happy doctor with tax accountant

Importance of Accountants for Private Medical Practices

When people are asked what accountants do, they frequently mention jobs like tax agents and independent auditors. This goes to show how often the functions of professional accountants are overlooked and misunderstood. Well, it is impossible to overstate the importance of professional accountants in the business world, the medical field included.

Accountants for Private Medical Practices

The necessity for accounting in health care is growing as the cost of treating patients rises. It is particularly important because accounting decisions have an impact on the patient’s entire well-being and satisfaction. As such, accountants in the healthcare business must be well-versed in billing and insurance regulations. This ensures that each patient receives the best possible care at the lowest possible cost.

Why use a Specialised Medical Accounting Firm for your Private Practice?

When it comes to dealing with finances, there are numerous reasons why all medical workers should utilise a specialist medical accountant:

Accountants ensure that incomes and expenses are presented correctly.

For example, if expenses are deducted from income rather than reported separately, the true cost of running the practice will be underestimated.

Follow Government Regulations

They are well vast with how the accounting documents should be prepared to be in line with government rules. They also assist medical practitioners with vital tax deductions.

Related post: Benefits of Having a Specialist Accountant for Your Dental Practice

Detect Financial Irregularities

They understand what a coherent balanced sheet looks like. They are also at par with the necessary accounting and bookkeeping. As such, they can easily detect any irregularities and will alert you if any figures are missing or unexpected.

Keep the practice at par with other practices

Medical accountants compare your practice to other practices in your community and, if necessary, at a national level. As such, they show you various ways of adapting with time to increase profits. That said, the benefits of having a professional handle your accounts outweigh the costs.

Related post: Why Is It Important for Doctors and Medical Practitioners to Use a Specialised Tax Accountant?

Contact Griffiths Advisory

Griffiths Advisory is dedicated to making your day-to-day operations more efficient, regardless of your medical practice’s priorities. Allowing our experienced specialised tax accountant to assist you with your medical accounting and bookkeeping needs frees up time for you to focus on patient flow, billings, locations, and other important aspects of your business. Make an inquiry appointment with us today!

Phil Griffiths

Phil Griffiths

Bachelor of Commerce
Certified Practising Accountant
Diploma in Financial Planning
Professional Certificate in SMSF
Approved SMSF Auditor

Phil has been the Managing Director of Griffiths Advisory for 29 years, combining his expertise in taxation, business advisory, superannuation, negative gearing, and wealth creation. He also loves an active lifestyle, indulging in surfing, cycling, snowboarding, and spending quality time with his wife and two children.