If you are a doctor or other medical professional, your focus will be to ensure your patients’ wellbeing through quality healthcare services. Whether you have your own clinic, work in a practice or consult in a hospital, you need to focus on building your practice in a sustainable way for you.
Given your profession’s demanding nature and the fact that you always need to be at the top of the latest developments in your field, it can get tough to find time for much else. As a result, essential tasks like bookkeeping, payroll, compliance, and managing creditors and debtors can get overlooked.
On The Money Bookkeeping’s specialised medical bookkeeping services are designed for busy medical professionals like you. Efficient bookkeeping for doctors requires a thorough understanding of bookkeeping and accounting principles and also how the medical profession functions. We are familiar with the many challenges you face and have various best practices for your industry.
Why specialised bookkeeping for doctors is needed
The medical industry has some unique challenges in bookkeeping, including complex payroll and contractor payments, getting GST-free services right, and the requirement to keep detailed records.
Moreover, medical practices often operate with low margins, making it imperative to avoid costly mistakes when it comes to managing your accounts and finances. The right medical bookkeeping processes are the best way to manage your cash flow, increase profitability and efficiency, and stay compliant with tax and statutory requirements.
While it is best to establish the right bookkeeping foundation before you start your practice, it is never too late to implement better bookkeeping practices to help your practice flourish.
The benefits of hiring a medical bookkeeping expert
1. Avoid costly mistakes
Inexperienced bookkeeping can result in errors and omissions in your activity statements, requiring costly revisions. With a specialist bookkeeper for doctors, you can rest assured that your business accounts are always accurate. We’ll work with your tax agent when needed for advice unique to your practice. Proactive and efficient bookkeeping and accounts management ensures you get the best value.
2. Payroll and contractor management
Using the right payroll systems will improve your HR management, resulting in happier staff and higher retention rates. We can help you implement simple and easy-to-use systems to manage timesheets, overtime, allowances and leave transactions. Medical payroll can involve complex arrangements with employees and contractors, which we can manage for you.
3. Save on financial management costs
Having a team of professional bookkeepers allows you to enjoy the advantages of best practice bookkeeping. We keep on top of the relevant tax laws, accounting principles and compliance matters so you can focus on your profession. We are cost-effective experts here to help your business success.
4. Better financial budgeting
Using Xero accounting software, you will have a clear picture of your practice’s financial position at any point in time, giving you the power to make informed business decisions. We’ll work with you to set budgets, manage cash flow, analyse financial reports and plan for growth.
5. Increased productivity
Having a professional and experienced bookkeeper take care of your accounts will free up your time, which you can devote to looking after patients, staying abreast of the latest developments in your field and growing your business.
How we can help
With On The Money Bookkeeping, you have access to a team of experienced and committed bookkeepers and accountants with a thorough knowledge of bookkeeping for doctors. We use Xero, the most advanced and intuitive bookkeeping software available today, and all of our team are Xero certified. We assist private clinics and consultants across Australia to improve their business efficiency and prosperity.
Having the right bookkeeping agency for your practice empowers you with all the information you need to track your financial performance. Our specialised medical bookkeeping services take care of your financial health so that you can focus on what you do best – helping the health of your patients.
Connect with us for a free review of your existing bookkeeping systems and to discuss what you need help with today.