Category: Accountant

How can a Medical Accountant Help you?

June 1, 2018 by Medvisor
Accountant

Doctors, apart from being proficient in treating patients, are also scatterbrained when it comes to things not related to the medical field. Factors like accounting and finance is a cup of tea they can do without. However, that does not reduce the necessity of having an accountant on-board to deal with all things related to finance. To make things easier, many firms have cropped up that offer medical practitioners the chance to hire the assistance of medical accountants in Melbourne.

Here are all the ways a medical accountant can help you as a medical practitioner:

Maintaining Financial Records

Medical practitioners are certainly known for their presence of mind, their intellect, and their ability to remember the minutest of things. However, when it comes to accounts and numbers, they may often be at a loss of what is to be done. While great things can be expected of them when they are treating a patient or dealing with medicines, diagnosis, and more, relying on medical accountants to maintain all of the financial records certainly works in their favour.

Refining Financial Strategies

Building a financial strategy can very well have a negative impact if you do not know the basic of how the strategy works or helps in managing finances. By understanding how the strategies drawn until present have helped in optimum use of finances, better and refined strategies can be created with the help of a medical accountant who knows exactly what is needed in order to improve the numbers on the financial records.

Tax Accounting and Advisory

Tax benefits and payments include a lot of jargons which can be confusing. And with dedicating all of their time to patients, those in the medical field may not have the time nor the peace to mind to go through accounting books and draw up the tax accounts. A hired medical accountant is the perfect solution to get some aid from an expert and save time.

While these are some of the most basic things that your medical accountant can help you deal with, keep in mind the availability of these accountants and their commitment and dedication before you decide to hire their services.

FINANCIAL RESOLUTIONS FOR THE NEW YEAR

January 29, 2018 by Medvisor
Accountant, Finance

As the year begins a lot of people take a look at the things that they did wrong in the past years or things that they did not attempt to do at all hence they try to make things right in the new year. Those who did things wrong attempt to do them in a better way or at least promise to try to do so while those who did not attempt to do things that they ought to promise to attempt them.

All of these things are done in hopes that their lives will be better with the resolutions. Most resolutions are targeted at enhancing one’s health or spiritual life for religious people. But today we will show you some things that could serve as financial resolutions targeted at making your financial life better. Without further ado here we go!

Create a Budget

You probably may have tried this at some point in your life and couldn’t stick to it, well it’s not just you dear reader, it is, in fact, a very common thing for budgets to not be followed by individuals. One reason why this occurs is because people fail to realize that there are different ways to budget and not all ways work for all persons.

What you can do to help yourself is go through the internet in search of different budget samples and choose one that seems most suited for you or you could download an app to help you list out your priorities and create a budget. You may also speak to professionals from Medvisor Consultants and they can give you a tailor made budget which would be uniquely satisfying and very easy to follow.

Get Out of Debt

Debts are like heavy objects placed on our heads that we have to carry as we walk. Simply put you cannot walk far and as quick as you want financially if you have to keep walking around with debts. Personal loans, credit card loans etc. all have to be paid or at the very least put plans in place to ensure that the maximum that you can pay is being paid this year so that at the middle of the year or in the last quarter you would be free of this heavy load and the forward movement can proceed unhindered. This takes us to the next resolution.

Create an Emergency Fund

Once free from debt, enough should then be put in place as savings. Emergency funds are the funds that cannot be touched until there is no other available option. You should be able to have about 3-4months worth of funds to sustain your lifestyle in case anything happens that would stop your income for the said period of time. The importance of this fund cannot be overemphasized as one cannot be too cautious with emergencies.

These are very few of the numerous things you can do to improve your financial life, others include not wasting money and growing your superannuation fund. It is important to note that resolutions can only bring results when fully adhered to with discipline. You may need more professional advice so contact Medvisor Consultants today. At Medvisor we have Qualified GP Accountants who are very capable of handling finances for medical professionals as well as dental and medical business advisors. We also have Accountants for Doctors in Melbourne and Tax Agents for medical practitioners in Chelsea.

Debt Management and How you can help yourself?

