Professional Psychologist Invoice Template for Administration Designed for Ease and Efficiency

Psychologist invoice template for Administration

today we are talking about invoicing and whether there really is a best way to invoice in private practice when I first started working with therapists in private practice invoicing was the first thing I was put in charge of what I really enjoyed was looking at how people already invoiced and whether I could improve that process it was really interesting to see how different therapists invoice different ways and what systems they use to do that so what I'm going to be talking about today are the ways you can invoice in private practice different systems that you can use to do this and we're also going to jump into my computer briefly so I can show you how you can manage invoicing if you want to do everything manually so before we get into all that for those of you who don't know me I'm Kim I help therapists in private practice get online get confident with admin and reduce Tech overwhelm so the first thing to think about is how you actually manage your practice are you going to be seeing your clients regularly are you going to be seeing them just online are you only working with individual adults or will you beware working with children or couples and also will he be working with medical insurers answering these questions can really help narrow down the ways that you can invoice so with regards to invoicing you can either invoice ahead of the sessions which means that you get the money first and then the client has the session with you or you can do it retrospectively where they have the session and then pay for it afterwards and with all the ways that I'm going to talk to you about invoicing in private practice they can all be done either ahead of time or retrospectively now I believe there are pros and cons for both but ultimately I would suggest invoicing ahead of time just because then it's much easier to enforce things such as late cancellations and no shows it also gets your clients to commit to the sessions whether they're paying one at a time by month or in a blog and that brings me nicely onto the different ways I know that therapists invoice so one way and I would say the most used is by session so therapists will charge their clients buy session and then they pay weekly or however often they see their therapist another way to do this is monthly this can work really nicely because it can really help your cash flow and also increases commitment from the client to the therapist another way phone appears invoice is in session block so maybe they charge clients for six sessions at a time and maybe there's no fixed time that they need to use those sessions but it does increase commitment and help you manage your cash flow with regards to the different ways you can invoice there are four main ways first of all you can invoice manually maybe you don't even send an invoice maybe you just have an invoicing process which you say clients pay you for every session on the day that they come and that could be via a bank transfer cash or even a check you can also send invoices manually by having an invoice template in word or Excel or something like that where you type up the information on the invoice and then you send it to client I would not recommend doing it manually like that if if you're doing weekly invoicing because that can take a really long time another way you can send invoices is if you bank with Starling and you have the business toolkit I really love banking with Stalin personally and it's really easy to send invoices get them paid for reconciled within the bank automatically and they take no payment fees so you pay the monthly fee and then you can invoice as many times as you want if you don't bank with Stalin and you don't want to do manual invoicing you can use a payment processor such as stripe or PayPal here you can create invoices using the system get them emailed out to clients and they can have a pay link where they can click enter their credit card details and pay you automatically there are definite upsides to this but there are huge costs involved in using a payment processor and with PayPal for example you will actually need to manually transfer the money into your bank account drive on the other hand will hold your money for around seven days and then pay you automatically into your bank account and then finally you can use an EHR system power diary which will automatically create the invoices for you from there you can either get clients to transfer the money into your bank account via Banks transfer or you can sync it with stripe and then clients can click the link and make the payment with a credit card or debit card just as they would if you were using stripe by itself I do have a free download that goes much more in depth into the pros and cons of the different times you can invoice and the different ways you can invoice it also has the current processing fees for all of the different ways you can invoice so that you can check this out for yourself if you're interested in getting that download I'll leave a link in the description below so what we're going to do now is jump into my computer so I can show you how you can manage your invoicing and reconcile the payments whatever way you choose to invoice so let's jump in so here we are just jumping into my invoice log which is part of my invoice template package which I have so what I want to do is just show you how to use the template you can easily create one of these yourself and how you can use this to reconcile your bank account and make sure that you have been paid for all of your sessions as I know sometimes when I'm working with clients they feel like they're up to date with clients and then I check their bank accounts and do their bookkeeping and we realize that they actually owed some money so this is a way to make sure you're not owed anything so what I've done here is I've just filled in the first four columns so we've got the invoice number you can create whatever invoice number you want or match it up to the system that you're using if you're using something like stripe or PayPal or something like that then we've got who the invoice has been sent to or that could be the client specifically if we're sending it to parents or something like that the invoice can be you know the client's name the date the invoice was sent and the invoice amount so again this doesn't necessarily have to be an actual invoice you've sent it's just an invoicing log so that you know what clients are meant to pay when they've paid and so that you can reconcile your bank account so once you create the invoices once you send the invoices you can fill this information out then what you're going to want to do is fill out the last three columns once you have received the payment so what I'm going to do is just going to fill it in some of the date paid add some notes and then show you how to do the month received [Music] so once you have received the payment you can add notes so you may want to use this section to confirm the name of the account that the payment has come from or depending on how you're invoicing you can use this section to add notes if clients have owed money or something like that so with this demo I am pretending that I invoice in advance for the month for all of the sessions so for example if John Smith is having four sessions if he cancels one with notice next month he'll be owed a session so I might want to put in the notes John owed one session or something like that so I know when I'm invoicing again I need to reduce his amount by one session so you can use the notes for whatever you want or you can just ignore this section and then what we're going to want to do is complete the month receives so in my template I have created it so we have a drop down here and you can select which month the payment has been received in I am doing it as a sole Trader so it's April to April so what I've done here is we've got April here and then we also have an April 2 at the bottom here so if anything is received from the stick to the end of April in the first year it goes in this section and then if it's received the first to the 5th of April in the second year it goes into this section here so that's just how I've separated that out so the next thing to do is select the month it was received so this one is September so I'm just going to go through and copy that for all of those and then for this one it was received in October so we can copy that down there now as we are Midway through October currently some of these clients have not yet paid so this also just highlights to me that I need to chase them for the payment or remind them in their session that they owe the money another thing I like to do is use color with spreadsheets because that makes it really obvious to me when something's happened so what I will then do is highlight all of the invoices that have been paid in this nice green color here like this and then it's really obvious to me which invoices still haven't been attended to so I can really easily see that these people here still owe money I also like to keep a log of every invoice that I've created so if for example um an invoice needs to be canceled because clients have decided not to attend anymore or something like that you can add a gray color here so that you know that it's been canceled and you're not expecting that money what I would also do here is add some notes to say why the invoice was canceled so that I was aware of that when it came to my bookkeeping and things like that so the reason I like to keep an invoice look is because when I then do my bookkeeping at the end of the month and I see how much money I have received in September I want to reconcile this with something if you have no log of what you've invoiced you have no idea if the money that you've received into your bank account is correct or not so there are different ways you can do this so what you can do is add a drop down onto this section here so if you click on here and go to data and filter it's going to add these drop downs and filters onto the spreadsheet then what you can do is use this and let's say I'm doing my September bookkeeping you can tick off select it all and then tick on September click OK it's just going to pull up all of the information about the payments received in September you can then highlight all of those and you will get a sum at the bottom here of what you've received so 4 390 pounds what I've done in my invoicing log is I have created you a table automatically so when you fill in the month received if you click on the invoice tab you can then see how much has been received in each month so that's a really quick way for you to know if what you've received into your bank account matches up with your invoice log so here we can see it's 4390 which was the same as doing it this way here adding it up 4390. so it's a really quick way for you to be able to reconcile the payments that you have actually received into your bank account I hope you found that demonstration useful if you'd like to get your hands on the free invoicing download I'll leave a link in the description below and if you'd like my invoicing templates so you can get an invoice and also the invoicing logs you can purchase them from my website and I'll leave a link in the description below for that too until next time thanks for watching thank you