There are a number of reasons to hire a business accountant for your medical practice. Some of the greatest benefits are listed below.
You may have considered hiring a full-time accountant. Virtually all major hospitals have full-time accountants on staff. If you used to work in a large hospital, this may seem like the obvious thing to do.
However, smaller medical practices may not be generating enough business to justify hiring a full-time accountant. You might only need to hire an accountant for a couple of hours a week. You can use an independent accounting firm that will only bill for the hours that you need.
Billing errors can be costly to medical practices. A seasoned accountant can identify these mistakes. They will make sure your practice is properly compensated for the services it provides.
There are a number of costs involved with running a medical practice. Some of these costs are unavoidable, such as paying a nurse or receptionist and purchasing necessary supplies. However, you might have invested in some ancillary services that are not needed. If you aren’t careful, these costs can add up and threaten the financial stability of your company.
A healthcare or medical business accountant can review your income statement. If they feel your profit margin seems too low, they can take a closer look at your ledgers. They will identify ways to save money by trimming your operational costs so you can enjoy a healthy cashflow.
You understandably want to trust your employees. Unfortunately, some employees will steal from their employers, including medical practices that they work for. Embezzlement is a less common problem. However, it can drive your company into bankruptcy if it is happening.
A trained accountant can identify embezzlement before it is too late. They will bring the issue to your attention so you can take appropriate action.
Taxation is one of the most frustrating realities of running a medical practice. The federal tax rate for small business owners with incomes over $180,000 in Australia Is 45%.This can be a burden to all small businesses owners unless they minimise their taxable income.
You might miss valuable tax deductions and credits if you try doing your taxes on your own. You also risk underpaying and getting in trouble with the tax authorities.
This is one of the biggest benefits of hiring an accountant. They will help maximise your deductions.
Are you running a medical practice in Sydney or Liverpool? You need the advice of qualified accounting professionals to help you make smart financial-related business decisions. Please don’t hesitate to contact us if you need our services.
We can help with everything from tax returns to setting up your business structure. We look forward to hearing from you!