The healthcare sector has undergone a massive change. The sector is increasingly facing complex and unique demands and it has become necessary to hire professional and specialised medical accountants who can provide with a range of accounting services that are unique to the healthcare sector. Whether it is a GP Partnership, locums, consultants or hospital workers or salaried GP’s, these services prove to be quite beneficial.
Hiring medical accountants can make sure that the healthcare centre is working as per appropriate tax code. Also, it will ensure if they are working as per a suitable legal entity. Medical accountants also help in identifying inefficiencies, which results in reduced tax burdens, improved cash generation, profit extraction advice and more. They also extend their best help by offering services like tax payments, accurate forecasting, and superannuation estimates. They also help medical practitioners by preventing them from unexpected tax bills, fluctuating profits, shortfalls, etc. Some major services provided by medical accountants are-
- Preparing annual accounts
- Preparing management accounts
- Preparing business and personal tax returns
- Preparing practice payroll
- Maintaining computer bookkeeping system and records
- Business plans
- Deductible expenses review
- Business structure review
- Private practices incorporation
- Care homes valuation
- Practice mergers advice
- Retirement and succession planning
- Out-of-hours appointments
The accountants keep a tab on income and expenses, cost of equipment and repair, and a lot more. Their availability to help medical practitioners leave the latter free to pursue their medical profession with utmost dedication and focus. Even if the practice is small and has just started, hiring a medical accountant can take away the load from the professional’s shoulders leaving him to focus on ways and means by which he can establish and expand his practice.
These services have been designed to help and support small, medium, or large medical practice. A very professional and highly qualified team of accountants take care of every aspect of finances in the business so that they can spot an issue immediately. As soon as these issues are identified, immediate corrective actions are taken to ensure it doesn’t escalate any further. Thus, hiring an expert and experienced medical accountants is a great decision for a medical business.