A Brief on Accountancy for Medical GP Practices

August 11, 2017 by Medvisor
Accountant, Business, Finance

Running a successful medical practice is highly demanding. With ever changing tax legislation, the medical profession is one of the most complex forms in terms of accountancy. Therefore, it becomes vital to consult a GP Accountant for medical practices, as they have in-depth knowledge of this sector.

Most of GP Accountants are self-employed and run their own practices or are a part of a larger group. This means that they are rewarded substantially through profit share, including dividends from practice companies and service trusts, salary payments and fringe benefits.

With time, this has changed. More GP Accountants now choose to work in practice as an employee, and their reward comes in the form of salary, superannuation contributions and fringe benefits.

Role of GP Accountants

The role of GP accountants has been described as below:

  • They always take care of your investments and never agree to anyone to make decisions.
  • They never allow anyone to access your bank/investment account details, including passwords or similar electronic keys.
  • They select only one method to accumulate cash for investing.
  • They achieve tax efficiency by emphasizing on tax-efficient growth of assets that should never be sold.

GP Accountants provide the following services:

  1. Structuring advice
  2. There are many ways to structure a medical practice, each with its advantages and disadvantages. For the participating doctors and specialist, structuring advice from a legal and accounting perspective is essential. It is a common ground among advisors that although doctors are highly equipped to treat people, they are not necessarily experts in accounting, therefore these needs to be regulated by an expert.

  3. Cash Flow Management
  4. GP Accountants help in improving cash flow with customizable information views and forecast the capabilities that let predict, monitor and manage cash inflows and outflows. Some of the core tasks that they perform are:

    • Understand cash flow trends
    • Predict anticipated cash flow
    • View cash flow information in the way they want
    • Connect financial information across the business
  5. Bank and Equipment Financing
  6. Features of GP Accountants specialist are as follows:

    • Select from a range of equipment finance options
    • Flexible terms and repayment options
    • Consolidate the finance for all your practice assets into one finance agreement

  7. Budget Setting and Forecasting

Accountants for medical practices can make their business successful through proper planning implementation. This can be done through setting benchmarks and through financial forecasting and budgeting. This is one of the core areas of expertise. GP Accountants provide ample warnings, when it comes to predicting cash flow shortfalls, and even identifying investment opportunities.

Summing Up

It is important that GP Accountants have extensive knowledge in accountancy standards, because without them the medical practices cannot run properly. Their keen concern is to provide their clients with a high level of care and service. So, it is advisable for the medical professionals to seek their advice.
Are you seeking GP Accountants for medical practices? At Medvisor Consultants, we offer a wide range of accountancy services to the medical practitioners. We provide information on time that is specific and tailored to your needs on a regular basis. Visit the website for more insights!

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