It’s common knowledge that any successful business will engage an astute bookkeeper and accountant to maintain order and financial stability within their organisation.
It may not be so commonly known that you can connect with bookkeepers and accountants who specialise in certain fields, such as the medical industry.
Why You Need Accountants for Doctors
Medical practices operate under stringent regulations – these translate through to financial and administrative management. Doctors have specific bookkeeping needs, and face industry-specific challenges, so it’s integral that bookkeeping is done right. Therefore, it’s prudent to engage a bookkeeper who is familiar with the medical industry and its regulations.
Medical practices typically operate with low margins, which some bookkeepers and accountants may not be accustomed to. Bookkeepers with experience in the medical industry are comfortable in dealing with this and know how to appropriately respond.
Common Issues with Non-Medical Specialist Bookkeeping Services
When engaging a non-medical specialist bookkeeper, the most common problem to arise is that they find low margins to be unnatural and foreign. This of course incurs the risk of primary errors and inaccurate records.
Other common problems that arise when engaging generic bookkeepers include:
- Insufficient records to support claims/reports during audits and Australian Taxation Office investigations. This can lead to conflict with the ATO, as well as complicated follow-ups to provide the ATO with essential information.
- Business activity statements can often be lodged improperly due to confusion between which supplies within the business are inclusive of GST and which are exclusive of GST. Again, this can lead to issues with the ATO.
- There are specific industry regulations covering superannuation in relation to overtime hours worked by staff and any bonus payments. An unfamiliarity with these regulations could result in the incorrect payment of wages and superannuation.
- Bookkeepers with no experience in the medical industry may struggle to correctly perform stocktake – this of course is detrimental to your business’ ongoing operations.
Ultimately, your business could experience the inability to plan correctly due to incomplete or inaccurate financial reports prepared by an inexperienced bookkeeper.
Medical Xero Bookkeeper Sydney
Whilst it is acknowledged that each industry has its own bookkeeping challenges, Xero continues to grow in popularity across all fields, and is highly suited to those in the medical field. The program itself is easy to master, meaning that you can regularly monitor your performance through easy-to-digest reports. Xero eliminates nasty surprises, such as how much tax is owed. Xero is notably cheap, and when coupled with a bookkeeper who understands the medical industry, can provide comprehensive financial reports and management systems for your business.
Contact Us for Bookkeeping and Accounting for Doctors
Getting your bookkeeping right the first time will advance your business financially, as well as ensure you do not encounter issues surrounding industry regulations. This considered, it is highly recommended that you engage a bookkeeper and/or accountant with expertise in the medical industry. This will ensure compliance, improve business practises, increase efficiency and boost your ability to accurately plan.
Sandercoe Accounting provides experience and expert bookkeeping and accounting for doctors across the medical industry, ranging from general practices to psychiatrists to dentists – and all those in between.
For bookkeepers and accountants who will get things right the first time, contact Sandercoe Accounting.