A medical accountant in Melbourne can be a significant investment that can help doctors and dentists save money, ensure tax compliance and understand technical financial systems. All businesses need a good accountant, but in many cases, it is neither practical nor profitable to create and maintain a special accounting department. If you are a doctor, some factors help you determine when you hire bookkeepers or outsource your accounting to professionals. As your business grows, auditors can keep pace with changing and changing needs.
The accounting rules and conventions governing the registration of medical centre transactions and the preparation of their final accounts are essentially the same as for the individual operator. They will prepare a profit and loss account annually and a balance sheet at the end of the accounting year, that is why it is best to seek the assistance of specialist accountants for doctors.
They are, however, some differences in the accounts of medical centres. Medical centres manage the details of a large number of patients and have relationships with many external medical services which can make their books quite complex.
Medical centres also often employ a number of doctors or dentists, some of whom are specialists, as well as nurses and admin staff so the payroll details cover a wide range of requirements.
The Accounting Records of Doctors
There is a legal requirement for doctors to keep accounting records which are sufficient to show and explain their transactions. The records should:
- Disclose the current financial position at any time.
- Contain:
- Day to day entries of money received and spent.
- A record of the clinics assets and liabilities.
- Records of all staff and payment details
- Enable the directors of the business to ensure that the final accounts of the clinic give an accurate and fair view of the profit or loss and balance sheet position.
One of the significant problems with doctors and failing to do the accounting for their medical centres is that the enterprises grow so fast to the point where the doctors do not have time to worry about the contacting a medical accountant in Melbourne and Geelong.
They get caught up in trying to perfect their patient care, that they do not see the significance in understanding the financial aspect of the business up to par. Hopefully, doctors will begin to realise how important financial planning Melbourne is for them, and we will see more successful businesses and less failed businesses in the future.