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Accounting for Medical Practitioners

Over the years we have mentored dozens of medical practitioners through the various stages of their business life cycle – from start up right through to sale of their medical clinic.

Our clients include general practitioners, physiotherapists, dentists, osteopaths, optometrists as well as specialists and surgeons. We recognise the fact that running a medical clinic is very demanding and dealing with public health issues can be very stressful. Apart from providing assistance with the usual compliance issues of GST, BAS, PAYG and superannuation, we’ll advise you on the most appropriate tax structure for your business. A number of our doctors and dentists operate through a service trust arrangement but when making recommendations regarding business structures we always take into account income tax considerations as well as asset protection , the possibility of admitting new business partners and future discount capital gains tax concessions.

We understand you are busy and bookkeeping often doesn’t get the attention it deserves but we will help you select the most appropriate software for your medical practice taking into account your business needs (bookkeeping, payroll, invoicing etc.) and level of accounting skill. Where required we will train you or your staff to use the software because we find many medicos make the mistake of buying sophisticated ‘double entry’ accounting programs that are beyond their needs and level of accounting skill. This tends to create ‘computerised shoebox’ records and extra costs when our client brief includes minimising the cost of compliance.

Our services to GP’s, specialists and surgeons are both broad and deep. Over the years we have helped clients with their commercial property lease and also source funding for new medical equipment and motor vehicles (chattel mortgage, lease etc.). Through an affiliate group you can access fleet discounts on new cars that could potentially save you thousands of dollars. As a medical professional we recognise you want to grow your profits and your wealth which explains why a number of our GP’s, specialists, physiotherapists and dentists have a self managed superannuation fund (SMSF) built into their structure. If you want to know more about starting a SMSF download our e-booklet, Thinking of Starting a SMSF?

Thinking of Starting Your Own Medical Clinic?

There are numerous issues to consider when starting or buying into a medical clinic. As a business start-up specialist we can assist you with your branding, business structure, site selection, commercial lease, corporate brochure, marketing and even your website. We have developed a number of tools for new business owners including a comprehensive checklist of start up expenses broken down into categories including leasehold improvements, IT costs, marketing and medical equipment. These figures then automatically feed through to an integrated cash flow budget to help you identify any finance requirements. These forecasts can then tuck into your business plan.

The marketing process begins with your branding and we have worked through the process with dozens of physiotherapists, osteopaths, dentists and optometrists over the years. Using some online resources we can help you build a modern brand and develop your stationery at a fraction of the cost of engaging a graphic artist or marketing consultant. Your website is your 21st century business card and we can offer you advice regarding your website’s colour scheme, functionality and content. Using the resources of one of our business affiliates we can help you build an inexpensive but professional website.

Grow Your Profits

That’s just the beginning because as accountants we can prepare some ‘what if’ scenarios so you know your medical clinic’s best and worst case financial scenarios. Preparing a cash flow budget and projecting your profit and loss is all part of our service offering and we use industry benchmarks to analyse the relative performance of your medical clinic against your colleagues so you understand what is working in your clinic and what needs working on.

We strive to help you ‘know your numbers’ and that includes understanding the four ways to grow your business. Once you understand the key profit drivers in your business we can talk you through profit improvement strategies. Not only that, we can quantify the profit improvement potential in your business.

Our unique approach is designed to fast track your business success and our team of medical specialists offer GP’s, physiotherapists, osteopaths, dentists, optometrists and surgeons a range of accounting, taxation and business coaching services including:

  • Start-Up Business Advice for Medical Professionals
  • Advice and Establishment of Your Business Structure
  • Advice & Assistance with the Purchase or Sale of your Medical Practice
  • Spreadsheets and Tools including a Start Up Expense Checklist
  • Tax & Business Registrations including your ABN, TFN, GST, WorkCover etc.
  • Preparation of a Business Plan, Cash Flow Forecasts and Profit Projections
  • Accounting Software Selection and Training – Bookkeeping, Invoicing, Payroll etc.
  • Preparation of Finance Applications for Banking Institutions
  • Site Location and Advice Regarding your Commercial Lease
  • Preparation and Analysis of Financial Statements
  • Bookkeeping and Payroll Services
  • Tax Planning Strategies
  • Industry Benchmarking and KPI Management
  • Marketing Advice including Branding, Brochures and Website
  • Advice and Assistance with Website Development, Content and  SEO
  • Wealth Creation Strategies, SMSF’s and Financial Planning Services
  • Vehicle & Equipment Finance (Treatment Tables, Medical Equipment and Clinic Fit Out)
  • Monitoring Labour Costs & Advice regarding Employee Relations and Workplace Laws
  • Advice regarding Claiming Motor Vehicle Costs
  • Business & Risk Insurances
  • Business Succession Planning

We are so much more than just Tax Accountants. We are business advisors and profit builders who service the needs of a number of physiotherapists, doctors, dentists, osteopaths, pharmacists and doctors. We offer you strategies to grow your business, your profits and your wealth. Over the years medical practitioners have become a real niche within our accounting practice and if you’re looking to get the right advice when starting, buying or developing your medical practice or clinic, contact us today.

Accrue Accounting - Your Financial Future is Our Business


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