January 12, 2018 by Medvisor
Accountant, Finance

According to investorwords.com, Debt Management is defined as “A unique strategy developed to help a debtor manage their debt. This strategy is usually developed and implemented by an outside company or organization on behalf of the debtor, usually, because the debtor is unable to sufficiently manage their debt on their own, due to lack of knowledge or because they are overwhelmed by the amount of debt.”

By this definition, it is clear that this process usually involves employing someone to take care of the plan on how you can repay your overwhelming debts. When you find yourself in such situations then you need a highly qualified financial planner who may be able to double as an accountant.

There is no shame in finding yourself and your business in such situations as you would neither be the first or the last to join the group. There is shame however in letting it cost you your businesses by not taking the appropriate steps. Bad debt management can make you go bankrupt or cause your business to be seized by the right authorities. It is therefore important to employ the right person to get you out of the debt situation, but you should also take some steps on your own.

Below are ways that you can help yourself if you own a small business

REVISE OR REWORK YOUR BUDGET

Business budgets help one recognize the sources of income and more importantly, sources of fixed and variable expenditures. Your budget helps you set aside fixed regular payments to your landlord, workers, suppliers, etc.

Before tackling debt situations it is always pertinent for one to get a good grasp of his financial situation especially when he is behind on regular fixed payments be it monthly or yearly. This must have been due to unexpected changes in cash flow which may require one to visit an expert financial planner or advisor or accountant for proper adjustment to be made. There are NGOs out there that may offer free advice hence they could be sought at this stage.

REDUCE YOUR EXPENSES

Going to your financial statement to see what and what you spend on and which cost can be cut is a fast means of helping you get free from liabilities before taking other measures. Do a differentiation between the services or goods that are essential to daily operations of the business and those that are not.

Some subscriptions for services infrequently used and some workspaces that may be let out for rent to save cost on rent may be available. You can also choose to pay some bills up front for the year to get the available discounts and save some more costs.

INCREASE CUSTOMER SALES

In addition to cutting costs, this will also help you get out of debt fast. Look for ways to help improve cash flow, you can choose to give discounts on a certain amount of goods bought from you or give a discount on services to loyal customers. Also, follow up on receivables and you may give a discount on debts paid by customers up front. All of these would bring about a rise in revenue.

EMPLOY THE SERVICES OF A REPUTABLE DEBT MANAGEMENT OR RESTRUCTURING ORGANISATION

A reputable debt restructuring firm is a good alternative for you and your business because even though they may charge fees it is way less expensive than filing for bankruptcy. A firm like Medvisor Consultants will in no time get your business back on its feet if you trust us with the responsibility. Our arsenal of financial professionals in Melbourne includes business accountants, tax accountants, tax agents, business brokers and business planners. They are all readily available round the clock in Melbourne to uniquely solve your financial problems.

Financial Advice for new Doctors, Dentists and Medical Practitioners

November 22, 2017 by Medvisor
Accountant, Finance

Many junior medical officers & dentists start their careers with a base income of around $80,000. This then moves quickly through the hundred-thousand-dollar mark, and finally into the vicinity of several hundreds of thousands of dollars per year once specialist training is complete.

After collecting student loans and other debts to see yourself through the period of training, it seems easy to start repaying those debts and getting a house, your first choice of expenditure which will not be a bad choice, but there is a myriad of other financial decisions that could be made to make you more financially prosperous in the long term.

First advice is that you need to seek a specialist financial advisor for your medical practice in Melbourne. It’s easy to attend to your tax returns once a year at the closest or cheapest franchise accounting or advice firm that you can find. As a medical professional, your needs are a great deal more complex than the many hundreds of different professions that those firms see each year.

By engaging a specialist medical tax agent or specialist Financial Planner in Melbourne, you can ensure that appropriate tax planning can be put in in place for you, to work throughout the taxation year. When the bell rings for tax, it is simply too late to implement a strategy to contend with that burdensome letter from the ATO, the planning must be done in advance.

If you are consulting, contracting or setting up your own practice, it is also exceptionally important to set up the correct business structure from the outset.

