psychology and business

Discussion in 'Growing and Managing a Business' started by gainesjeffreyj, Dec 16, 2013.

  1. gainesjeffreyj

    gainesjeffreyj
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    Hi All -

    I am a psychologist in private practice, East Coast USA.

    I am starting to learn more about the business side of things, but have a lot to learn.

    Currently, I am having difficulty with a business partner who handles the books.

    I am the head of the practice, but this person (not a psychologist) does not want me to see the books, or have my name on the bank or credit card accounts, b/c he feels that (as he puts it), he knows the business side, and I should just let him do his job (finances), while i do mine (clinical psychology).

    But, again as chief psychologist in the practice (of which I am also majority owner), I want access to all the books, line by line, as well as to bank and credit card accounts. As view only. I don't want to meddle with the accounts, but i want access, understanding of them, and oversight. Am I out of bounds here, as my partner is suggesting? I believe I have a right to see ll the books/accounts, and a responsibility (to the business, and to the 12 or so clinicians who work for us).

    Any thoughts from any of the business people out there, would be much appreciated.

    Should a head of a company have access to all records he or she wants, on an ongoing basis? or is that meddling?
     
  2. Ted

    Ted
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    Let me ask you this....

    If you're not able to view the books then who else besides him is able to view them?

    Where is your system of checks and balances?

    If nobody else has oversight over him in any way, then you are setting yourself up for major problems.

    There must be a real reason why he doesn't want you to see the books. Maybe he is lazy about keeping up with his work and doesn't want to get caught? Maybe he has intentions of using the business as a private piggy bank? Maybe something else?

    I can think of no good reason why you shouldn't be viewing any bank statement any time you want to. In fact, if you are running a business for profit then you should be reviewing all numbers on a regular basis.

    It is a no-brainer to me. I can't imagine getting myself into a business arrangement without full access to review and monitor the financials.
     
  3. JKirby

    JKirby
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    Short answer: Yes you should have access.

    Long answer: When you go into business together (from the looks of it all as a partnership) with someone you need to have a actionable plan in place in order to truly run your business. Is it out of your bounds to have access to the books, accounts? Not at all.

    Especially when you need to buy office equipment or order whatever you will need in your business, your financial adviser should not be the only person able to do these tasks. HOWEVER... there is a fine line between having access and being over bearing.

    There has to be a reason that you allowed this business partner to go into business with you. He may be trying to alleviate some of the pressure from your shoulders. My advice, get access to view the accounts, but DON'T. Ask for weekly, bi-weekly or monthly reports of the financial situations. Sometimes, consistently checking out bank accounts is actually one of the worst things to do in business - causes stress and tension between partners.
     

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