Hey 1099 ODs! While the freedom of contracting brings flexible hours and diverse work environments, it also means taking charge of your finances. From separating personal and business expenses to understanding taxes and managing cash flow, good bookkeeping is key. Track every dollar of income, log deductible expenses, and save receipts to avoid headaches. Stay organized and plan for the future to thrive in your independent OD life!

Teaching kids about finances is a crucial life skill that can set them up for long-term success. Make money management fun and engaging by using real-life examples, such as comparing prices while grocery shopping or setting savings goals for a special toy. Start with a piggy bank, progress to a savings account, and use games to teach financial concepts. Demonstrate good financial habits and involve them in budgeting to build their financial literacy step by step.

As an optometry practice owner, understanding your financial health is crucial for long-term success. By integrating QuickBooks Online (QBO) with your Electronic Health Record (EHR), you can streamline financial operations and improve efficiency. QBO manages invoicing, tracks expenses, and provides essential reports like profit and loss, while EHRs securely store patient records, enhance communication, and offer clinical insights. This combination gives you a comprehensive view of your practice’s financial and operational performance, enabling well-informed decisions for growth. Remember, QBO isn’t HIPAA compliant, so always adhere to regulations to protect patient data.

Operating and managing a successful optometric practice comes with its rewards, including the satisfaction of caring for patients and leading a dedicated team, along with the potential for significant profits. To evaluate and boost your practice’s profitability, it’s essential to understand net profit benchmarks, plan for startup costs, and manage finances effectively. Learn how narrowing insurance preferences, reducing costs strategically, and tightening eyewear sales can help enhance your practice’s bottom line. For a tailored plan, partnering with a professional bookkeeper like Bookkeeping for Optometry can provide actionable insights for future growth and success.