In this episode of The Practice of Therapy Podcast, guest Julie Herres brings invaluable insights into the critical role of compensation in group practices. Julie highlights how compensation is often the largest expense in a group practice and underscores its importance for the overall financial health of the business. Many practice owners, she observes, make compensation decisions without sufficient thought, often relying on others’ advice or social media rather than tailoring their approach to their unique business needs. Julie argues that profitability is essential for the survival and success of a group practice, emphasizing that every clinician must generate profit for the practice to sustain itself. She also addresses common financial mistakes made by practice owners and offers practical tips to avoid them. Julie is also offering a free webinar on September 27th to further help practice owners set up their group practice for financial and relational success. https://www.greenoakaccounting.com/gordon Meet Julie Herres Julie Herres is the founder and CEO of GreenOak Accounting, a firm that exclusively serves therapists, psychologists, and counselors in private practice across the United States. Over the years, Julie and her team have worked with hundreds of private practice owners and developed serious knowledge about what makes a practice financially successful. GreenOak’s goal is to help practice owners feel comfortable with the financial side of their businesses and have profitable practices. Some of the firm’s biggest success stories were achieved through implementing Profit First.  Julie is an accountant and an enrolled agent (EA). She is also a speaker and the host of the Therapy for Your Money podcast. Resources Mentioned In This Episode Free Webinar GreenOak Accounting Therapy For Your Money Profit First for Therapists Julie on Instagram Use the promo code "GORDON" to get 2 months of Therapy Notes free Start Consulting with Gordon The PsychCraft Network Mental Health Wear