How to Keep Your Medical Practice Accounts Healthy

1. How to Keep Your Medical Practice Accounts Healthy? Do you know that many medical practices in Australia operate as small businesses? This means that medical practices face the same financial challenges as other small businesses nationwide. Moreover, like any other small business, medical practices must adhere to accounting and billing norms. So, getting the accounting process right is the key to running a successful practice. We know you are certainly be busy enough attending to your patients, and don't have spare time for bookkeeping. This is why you must find yourself a firm offering specific accounting services for doctors. Such professionals can help you keep your medical practice accounts as healthy as your patients! Sit back and enjoy this article that shares some tips and tricks to maintain your practice accounts with ease. Tips to Keep Your Medical Practice Accounts Healthy ● Maintain detailed records

2. Bank statements will only show where the money has come in and left the account. But keeping more detailed records will help you find more detailed information about money's incoming and outgoing sources that may be handy, even necessary later. For instance, you can ask your bookkeeper to maintain monthly or quarterly cash transaction receipts. You should also consider maintaining digital versions of cash transaction receipts to smoothen the work of professionals who work in accounting for doctors and medical professionals. Backing up all these receipts online and creating additional cloud copies ensures data availability and therefore resulting in better returns for your practice. ● Timely collection of taxes You might sometimes be tempted to defer tax collection just to save time or have additional money temporarily. However, the longer the time passes between tax transactions and accounting, the possibility of accounting errors will increase. It's crucial to collect taxes whenever applicable. For instance, you should take taxes out at the point of sale or when generating the payroll. This will save your practice from having a large lump tax sum bill at the end of the financial year and incurring penalties due to delayed tax payments. Never pleasant! Timely tax filing enables medical practitioners to access tax exemptions and components of tax returns. ● Schedule profits and loss statements Regularly maintaining profit and loss statements is one of the most effective ways to know the overall financial health of your medical practice. So, get help from a reputable firm by searching ‘accounting near me’ to prepare monthly financial statements for your practice. A profit and loss statement will validate your day-to-day records, give you an overview of the flow of patients, discrepancies that should be resolved, where you can invest the practice's funds, and so on. ● Automate invoicing Like any other business, making money is crucial for medical practices too. While this might sound simple, most medical practices struggle to track invoices.

3. You can make invoice tracking simpler by automating the invoicing process. Consider installing a system that generates and immediately sends out invoices, saving your staff's time. You can relax knowing that the accountant will ensure outstanding invoices are met on time. ● Use of modern technology Many medical practitioners do not hire a dedicated IT staff or utilise IT resources. But it's something they should really consider moving towards. While they may take just a little to get used to at first, such systems can allow the practice to store its financial records in a centralised place that can be accessed from anywhere and at any time. It would also make your accountant's work much easier, and faster (less fees!). Moreover, these solutions are easy to set up, so you do not have to worry about learning any tricky technical skills. In conclusion Now that you know a bit more about how to keep your medical accounts healthy and the importance of getting a professional to help you maintain your accounts, your medical practice should have a bright and long future ahead. We understand that caring for your patients and maintaining your accounts can be a challenge. But, you can make things easier for yourself by employing a professional firm that knows medical accounting by searching ‘accounting near me’ in Google to ensure you give accounting and bookkeeping the attention they deserve. Taking the time to organise your accounts gives you real-time insight into your medical practice's finances when consistently maintaining your books. This up-to-date information will help you make more informed business decisions and set your medical practice up for success!

4. Contact Us Business Name: Hatch Accountants Address: 285A Crown St, Surry Hills, NSW, 2010, Australia Phone: 0402 443 295 Email id: info@hatch.accountants Website: https://hatch.accountants/