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LESSON 1: Financial Management

Module 6 Managing Your Practice

6 Lessons

LESSON 1: Financial Management

Opening (5 minutes)PPT-6 p.1Welcome to Module 6: Managing Your Practice>>Return the graded Module 5 quizzes>Referring to pages 166-167, facilitate discussion on tips to keep on top of these 3 areas>Referring to Figure 6.2 on page 169, engage learners in a brief discussion about the pros and cons of using a bookkeeper>Ask a student to lead the class in a stretchAsk for a show of hands>Acknowledge responses and record on the left-hand side of the board creating a list going down>Ask learners to pull out their Researching Costs Notes from Module 5>Call time after 10 minutes and debrief the exercise with the full group>Check in to see if there are any additional questions>Refer learners to Figure 6.10 on page 179 to view sample invoice>Go over homework>Invite and answer questions before moving on>Debrief with the full group>Record all suggestions on the board and discuss each>Ask a student to lead the class in a stretchWrite up the checklist below on the board (and referring to page 186 in the text, define what each form is)$600 to independent contractors

Form 2106 Form 1040-ESForm 1040

Schedule K1

Schedule SE

Form W2 for any employees

Form 1099-MISC for any payments >$600 to independent contractors

Form 2106 Form 1040-ES

Form 1040

Form 1120

Form W2 for any employees

Form 1099-MISC for any payments >$600 to independent contractors

Form 2106

What are the kinds of deductions you can claim?

Look for:

Office and massage-related supplies

Cost to acquire items

Subscriptions

Fees for professional assistance

Credit card fees

Bank account fees

Wages for employees and fees to independent contractors

Home office expenses

Insurance

Telecommunication charges

Computer service chares

License fees

Property tax, sales tax, business tax

Depreciation of fixed assets

Rent/mortgage payments

Utilities for office space

Linen and/or cleaning service

Uniforms

Gifts to clients

Travel expenses

Meals (limited)

Membership dues

Conference attendance fees

Continuing education fees

Books and resources

Debating the Pro and Cons of Using a Professional Accountant. Another profession that you discussed with your group about hiring for professional assistance was accounting. Lets take a moment to talk briefly about the pros and cons of hiring the services of an accountant. While the text definitely leaned toward the pros of hiring an accountant, lets take a moment to examine both sides.

Here are some questions to guide the discussion:

What do you think are the pros of hiring an accountant?

How about the cons, based both on the text and on your own experience?

>>Allow discussion to continue for a few minutes>Record suggestions on the board>Begin the role-play. Let the conversation continue for 5 to 8 minutesApplaud the volunteerGo over homework>Invite and answer questions before moving on>Direct learners to Figure 6.16, pages 190-192>Refer learners to Figure 6.17 on page 193 to view sample informed consent form (simplified)>Acknowledge answers and correct any, if need be>Refer learners to Figure 6.19 on page 196 to view sample SOAP chart>Ask a student to lead the class in a stretchReferring to Figure 6.21 on page 198, engage learners in a brief discussion

about the pros and cons of seeking insurance reimbursement>Create a quick human graph with those inclined to seek reimbursement on one side of the room and those disinclined to on the other side>Give groups a few minutes to discuss and then elicit a quick discussion>Review insurance reimbursement terminology, outlined in Spotlight on Business on page 203>Define each as a group>Refer learners to Figure 6.23 on page 204 to view sample health insurance claim form>Look for: $2 million per occurrence, with $6 million aggregate>Referring to pages 199-202, review each of these types of insurance>Respond to questions or comments>Go over homework>Invite and answer questions before moving on>Call time after 2 minutes>Call for partners to switch and then call time after an additional 2 minutes>Allow 4 minutes for partners to create lists of tips. After 4 minutes, ask for a sharing of ideas with the full group.>Record tips on the board>Set up the individual writing exercise>Ask everyone to get out a sheet of blank paper and pen>Direct learners to begin. Call time after 5 minutes>Distribute Radical Time Management Worksheet>Call time after 5 to 10 minutes, depending upon how much time they seem to need>Give learners a chance to count>Ask learners to call out the number of hours>>

Thats how much time you have available to devote to your massage business.

Do you see any benefits to adopting this approach to managing your schedule?

>>Acknowledge all responses>Acknowledge all answers>Give learners a few minutes to write and then bring journal writing to a close>Elicit any comments afterwards>Ask a student to lead the class in a stretchAcknowledge all answers>Go over homework>Invite and answer questions before moving on>Encourage any sharing out afterwards>Distribute Employee Policy Setting Worksheet one per group>Ask a student to lead the class in a stretchGo over homework>Invite and answer questions before moving on>Elicit a quick report from each group>Direct learners to the review questions at the end of Chapter 6, page 222>Lead a discussion on each of the questions. Possible answers are given below>Respond to questions by facilitating a discussion,encouraging learners to help each other in responding to these questions>Distribute quiz. Give learners 5 minutes to complete>Ask a student to lead the class in a stretchGo over homework>Invite and answer questions before moving on

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