What is the company? How much have they raised to date?
Heard is a software-enabled company that helps therapists with their finances, more specifically bookkeeping, taxes, and payroll. Heard states they can save you 60 hours per year in financial record keeping, which means you can use that extra hour or so per week finishing your notes or making money in sessions. Heard raised a $10 million Series A in May of 2022 and a $1.3 million seed round in March 2021.
What's their mission?
While Heard’s mission states to help therapists spend more time actually being therapists, they post a large amount of content educating therapists on financial topics in the hopes to prevent clinicians from being taken advantage of when it comes to finances.
Who founded the company? Are their clinicians on the executive team?
Heard was co-founded by Andrew Riesen CEO and Victoria Li CTO. Andrew’s experience previous to Heard at PwC includes working with emerging businesses and startups in the tax space. Andrew’s LinkedIn lists him as a co-founder of another company TaxVerse which was acquired in 2019. Cofounder Victoria Li is also well versed in startups, working at Fitbit, Lantern, and Wefunder before founding Heard.
Heard does not appear to have high-ranking clinicians on the team. However, they do have multiple Clinical Psychologists listed as advisors.
What's the business model? How does this company make money?
Thankfully, Heard is actually pretty straightforward when it comes to its pricing model. Heard costs $149 per month when billed monthly and $1,341 when billed annually - which saves you $447.
What does one get for paying that price?
When you connect Heard to your bank, credit cards, and PM software they help recognize business transactions, identify tax-deductible expenses and generate financial reports. When it comes to taxes, they help prepare not only your business return but your personal return too. They also help estimate your quarterly taxes and even meet with you quarterly.
On the business side of things, they’ll even help you go into business with handling business formation paper working, setting up your EIN, being your registered agent, and more. If you have employees (even yourself) it looks like they partner with Gusto to help with payroll services.
What is the cancellation policy?
Heard states you can cancel anytime. According to their website canceling means “Your subscription will continue until the end of your billing cycle.” So if you decide to cancel 2 months into a 12-month contract, you still have access to Heard for all 12 months since you paid for 12 months. This is a pretty standard cancellation policy.
If applicable, what are the pay/benefits for therapists?
It’s important you spend your time doing due diligence on all your accounting and taxes. At the end of the day, it is your tax return. On the bottom of the Heard website, you’ll see a disclaimer that they “do not provide legal or financial services or advice. We provide self-help tools for your convenience.”
When you get down to it, finances are a huge time suck for many businesses, including those in healthcare, and Heard hopes to save you at least an hour per week.