If you are a doctor, dentist or any other medical professional, your key focus will be to ensure the wellbeing of your patients, through quality healthcare services. Whether you happen to have your own practice at a clinic or a hospital, you will also need to focus on building your practice in a way that is sustainable for you. Given the nature of your profession, 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, tax compliance and managing creditors and debtors can get relegated to the proverbial backburner, until a deadline rolls around. This can prove to be a roadblock to successful growth.
Here is where we come in, with specialised medical bookkeeping services that 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 that you might face and have an array of best practices that we have developed through the years.
Why specialised bookkeeping for doctors is needed
As with any other industry, the medical industry has some unique challenges when it comes to bookkeeping, such as incomplete or poor documentation and records management, poor inventory management, incorrect Business Activity Statements (BAS) on account of mixing up GST exclusive and GST inclusive supplies, or even payroll issues. Moreover, medical practices can tend to operate with lower margins, and this makes it imperative to avoid any costly mistakes when it comes to managing your accounts and finances. The right medical bookkeeping practices are a great way to manage your cash flow, increase profitability and efficiency, while also staying compliant with legal requirements.
While it is best to establish the right bookkeeping foundation even before you start your practice, it is never too late to establish better bookkeeping practices in order to help your practice flourish.
The benefits of hiring a medical bookkeeping expert
1. Avoid costly mistakes
Inexperienced and inefficient bookkeeping can prove to be a costly mistake in the long term, and could even set you up for tax penalties, or cause you to miss out on allowable tax deductions. With a specialist bookkeeper for doctors, you can rest assured that your business is in good hands.
2. Higher savings
Having a team of professional bookkeepers will not only save you resources in hiring and retaining an employee, it will also allow you to enjoy the advantages of the best bookkeeping practices at an affordable fee, apart from the efficiency and savings you stand to gain through using the right methods.
3. Better financial budgeting
With accurate bookkeeping, you will have a clear picture of your practice’s financial standing at any point of time, giving you the power to make informed decisions on cash flow, budget allocation and growth plans.
4. Increased productivity
Having a professional and experienced bookkeeper take care of your affairs will free up much time, which can then be devoted to serving more patients, or even to staying abreast of the latest developments in your field. Either way, you definitely stand to gain.
5. Payroll management
Given the nature of your profession, unforeseen medical emergencies might require you and your staff to put in additional time. This requires the need to keep track of overtime to ensure that correct payments are made to your staff. Better systems and record keeping will aid greatly with better payroll management, resulting in happier staff and higher retention rates. We can assist you put in place simple and easy to use systems to manage time and attendance if necessary.
How we can help
With On The Money Bookkeeping, you will 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 members are Xero certified. We can assist private clinics and hospitals from all across Australia improve their overall business efficiency.
Having the right bookkeeping agency for your practice will empower you with all the information you need to keep track of your financial performance. Our specialised medical bookkeeping services are designed to take care of your financial health, so that you can focus on what you do best – helping your patients achieve better health. Connect with us for a free review of your existing Xero account, and a no-obligation estimate.