Next, you have to think of how you can meet your financial commitments when you cannot work.

As a doctor or medical practitioner, you are familiar with how an accident or sudden illnesses can incapacitate someone for a short time or on a long-term basis. Therefore you have to take precautions.

In Australia, the take up of car insurance, house insurance, health insurance and even mobile phone insurance is astronomical. So many people sign up to protect these small material items, but don’t think about how they could afford to keep paying for these things if they were removed from the workforce; either temporarily or on a long-term basis.

The cost of personal insurances will be a tiny proportion of your income and in some cases can be tax deductible. There is a great deal of many important considerations in obtaining insurance for a medical professional. It is also important to seek specialist insurance advice from a qualified professional who knows the medical industry rather than buying an off-the-shelf product. As with the health insurance industry, no two policies are the same and you must ensure that the policy you buy will provide for your needs.

Lastly, you have to start thinking about superannuation right from the start even though your retirement is 30 or more years away. These decades are vital in compounding your interest at the end.

But if you work in a public medical organization and don’t have a ‘superannuation choice’, then you should contact a superannuation expert to help you with your review.

For more knowledge of the medical tax mechanism or generally more advice on how to become more financially prosperous as a medical practitioner, contact Medvisor Consultants because we are the best in the business in Melbourne. We want your finances healthy for as long as possible.

What information does a doctor need to know about his accounts?

November 10, 2017 by Medvisor
Accountant, Business, Finance

A doctor’s office is a service-based business in which patients pay for the doctor’s services, and occasionally pay for testing performed as well as medication administered in the doctor’s office. As such, a doctor’s office must maintain accounting records so patients and their insurance companies can be billed correctly for the services the doctor performed. In addition to payments rendered by patients, doctors must collect and record a variety of additional accounting figures, including overhead, equipment, medication and labor costs to ensure their practices are profitable.

Thus the doctor needs to be acquainted with the following types of information needed as listed below;

Patient Information

Since the office of the doctor is the business, then the patients are seen as the customers of the business, therefore information on the customer is always good to have. Along with personal details such as name and contact, the social security number or its equivalent of the customer should be collected with employer information. The reason for this is that after billing the visits and the customers do not pay, payments can be received by other means.

The staff of the business should also ensure that the insurance details of every customer are collected and recorded, including the insurance company’s billing address and co-pay information, so the proper co-pay can be collected at the time of the visit. This insurance information should be updated often (at least once every year). This is because health insurance policies are renewed yearly, so if the customer changes plan or companies, then the billing information and co-pay amounts may change as well.

General Accounting Information

Medical practices also need to record general accounting information about the practice, including operating costs and expenses. These costs include bills for telephone services, rents, electricity bills, cost of equipment and the very important cost of labor. Since workers need to be paid regularly and on time, these costs have to be checked to ensure that there is more money flowing into the business than is flowing out. This ultimately avoids running the business at a loss. Doctors usually like to focus on attending to medical needs hence it is advised that the services of a professional accountant for doctors be employed.

Collaboration with Other Practices

It is not uncommon to see doctors collaborating with other practices such as test labs. This collaboration would afford the customer to be charged less when referred to such labs for tests by a collaborating doctor. Sometimes the patients do not have to pay at all at the labs. This is why it is important to keep records of the visits and records of how many times patients have been referred by the doctor. Such records would help keep tabs of what to pay to the medical laboratories at the end of the month or the year. The records will also help bill the visits properly to the customer and their insurance company.

Medvisor Consultants have GP accountants that are highly qualified to handle your medical office. Being armed with the required skill, experience, intelligence and updated legislative regulations, they can handle all forms of complexities in the business.

5 Key Reasons Doctors and Surgeons Need Accountants and Tax Agents

October 28, 2017 by Medvisor
Accountant

Doctors need accountants to help them negotiate the specific and complex financial requirements associated with the medical sector. It is therefore essential that any accountant who is employed must have built up a substantial experience of working with medical professionals. Whether they are GPs, hospital doctors or locums, medical practitioners should benefit from the accounting, practice management, tax, and pension consultancy that only a suitably qualified accountant can rightly provide.

