Medical practitioners, more so than business owners in other industries, are time poor. That makes outsourcing to specialists an important part of running a successful practice.
Many business owners choose to partner with an accounting firm rather than hiring in-house.
One vital element of operations that can benefit from external expertise is accounting. Many business owners choose to partner with an accounting firm, rather than hiring in-house. This is because it’s less time consuming than onboarding a new staff member and the enterprise still benefits from having a professional managing their taxation and accounting strategy.
The challenges facing medical businesses
NSW Health’s Manual for Accounting Practices in Healthcare Organisations stipulates that all compliant enterprises need to have:
- Logged evidence of accurate financial affairs.
- Accounts reports prepared which reliably present its commercial operations.
- Documents presented to NSW Health standards, in line with other health services.
Healthcare business leaders also struggle to prepare a comprehensive medical accounting strategy thanks to the range of independent employees that work under one roof. Doctors, specialists and pharmacists that practice under a single umbrella organisation may all share the same accounting resources and payroll systems. Accountants need to collate and reconcile the unique billings of separate medical practitioners on differing work schedules.
Meeting these demands often requires the input of accounting professionals. Here are three benefits of outsourcing which show medical accounting specialists can help your practice.
1) Managing effective and timely payroll processes
Day-to-day processes, even the most simple ones like processing payroll, can become overbearing if you don’t have enough time to devote your full attention to them. This is a familiar feeling for medical business operators – too much to do, too little time. And while software has automated a lot of previously manual procedures, businesses still need accountants to quality-assess financial processes to ensure nothing goes wrong.
Accounting professionals specialising in healthcare aren’t just that safe hand on the wheel – business leaders also benefit from individuals with expertise in facing their sector’s unique challenges.
Devising a suitable tax strategy isn’t just about confirming a business’ obligations as quickly as possible.
2) Executing a suitable tax strategy
Devising and implementing a suitable taxation strategy isn’t just about confirming a business’ obligations as quickly as possible. Taxation specialists will take the time to break down your organisations’ incoming capital, outgoing expenses and overall enterprise structure to determine how to streamline your tax payments. Ensuring you pay the right returns come June 30 will also help to avoid the chances of overpaying on your taxes, which could cause short-term cash flow issues and long-term administrative issues trying to recover lost funds.
3) Implementing accounting data benchmarks
Time-poor business operators know analysing past areas of weaknesses for future areas of opportunities is an ideal, but rarely a reality. But if healthcare organisations don’t take the time to assess how past accounting strategies helped operations and set KPI benchmarks, how can they expect to grow?
Medical accountants use your up-to-date financial figures to analyse how your business operates within industry best practices and what opportunities exist to improve processes. Once these benchmarks are in place, it becomes far easier for specialists to design a plan for bringing your business in-line with what the best in the healthcare sector are doing.
DFK Crosbie’s accounting services for healthcare practices
Our firm is built around three little words. Peace of mind. Our primary objective is to secure this for all of our clients, regardless of industry – but we know healthcare operators need it a little more than most. Your time is precious, so our team offers the taxation planning and accounting know-how that streamlines your administration processes and maximises profits.
With our help, you can drive stable growth in your practice today – contact DFK Crosbie for more information.