Accounting For Medical Professionals
Most doctors and medical professionals are very busy and generally time poor. They typically spend long hours doing procedures or consulting, and this doesn’t leave them a lot of time to focus on tax obligations and investments. However, this is where professional accountants for doctors come into play.
Many medical professionals enjoy a great lifestyle that includes a variety of holiday experiences like golf and ski trips. They also strive to live in large houses with amenities like tennis courts and pools. However, this shouldn’t come at the cost of neglecting potential business and investment opportunities.
What a Good Accounting Team Can Do for Your Practice
An accounting team provides invaluable help to medical professionals that are short on time, because they help the practice grow in all areas. The doctors can focus on patient care while the team of accountants focuses on things like income tax, GST and other indirect tax obligations the practice has. This helps the practice run like clockwork.
Internally, either the accounting team or your staff can ensure that the practice has billing completed on a timely basis, ensure private health funds and Medicare payments are coming through and reconciliations are done on a timely basis. Also, the team routinely monitors your cash flow, works with payroll administration, ensures BAS compliance and other administrative tasks.
What We Recommend
Our recommendation is that you build a dedicated and professional team that will help you with every aspect of your accounting and taxation requirements, banking needs, investment advice, legal requirements and bookkeeping needs.
We recommend that you have your bookkeeping done by a qualified bookkeeper using cloud accounting software like Xero, MYOB and QB Online. We want you to structure your investments in the most tax-effective ways while making sure that asset protection is at the forefront of your decision making.
Our staff want you to focus on strategies that drive revenue, grow the private practice, and work on building wealth through a portfolio of equities and property. Strategies can include using discretionary or family trusts, SMSF, beneficiary companies, business and services entities and more.
You should engage professionals to help guide you through this process. You want to challenge your existing advisors to deliver the best outcomes for your practice, review your existing balance sheet and engage them all on a regular basis.
At the minimum, you should periodically catch up with your accountant to work through tax planning strategies. Put your focus on your current and future plans instead of going over past historical tax obligations.
Let Marin Accountants Help
Sound overwhelming? Our team of accountants for doctors can help!
Here at Marin Accountants, we keep our clients well informed of their PAYG instalments and tax payments well in advance of the payment dates. This prevents nasty surprises when tax times comes around. We work with our clients on superannuation strategies, business growth, tax minimisation and asset protection.
We offer a no-obligation, one-hour consultation to get an understanding of your current situation and make suggestions to help you improve. Contact us today to start the process!