As numerous developments take place within the medical profession, accountants with specialist knowledge will be able to advise doctors on matters that will affect them directly, such as changes in government legislation and acute and primary care trust policy decisions.

Let’s face it. The tax system is very complex, full of regulation and filing deadlines. If you are not well versed in this area and keeping up to date of all the legislative changes then you definitely need an accountant. Furthermore, the taxman has become increasingly aggressive in recent years with special task forces set up to target specific sectors, for example, the health and well being tax plan.

Financial planning is another service that most accountants will provide, enabling GPs to remain one step ahead financially without sacrificing hours of their time that could be better spent with patients.

  1. Do you want to better structure your affairs for tax purposes?

  2. If your answer is yes, you definitely need a tax agent for medical practitioners. If you have income from a private source, then you should operate through a limited company in order to be tax efficient. The factors to consider under this circumstance are a bit much hence book an appointment with a professional advisor to help you in tax savings.

  3. Not sure what your tax code is or should be?

  4. Here is another sign that you need help. If you are on PAYE income are you aware if your tax code is correct? It is your responsibility to check this and you will be expected to pay the tax if it is incorrect.

  5. Tax relief on your professional subscription and indemnity insurance;

  6. This one may surprise you but it is also applicable to previous years. Depending on the terms of your employment contract, you could also claim tax relief on the costs you incurred when training.

  7. Do you own a second home that you rent out?

  8. If you are one of those doctors who own a house that is rented out, then you should be aware that all rental incomes have to be declared and are tax deductible. You will need help in calculating such tax amounts and you probably might not be aware of some costs you can offset to reduce your deductible income. Tax may be due when you sell the property however, there are options to explore in terms of potential reliefs available on disposal.

Contact Medvisor Consultants for qualified accountants and tax agents in Melbourne. At Medvisor Consultants, Providing solutions is what we do best.

Tips on maintaining a healthy cash flow

October 23, 2017 by Medvisor
Accountant, Business, Business Planner

The concept of cash flow should first be properly understood for a complete grasp of how to manage and sustain it. The concept of cash flow is fairly simple: your business uses cash to create goods or services for your customers, and you collect the cash back (of course with an increase for profit) from those customers. The cycle of cash flowing in and out is tracked using a Cash Flow Statement. Managing your cash flow is the key to sustainable growth over the long term, so here are a few tips that will help you.

Tip 1 – Be prompt with your invoice

Many small businesses have a regular billing routine such as invoicing clients and/or customers at the end of the month – leaving money that could be sitting in their bank accounts (improving their cash flow) in someone else’s pockets! Instead of waiting to invoice, bill right away when the job is completed. If your business involves billing for hours of time, invoice twice monthly instead of once to get some of your money coming in sooner.

Another way to go about this is to get the customer to pay for your projects. How? Well, all you have to do is request for down payments from your clients or break the whole payment into parts for some to be paid before work commences. For example, break payments into three parts with each part to be paid before, during and after the project.

Tip 2 – Negotiate with your suppliers

It is common business practice for suppliers to allow businesses some time for payment of goods supplied. This cost can be negotiated to spread through a span of time that will allow the business owner to spend zero cost on such deliveries. The trick is to be able to let the span of time allowed cross into the expected time of payment by customers. For example, your business makes bread but the supplier of the flour allows you a period of a week to pay for goods supplied. If it takes 3 days to completely utilize all of the flour and 3 days to completely distribute and receive payment then at the end of the week all costs of flour would have been paid for by the customers. Hence zero flour cost for your business allowing available liquid money to go into something else.

Tip 3 – Let debts work for you and not against you

No one likes the idea of debt, but borrowing money is a normal part of doing business. Unlike in personal savings, businesses often need to borrow in order to take advantage of an opportunity and grow.
Borrowing is a risk, but if you do your due diligence and research your financial situation properly, you will be confident that your return on investment will cover the debt and more. And if your plan goes wrong, you’ll be prepared to compensate.

Tip 4 – Do not shy away from seeking professional advice.

