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Which plan is right for me?
Solo Practice
- Are taxed as a Sole Proprietor
- Want to delegate bookkeeping and taxes to experts
- Need help with preparing and filing quarterly and annual taxes
Solo Practice
- Are taxed as a S Corporation
- Need help complying with S corporation requirements
- Are looking to maximize your tax savings
Group Practice
- Have a practice with 2-10 employees or contractors
- Are taxed as a Sole Proprietor or S Corporation
- Are looking to maximize your tax savings
Why Heard?
Review the features you get with Heard that you might not be getting now.
| What’s included: | Heard | Accountant | Software |
|---|---|---|---|
| Bookkeeping | |||
Bookkeeping and tax professionals who specialize in therapy practices Our only focus is therapists. That means our team of bookkeeping and tax professionals are experts in therapy practices and all of the nuances that come with running one. | |||
Monthly bookkeeping services Your dedicated bookkeeper will review and categorize your transactions for your business and identify tax-deductible expenses. | |||
Dedicated bookkeeper | |||
Financial reports Financial reports are automatically generated once bookkeeping is complete, with a summary of your cash flow and profit and loss. This helps you better understand your practice finances. | |||
Unlimited in-app messaging support You can message our support team through the Heard app 24/7 and we'll get back to you in 1-2 business days. | |||
| Taxes | |||
Quarterly tax estimates Every quarter, we calculate your estimated payments and remind you when to pay so you never miss a deadline. | |||
Annual income tax prep and filing (business) Our team files your annual state and federal personal and business income tax return. Because we also do your bookkeeping, we’re able to maximize your deductions which translates to more savings. | |||
Annual income tax prep and filing (personal) Our team files your annual state and federal personal income tax return. Because we also do your bookkeeping, we’re able to maximize your deductions which translates to more savings. | |||
| Budgeting and Tracking | |||
Expense breakdown | |||
A single place to keep important documents and receipts | |||
Profit allocation guide We share monthly financial reports and allocation guide to help you confidently allocate your profit. | |||
| S Corporation | |||
S Corporation compliance We make sure you stay compliant and avoid fees or penalties from the IRS. We audit your books and advise you if you aren’t compliant with S Corporation tax regulations and provide resources for you to keep on hand so you understand how to remain in compliance. | |||
Reasonable salary determination (for S Corporations only) Throughout the year, we’ll review your reasonable salary to make sure you’re paying yourself the right amount. Setting a reasonable salary that is not too high or too low can affect your practice’s profits and overall business success. This feature is available to S Corporations only. | |||
S Corporation election We’ll file Form 2553 for you to elect your therapy practice be taxed as an S Corporation by the IRS. We help you meet S Corporation requirements: Incorporation and EIN changes. You can deduct certain business expenses, such as salaries, wages, bonuses, rent, utilities, and supplies. Deducting these expenses can reduce your taxable income and lower your taxes. | |||
S Corporation eligibility assessment We’ll run an assessment to determine when it’s the right time to form an S Corporation. | |||
| Payroll Add-on | |||
Payroll setup assistance via Gusto We’ve teamed up with Gusto to provide stress-free payroll, embedded right in your Heard dashboard. Available as an add-on for $39/month plus $6/month per employee. | |||
Run payroll for W2 employees and 1099 contractors | |||
File and remit payment for state and federal payroll taxes | |||
Unlimited payroll support |
Why Therapists Trust Heard
“Heard has been a lifesaver! In graduate school, I didn't learn about bookkeeping, accounting, and taxes. I feel such relief at being able to outsource these tasks and be able to give my focus to the clinical work.”
“I am so thankful that Heard exists! I am especially grateful for the ease of communicating with my bookkeepers who are accessible and answer questions without any additional fees.”
“Heard makes everything simple when it comes to tracking my finances. I love that I can manage my books and file my taxes all from one place.”
How does pricing work?
Our pricing plans at Heard are subscription-based. We have transparent pricing for all of our independently practicing providers, and work with groups on a case-by-case basis to determine the pricing model based on number of employees, annual revenue, and expenses.
With your Heard subscription, a team of bookkeeping and tax professionals file your income taxes and assist with S Corp formation, bookkeeping, tools setup, training, and year-round tax and accounting support. Our pricing plans do not include third-party fees (such as fees and taxes charged by your city, state or the federal government), Gusto for payroll, or business license filing fees which vary by city.
Changes happen! Whether you are a independent group practice member, solo practice or group practice owner, we know that it is normal for your practice's needs to change over time and when that happens, we'll be here to support your move into the subscription that works for you with where you are on your private practice journey.
Can I cancel any time?
Yes, you can cancel any time.
How does bookkeeping help your private practice?
Bookkeeping gives you a clear picture of your practice finances, where your money is coming from, and where it is going. When your bookkeeping is up-to-date, you will be able to understand areas to save and areas to invest more, seasonal fluctuations in your practice, and have an overall clear picture on how much you can pay yourself (and your clinicians).
Having accurate finances saves you hours during tax season as well. When your books are reconciled and up-to-date, you avoid scrambling for hours and days to get caught up prior to the tax deadline, or miss out on any tax write-offs or deductions. Most importantly, you will avoid subjecting yourself to any potential errors or late fees.
What is the difference between Heard and Quickbooks or Wave?
QuickBooks and other bookkeeping software offer a tool to do your own bookkeeping. Heard is here to take the bookkeeping, taxes, and financial worries off of your plate. When you sign up for our accounting services, we will take the work off your plate completely—which means you won’t need to use any other accounting software.
We built our own software because it gives us a couple of advantages:
Seamless tax prep
Providing everything from bookkeeping to reporting to year-end tax support allows for a seamless integration of your entire financial life cycle. Our tax accountants have experience working with our technology.
Created for the private practice
Heard is built specifically for private practice businesses. This allows us to distill down your bookkeeping to insights that are specific to your practice.
Saves you money and time
Because we are built for the private practice, we'll be able to serve you relevant information upfront, saving you money and time.
What does my bookkeeper do?
Your bookkeeper categorizes your transactions, reconciles your accounts and produces your financial statements. They will make any necessary adjustments to your books to ensure they are tax-compliant and account for any outside expenditures, not being run through your business bank accounts.
Once a month, your bookkeeper will need your input on reviewing transactions to ensure proper categorizations. However, we will always make an effort to ensure you are able to focus your time on what matters most: seeing clients.
You will be able to message your bookkeeper to get any questions answered within the day. Don't worry — every question will be answered by a real person who is familiar with your business. Our aim is to support and educate you throughout the bookkeeping and accounting process.
What if I already have an accountant or CPA?
We can discuss what makes the most sense for you and your practice. Just like in the mental health profession, clients sometimes switch professionals in the accounting world for various practical reasons.
If you're looking to completely transition both your bookkeeping and your taxes to Heard, we will ask for access to any bookkeeping software you're currently using to help us transition.
If you're only looking to use our bookkeeping services and want to keep your tax professional, we will ask for an introduction to your tax professional.