Accountants can do so much more than completing your tax return. While this is certainly one of the services they offer, their knowledge and experience can help you make informed decisions that translate to long-term financial success.
At Calibre Business Advisory, our team of trained and experienced medical accountants are passionate about helping medical professionals succeed. We understand that healthcare specialists have significant responsibilities, meaning that tax and other financial matters are not always a top priority.
Our medical accounting services are comprehensive and include management of financial affairs, helping you to make the right decisions now that will lead to positive future outcomes.
What is financial management?
Financial management involves developing and implementing strategies that will help you reach both short-term and long-term financial goals. Many people assume that financial management involves highly complicated financial structures, and whilst this may be true, an experienced advisor can simplify these structures with financial advice to benefit small business owners to mid-career professionals.
From investments to insurance, there are a whole range of financial considerations that can impact your overall bottom line. Working with a financial affairs specialist can help provide security and assurance that you are maximising your financial position as well as meeting your tax obligations.
Tax planning can also form part of your financial affairs management activities —defined by the ATO as “the right to arrange your financial affairs to keep your tax to a minimum.” Completing a tax return and putting together a tax plan are two very different things. Only trained medical accountants will know how to implement tax planning strategies that are legal and beneficial to your business.
Planning as a medical professional
As the owner of a medical practice, your financial and tax obligations are no doubt comprehensive. If you have only just opened your practice, you are most likely focused on the short-term — how am I going to attract patients and cover basic operating costs? Is purchasing this equipment necessary or am I better off leasing the asset?
What many people don’t realise is the decisions that are made at these very early stages often have long-term consequences. It is imperative that you set up your practice with an eye to where you will be in ten or twenty years, even if you are likely to be well and truly retired by that point.
As a medical professional, financial affairs management can include everything from choosing the correct legal structure for your practice to claiming all legitimate deductions. You will benefit from expert advice regarding your superannuation payments and other investment options.
In this sense, managing your financial affairs is about setting yourself and your practice up for success. You need to consider both personal wealth management and what you plan to do with your business once you’ve reached retirement — a decision that will affect you, your employees, and your patients.
Calibre Business Advisory — with you every step of the way
Medical accounting services are just one of the many services offered by Calibre Business Advisory. While you’re focused on building a thriving practice, our highly trained medical accountants will be working behind the scenes, taking care of all financial matters for you.
Our medical accounting services include:
● Tax audit
● Small Business Tax Offset and Incentives
● Tax compliance, including tax returns, activity statements, and PAYG
● Tax planning
● Succession planning/planning for the future
● Business valuation
● Acquisition and mergers
Whether you’re planning to open a medical practice within the next few months or are struggling with the viability of your established business, contact Calibre Business Advisory today to find out how we can help.