Professionals like tax agents, business brokers, business accountants and financial planners are all present in Melbourne and are all expected to be up to date with the rules and regulations in the business field. Seeking advice from these guys would help you avoid costly mistakes that would see the cash flow mostly outward without any returns.

For a highly qualified business accountant, financial advisor or tax accountant in Melbourne, look nowhere other than Medvisor Consultants. Our adaptability and flexibility help us come up with tailor-made solutions for your businesses.

Smart Tax Payment and Auditing are vital for true success

September 28, 2017 by Medvisor
Accountant, Business, Finance

An audit as explained by Wikipedia is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of organizations to ascertain how far the financial statement, as well as non-financial disclosure, present a true and fair view of the concern. Such a fancy definition for a process meant to detect discrepancies. ‘Audire’ is the Latin word for ‘hear’ which is what British auditors did back when book-keeping was manual. They listened as the accounts are read out loud for them while they determine whether or not the organization’s personnel were being fraudulent or negligent.

Although this is very challenging when the records or account being read is a very large one, auditing has become very useful over time. Clearly, like everything else since the medieval period, the process has evolved and become more efficient.

There are different types of auditing such as financial statement auditing, information technology audit, internal audit, and so on. The document focuses more on financial audit. It is done to confirm the reliability and validity of information as well as provide an assessment of a system’s internal control. As a result of this action, a third party can express his or her opinion about the individual, organization or system in question. The opinion given will depend on the evidence obtained from the audit. An audit can also be an eye-opener for stakeholders by giving them a better evaluation, thereby prompting the improvement of the effectiveness of risk management, control and governance process over the subject matter. If you are still not clear about the entire process, talk to a business planner, financial advisor or a financial planner in Melbourne. Your accounts have to be vetted to save you from trouble of the law and from business collapse.

Robert Kiyosaki is a multimillionaire and a real estate mogul who is also an author of bestsellers of business books. He wrote that in his quest for financial freedom he learned that true winning comes from deals that required him to pay the lowest amount in taxes or made his income totally free from tax. Tax as we know it is customary being the mandatory financial charge or some other form of levy imposed upon an individual or a legal entity (your business) by a governmental organization in order to fund public expenditures. It is a crime almost in every part of the world to fail to pay tax or evade it or resist it.

These taxes may be direct or indirect and may be paid in cash or kind. It is however smart to avoid taxes as much as is legally possible. Having to not pay more than you ought to, is good for your business as anything more is an unnecessary loss. You can get such good deals as Mr. Kiyosaki did by employing the services of good business brokers in Melbourne. Your business definitely needs the input of tax accountants and tax agents in Melbourne from Medvisor Consultants to legally cut down that loss from tax payments and steer your business in the right path for success.

Contact Medvisor Consultants for a business accountant in Melbourne today. You cannot find better business accountants in Melbourne anywhere else.

Financial Planning Mistakes That Every Medical Business Advisor Need To Know

September 11, 2017 by Medvisor
Accountant, Business Planner

When it comes to forecasting the future, no medical advisor has a crystal ball in front of them. Medical businesses have the ability to determine how the cash flow and other financial elements may appear in the coming period. Besides, if not addressed properly, they make some common mistakes which can lead to exponentially large problems. So, it’s better to understand these mistakes in advance in order to ensure proper financial planning.

Here are a few common financial planning mistakes that every medical business advisor need to know:

  1. No Financial Roadmap

  2. Creating a roadmap will clear a medical business advisor’s mind to know which direction he/she needs to go. It is very important for an advisor to have an accurate starting point.

    A roadmap will give an advisor a clear picture. From this, an advisor can analyze the tax returns of the preceding and the subsequent year and take a brief look on the expenditures on a month-by-month basis to determine the monthly cash flow.

    If the cash flow is negative, then achieving cash flow should be of utmost priority. This can be accomplished by an advisor in three ways:

    • Reducing the amount spent each month.
    • Increase the income received each month
    • Win the lottery

    Once an advisor has defined a cash flow and net worth, then he/she is ready to put together a financial plan.

