Would it seem odd to you if Sandercoe Accounting told you they handled their own dental work? It would, and that’s because we specialise in delivering medical accounting services, not fillings.
We use this analogy to highlight a common misconception held by start-up medical practitioners. As their business gets off the ground, they believe they can combine growing their client base whilst completing their own accounting. Our experience says this is rarely a successful combination.
As a start-up, your accounting could be minimal but it’s still time away from building up a new business. Outsource your accounting and you get the skilled experience of an accountant without the salary of a full-time, in-house accountant. You’ll avoid costly payroll software, payroll tax and you won’t have to find a spare desk! You’ll also save time grappling with difficult tax rules or working after hours, away from family.
Daily/ Weekly/ Monthly/ Quarterly/ Yearly healthcare bookkeeping services
As your start-up gains traction, you’ll be hungry for information to improve your business. External medical accounting services like Sandercoe move fluidly with you – small input at the start, with perhaps monthly reporting, and as work increases (with even less time to be your own accountant) we deliver weekly, even daily reports.
Bank account and credit card reconciliation services
Credible medical accounting services like Sandercoe keep an eye on your bank accounts and credit cards, making sure all expenses are reconciled, categorised and balanced. The accountant assigned to you is always monitoring your finances, informing you of any necessary action before there’s a problem.
Accounts payable and accounts receivable services
Outsourcing your medical accounting services usually does not include managing payment of your bills or chasing up your invoices owing to you by health funds, but will give you some tips on how to make those processes more efficient.
Having a detailed understanding of your Profit and Loss is not only important for your bottom line but for future decision making. Outsourced accounting gives you an instant understanding of your financial and tax position, keeping you on top of things.
Payroll processing services
It may just be you and your receptionist now but wait until you have other dental technicians or locums in the team. Don’t miss a day’s pay ever again by outsourcing to a reputable medical accounting service. Outsourcing your medical accounting payroll service will also keep you compliant with your Single Touch Payroll obligations.
Financial reporting (Profit and loss by month, by location/classes and with previous year comparison, balance sheets, AP/AR aging details, trial balance and general ledger)
Good financial reporting is freedom. Freedom to plan, to sleep at night and know who your clients are. Your decision to purchase a new machine may only arrive after your accountant has laid your financial situation out in front of you, with drilled-down financial reporting that you may not have known existed.
Tax preparation services
Specialist medical accounting services know what to look for when trying to reduce your tax liability. So when preparing for tax lodgement, we know what business expenses can be claimed to offset, say for example, low-income patients(delete example). We’re all about improving your practice’s cost-effectiveness.
Any time taken away from your patients can be time borrowed from your success. Add to this that even clever doctors make costly accounting mistakes – and it makes a tonne of sense to use medical accounting services like Sandercoe Accounting. Call us today. We’re Sydney’s trusted accounting team with great skill, experience and a passion to make your start-up journey that much easier.