ABSTRACT
Dr. Rachel Friedlander is a 48-year-old clinical psychologist practicing in Bethesda, Maryland. She is divorced and lives with her 16-year-old daughter, Sarah. Dr. Friedlander has worked diligently to build a highly successful psychotherapy practice. She attended Georgetown University for her undergraduate degree and went on to the University of Michigan where she took her PhD followed by postdoctoral training at the Baltimore-Washington Institute for Psychoanalysis. The clerical/bookkeeping level addresses the nuts and bolts of generating income, while the financial planning level deals with allocating that income into a financial, legal, and tax structure that supports the therapist's long-term needs and goals. Both levels must be addressed and mastered for the financial dimension of a private practice to work successfully. One support for mastering bookkeeping level is to use practice management software as well as bookkeeping software. One of the nice things about using a bookkeeping software package like QuickBooks is that it helps organize books into appropriate categories.