    Financial advisor Melbourne

  3. Investment Choices

  4. With so many types of medical equipment becoming available each year, it seems like an absolute age for practices looking forward to make keen investments. Still, investing in expensive equipment is something that a Medical Business Advisor should never do without extreme caution, as it could turn out to be an utter waste of money.

    For example, 3D printing equipment. This can be very advantageous in the office of the medical advisors as it is regularly used.

    By authorizing poor investment choices, an advisor will lead to set a practice up for failure.

  5. Never Look at the Risks

  6. Financial returns and risks go hand in hand. In many cases, medical business advisors can claim to be risk-averse investors. These risks include:

    • Inflation risk
    • Market risk
    • Interest rate risk
    • Economic Risk
    • Specific Risk

    Remember, these things can go wrong even if they seem at the right path, and having an exit strategy to avoid risk is always a wise idea.

Final Words

For a medical business advisor, making the right moves can be really difficult, but, avoiding the wrong moves can be even harder. So, practice foresight will be of great help to an advisor.

Are you searching for Medical Business Advisors? Medvisor Consultants can offer you a full range of practical, proactive and friendly approach in respect to support and guidance. Contact us today for more insights!

Business Accountant: A Key to Achieve Financial Stability

August 24, 2017 by Medvisor
Accountant, Business, Finance

So, you are a business owner too? I am sure, that one thing as a business owner you DO NOT enjoy is accounting/book keeping and, just like most of them out there, you end up doing it on weekends or late at nights. Yet you carry on because you have an attitude of DO IT YOURSELF (DIY). In your opinion, seeking the services of an accountant is a luxury you can’t afford. Well, let us assure you here that, us as a tax accountant are not as expensive as others yet, when it comes to quality, we sure take pride in our services.
Yes, you do save some bucks here and there by doing the accounts yourself but, by doing so, you might face the following potential downsides too:

  • The tax breaks get missed out by failing to claim valid expenses
  • The tax bill gets underestimated
  • The tax returns and other compliance paperwork is filed late, resulting in fines
  • The books may end up with mistakes that take hours to fix

These mistakes/omissions may result in huge loss of time and money and at times, that loss could be much greater than hiring a professional. As a business owner, you are flooded with tasks and the list never ends. It becomes difficult to manage the accounts alongside. So, an accountant can help you in bringing desirable results you want by taking away that time consuming and brain consuming hassle so that, you may use those resources back into your business.

Need to Get an Accountant

An accountant helps the business owner in maintaining proper accounting or bookkeeping records.
There are so much a Business Accountant in Melbourne can do for your business. Some of the key areas where the accountant would help your business are listed as below:

1. Clean up your books once and for all

Very often, when the business owners get time, they do the bookkeeping on their own. This results in:

  • Late completion of books
  • Data-entry errors
  • Some of a few documents get lost (like a proof for purchase of expenses)

An accountant will cleanse such records on time hence, ensuring that the records are accurate and, that they are backed up with appropriate documentation. An accountant would also set up software to prepare easier and faster record of future incomes and expenses.

2. Do your tax really well- and on time

An accountant would help you as the business owner in resolving the problem of late payments that at times keep increasing as a result of accrual of interest and penalties. Hence, a reliable accountant as we are would set the pins well in advance to ensure that the tax filing is smooth and stress-free.
In addition, an accountant also reduces the amount of tax a business owner needs to pay. If a business owner engage an accountant in the start-up of the year and ask for tax planning services, then the accountant, obviously a good one, should come up with a strategy to retain more money in the business.

3. Improve Your Invoicing Cash Flow

The invoicing system is central to the health of your business. This factor sounds very basic as it alone undermines a lot of businesses.
A business accountant should assist in setting up an automated invoicing system using which, the business owner should be able to:

  • Send the invoices instantly
  • Check which bill is paid and which one is not paid
  • Give the customers a choice of multiple payment methods

A good Business Accountants should also provide advice on the invoice payment terms to reduce the time spent on waiting for the credit to come in.
Medvisor Consultants for sure will be your best bet if you are willing to hire a good Business Accountants in Melbourne who would keep a good control on tax obligations, identify savings, and helps you to grow your business. Contact us today for more insights!

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