Operating a healthcare business requires an extreme attention to detail and a commitment to generating accurate financial reports. As a result, accounting at healthcare organisations is extremely important. Whilst bad accounting practices don’t always lead to bankruptcy or insolvency, they make a great case as to why it is important to correct any easily-fixed issues to ensure your business stays afloat and can be potentially scalable.
There are, however, a variety of good accounting practices you can put in place to grant your organisation a little more financial security, stability, and simple peace of mind when tax time comes around. The following tips will provide an insight into how you can keep your medical organisation’s accounting process efficiently in check.
Keep Detailed Records
If you are tracking a medical organisation’s accounting methods, there is no room to be neglectful. Keeping detailed, and more importantly, digitised record of transactions flowing both in and out of your organisation is a great preliminary step to assuring your records remain as accurate and up to date as possible. Also in this step, aim to scan and keep all receipts within your records for future reference – and remember that the easier you make it to find these records, the easier they will be to maintain.
Make Use of Digital Technology
Setting up a digital bookkeeping system is crucial. Though often feared, make ‘The Cloud’ your friend in your journey to organise your practice’s accounting records. As it allows your documents to be accessed securely from anywhere in the world, it is fantastic way to digitise your organisation’s records, and also to assess all of your accounting methods in one handy tool. Cloud-based technology also requires no technical skills to set up, and it is therefore a very viable option for organisations who wish to handle all accounting practices internally.
Collect Applicable Taxes
Whilst it might be tempting to delay the removal of taxes at point of sale or when payroll is generated, your organisation can easily avoid a large lump tax sum bill at the end of the year by paying all taxes upfront or as soon as possible. This quick payment can also prevent your organisation from incurring future penalties for delayed tax payments.
Hire a Specialist Medical Accountant
Even with exceptional software, you may still require insight from a financial accounting professional. A professional accountant can help you establish an accrual-based system, provide valuable insight into current accounting practices, and troubleshoot any issues you might be having with bookkeeping.
If you’re after a reliable business advisor to assist with bookkeeping in Sydney, trust Sandercoe Accounting. With a passion for providing thorough accounting for the medical industry and beyond, Sandercoe’s skilled accountants are ready to help revolutionise your company’s accounting systems today. Give us a call on (02) 9629 9777 or emailinfo@sandercoeaccounting.com.au
