Bookkeeping for Doctors & Clinics
Why You Need a Bookkeeping Specialist for Your Practice
We love to serve Doctors/Medical Practitioners as they are in the business of caring for people, but as business owners we understand they also need to be growing a profitable practice. It does not need to be a choice of patient care over profit if you have the financial systems in place to manage the practice.
Here are five key areas of how we can help:
- Efficient financial systems to support the business owners and practice manager
- Facility Service Agreements – Correctly accounting for the Practice Income’
- Cashflow management – accurately recording income/expenses to manage the weekly cashflow (See Profit First for Doctors)
- Payroll support
- Systems to provide financial transparency in the practice
Sharon Jones
BAS Agent, Bookkeeper &
Certified Profit First Professional
FAQs
Some particular challenges associated with bookkeeping in the medical field are complex payroll and contractor payments, and ensuring the accuracy of detailed records.
With margins on medical practices often being low, it is critical to ensure accuracy when it comes to financial management. Effective medical bookkeeping can help to manage cash flow, improve profitability and efficiency, and abide by tax and regulatory requirements.
The Profit-First method can help doctors to improve their financial and business proficiency by allowing them to allocate and manage their resources more effectively, allowing them to maximise their profits. It helps doctors better understand their costs and expenses, so they can make informed decisions about spending and budgeting. This helps improve cash flow management, bills can be paid on time and the practice can grow.
Health care services are generally GST-Free, but certain conditions need to be met. Our expert team of medical bookkeepers are familiar with GST provision applying to all medical and health services and will ensure your GST obligations are met.
We can recommend a range of cloud-based accounting software for your bookkeeping needs that are user friendly and has an array of features that simplifies running your practice. The choice of software will depend on what functions you’re looking for and your budget.
Your practice has certain payroll obligations that must be correctly calculated, reported and paid on time. As medical bookkeeping specialists, we can help you set up a Single Touch Payroll system, help with onboarding new employees, and make sure your practice complies with all payroll tax and workers compensation obligations.
"Our business was not in a great place as far as record keeping and overall profit was concerned, Sharon implemented some changes and it has turned the business around."
Krystal Thomas
Practice Manager
Golden Bay Medical Centre