It can be highly demanding to run a successful medical practice, especially when tax legislation continuously changes and the medical profession has one of the most complex accountancy forms. It can be very important to consult an accountant for general practitioner for advice as they will have a broad knowledge of your industry.
The role of general practitioner accountants in Melbourne
The role of general practitioner accountants is:
- To never allow anyone who is not authorised to access your bank or investment details, including electronic keys and passwords
- Emphasising tax-efficient growth of assets that shouldn’t be sold to achieve tax efficiency
- Take care of your investments and only agree to decisions made by those who are authorised
- Select a single method of cash accumulation for investing
General practitioner accountants can provide services such as:
- Cash flow management
- Structuring advice
- Bank and equipment financing
- Budget setting and forecasting
Cash flow management
Accountants for general practitioner can customise information views and forecast capabilities that monitor, manage, and predict cash inflows and outflows to help improve the flow of funds. Some of the tasks our accountants can perform are:
- Predict anticipated cash flow
- Connect financial information across the business
- Understand cash flow trends
- View cash flow information
Structure advice for doctors
There are many different ways to structure your medical business, each with their own advantages and disadvantages. Business structuring advice from a professional accountant is essential for general practitioners and specialists to build a successful business. It is advised that general practitioners seek advice from an accountant.
Banking and equipment financing
Some of the best features of our general practitioner accountants are:
- Flexible repayment options and terms
- Selecting from a range of equipment finance options
- Consolidating all your practice assets in one finance agreement
Budget setting and forecasting
Accountants can make a medical practitioners business more successful by properly planning implementation methods, which can be done by using financial forecasting and budgeting, and setting benchmarks. Our accountants provide warnings when it comes to predicted shortfalls in cash flow and identifying investment opportunities.
Our accountants for general practitioner have an extensive knowledge of medical accountancy standards to help the medical practices they advise run smoothly. They will provide a high level of care and service.
General practitioner accounting service in Melbourne
We provide tailored service for general practitioners and other medical professionals such as:
- Preparing monthly and quarterly BAS
- Preparing annual financial statements and income tax returns for general practitioners and other medical professionals
- All ASIC related administration
Our accountants can work with you as closely and as regularly as your situation allows or you require; some general practitioners prefer to be hands-on with their finances, while others prefer to leave administration to us.
Some of our general practitioner clients leave their BAS preparation and lodgement to us, not because it is difficult, but it can be quite time consuming. An increasing number of general practitioners and healthcare professionals leave their bookkeeping to us. We offer a number of different services, including cloud-based systems such as Xero to help you keep up with bookkeeping from wherever you are.
Tax planning for general practitioners in Melbourne
Tax planning is comprised of much more than simply finding tax deductions. Our experienced accountants will discuss where your business is currently, where your business is going, and how you plan to get it there. We will get to know you and your attitude towards employment, risk, business, and other matters. A first-year residential medical officer will have less complex issues than an experienced owner.
Our accountants can cut through all the hype and financial jargon to keep everything as simple as possible and ensure you don’t get lost in unnecessary complexity. Our tax planning approach is to do whatever we legally can to reduce the amount of tax your have to pay, but keeping due regard to trade-offs. Is it worth going through a lot of complex problems for a small tax gain? So you can make an informed decision, we will tell you what you can expect.
Business advice for general practitioners in Melbourne
Our accountants have experience assisting general practitioners and other medical professionals in smoothly transitioning from being employed to becoming a sole trader or setting up their own practice. A core part of our business is giving business advice to general practitioners. We can help newly-graduated general practitioners who have been invited to join an existing practice to navigate through the trusts involved, dealing with financial companies for buy-ins, and advice on the best way to structure a joint venture with a new partner. Our accountants also have a lot of experience assisting general practitioners set up their own practices.
General practitioner reconstruction and growth in Melbourne
There are two aspects of any general practitioner or other medical professional business:
Growing your business
In many cases, when your general practitioner business grows, it means you will face more challenges such as needing more staff, buying your own rooms, attracting more doctors, setting up a secondary practice, and buying larger rooms. There are many questions that need to be asked:
- Is the lease you’ve been offered on new rooms reasonable?
- How do you structure or restructure your leases for the best tax outcome?
- Should you buy or lease new rooms?
- How much are other general practitioners being paid?
- What should you pay a practice manager?
- Which entity should lease or own the medical equipment?
Restructuring your business
The growth of your general practitioner business may require its structure to change, or you may have joined another practice that is set up differently. There are several questions you may need to ask:
- How do you adjust to the changes?
- If you have fallen out with one or more partners: what is the best way to rebuild your practice?
- Do unit trusts or other entities better suit your circumstances?
- What are the various options and the consequences?
For more information on accountants for general practitioner in Melbourne or why you would need one, contact Medvisor.