With many medical accountants out there, not all of them are the same and it’s important to take the time and find the one best for you. We know better than anyone just how many responsibilities you have as a healthcare professional and understand that this means your tax and other financial matters sometimes fall by the wayside.
Calibre Business Advisory offers comprehensive medical accounting services that include management of your financial and tax affairs. Our knowledge and experience can help you make informed decisions in a timely manner for your business and ensure that you are set on the path of success.
Making sure to hire the right accountant for your business will have an impact not only your bottom line – but also your peace of mind. Healthcare professionals have unique and specific needs, so it’s always going to be important to engage an accountant that is familiar with the issues or ongoing developments in your profession. Payments for taxes may very well be your largest expenses, so an accountant with expertise in tax and one that understands your business is going to save you a lot of money and time in the long run. Make sure to take a look below to ensure you have the right medical account supporting you and your business.
Industry-specific experience
When looking for medical accounting services, it’s going to be essential to hire a team that demonstrates experience of working with medical professionals, including doctors. This way, you can ensure that they know and understand the particular complexities surrounding medical accounting within the healthcare industry. It also means that they will understand what needs to be done during tax time and how to maximise relevant tax deductions for you and your business.
What should you expect from your accountant?
You should expect that your accountant will be there to help you get up to speed immediately on any issues regardless of what stage you are at in your career. Issues like how much money will be needed for retirement, debt repayment vs investing or anything else that would require accounting knowledge to ensure your business structure is set up in the most tax effective manner. You want to receive medical accounting services that make your job easier and keep you updated as they work.
Your specific needs:
Take some time to work out what exactly you want your accountant to handle for you. Do you just need someone to keep track of your accounts or to help you with your financial obligations and financial goals? Some accountants offer all these services in one package while others are going to be specialised. For example, they might only be able to handle tax returns and not work on accounting tasks at all. Take a look at the list below which provides a guide on some of the services that medical accountants can provide:
- Provide you and your practice with annual financial statements and tax returns;
- Prepare and provide monthly or quarterly management reports and cash flow reports;
- Oversee a year-end closing of your accounting books;
- Analyse your contracts in terms of applicable business laws;
- Assist with audits and claims;
- Advise you on all aspects of purchase accounts, financing, business loans, and investments;
- Take care of billing, ledger entries, accounts payable, and accounts receivable; and
- Help with financial planning for long-term projects.
Communication
It is essential that your medical accountant will always be readily available to answer any of your questions, provide any of the advice you need and do so in a manner that’s easy to understand. You want to be able to easily explain your plans for your medical accounting services, and work with them to discuss how they can help and what services they are able to provide. You also need to be able to come to them with questions about how your accounts are being handled and what work it is they are doing.
Key Takeaways
Your focus should be on treating your patients and providing healthcare to the best of your abilities, but it is also important to remember that you are running a business. Besides having tax obligations and financial reporting responsibilities, you want to make sure that your medical practice business is going to succeed. So doing some research into medical accountants can help you meet those responsibilities and ensure your business is in the right space to grow and improve.
Obviously, you will want to employ medical accounting services from a team that has a deep knowledge and experience in the medical field to make sure they can handle all your queries. Calibre Business Advisory is one such team, we are able to provide you with accounting services and business advisors to work hand in hand with medical practitioners.
If you would like to learn more, please contact Calibre Business Advisory and our dedicated team will be more than happy to assist.