What Kind of “Happy Camper” Are You?
How do you know if you are in Happy Camper Group #1 or #2? What are some psychology of money issues common to each group, and what are the pros and cons of each group?
Happy Camper Group #1
For those who want full control of managing their books
Psychology of Money Issues – Many in group #1, in addition to loving to be in control, have some trust issues. It’s difficult to relinquish trust, especially with financial information. Trust issues in turn mean vulnerability. Shame exists with secrecy, and there’s a tendency to hide money problems and trusting others with money matters out of fear of judgment and shame. Being in control of areas where you lack interest or skills usually means that the best financial decisions are not being made.
Pros:
- You have access to all systems regarding the books of your business.
- You don’t have to depend on anyone else to manage your books.
- You are independent, which can be quite empowering to work on building your business as you build a solid system of accounting for your growth.
Cons:
- You have to spend lots of time learning how to work in systems, and that time takes away from being a therapist and earning money.
- You don’t have an expert handling all of the details of the bookkeeping and accounting work.
- You might miss deadlines or might not handle taxes correctly.
- You might forget how to work in the systems, and procrastination and avoidance become the main problems.
- You don’t have current numbers, which may mean payment issues aren’t addressed in a timely manner. Revenue can be lost.
- You don’t have time to focus on marketing, building your business, and generating income.
Happy Camper Group #2
For those who want experts to manage their accounting books
Psychology of Money Issues – Many in group #2 feel a lack of confidence in their handling of business matters in their practice, and they may feel overall that they wish to take a more passive role in their business management. However, sometimes #2 campers need to take a more active role in tracking their practice’s financial goals. Even though an expert is handling your accounting, there are still numbers every business owner needs to know.
Pros:
- You don’t have to worry about your books being done correctly.
- You don’t have to learn QuickBooks and the detailed work in bookkeeping and tax issues.
- Your time is freed up to handle marketing, building your business, and generating income.
- You save money by not being taught how to maintain your accounting books, and you also save money with tax issues being handled correctly.
- Current numbers in your business means that any money issues are resolved in a timely manner.
Cons:
- You are spending more in having an expert maintain your accounting books on a regular basis.
- You are more dependent on another professional’s maintenance of your books and cannot work on your books independently.
No matter which group you initially select, you can always switch to the other group as you wish. I have started out teaching people how to work in their own QuickBooks account, and then they realize it is too much to learn that they have no interest in learning. They switch to having me handle their books regularly.
Then, I have had people contract with me to work on their books, and after watching me for a while, they feel more confident in doing some bookkeeping tasks themselves. Eventually, they move into learning how to handle their books more directly.
No matter if I am teaching you how to maintain your books or I am doing them for you, I work WITH you in session on your books. Meeting with you while in your books has proven to be my most efficient way to work. We are talking about your books as I am working in your QB account, and all questions get answered immediately in session. A comparable example is when you go to the eye doctor. The technician puts you through several screenings. The eye doctor conducts the exam by first going over the results of the screenings. Then, the doctor makes their recommendations at the end. I record and reconcile your financial information (the screenings), and we discuss what those findings mean for your practice (the recommendations).
I used to joke about this, until I realized how true it is. I do prepare your books, and then as a therapist, I ask you how you feel about those books!