are messy.
Yes. We can set up your chart of accounts and habits from the start. It's easier to build a clean book than to untangle one later.
Ready to Get Your Books Off Your Plate?
Tell us where your books stand and what you need help with. We'll take a look, tell you what we recommend, and give you a clear flat-rate quote before anything starts.