A GP (General Practitioner) Accountant can help ensure that you have an effective financial management in place and that you are complying with the relevant tax and meeting the reporting deadlines.
Some of their duties are mentioned below:
- Preparation of annual partnership accounts
- Preparation of annual personal income and expense statements
- Preparation of partnership and personal tax incomes
- Preparation of retirement certificates
- Advice regarding new and retiring partners
- Guidance regarding pension scheme
- Assistance in obtaining finance for personal or business requirements
They play a deliberate role in your success, by finding ways to develop and improve your financial performance and guiding you on structural changes to help safeguard the future of your practice.
Here is the list of factors, which you should consider, while finding the best GP practice accountant:
- Selecting a firm
One of the best ways to find a good firm is through recommendation. Invite some of the firms to visit your practice and talk to them about their services. You can also take references from your neighboring practices on how they rate their accountants.
- Size of the firm
Not only does the size of accountancy firm matters, but the quality of its services matters too. Some of the bigger firms have a division specializing in GPs, but they also deal with clients from various other business sectors. Others GP firms deal chiefly with the medical and other healthcare sectors such as dentists and pharmacy. Some smaller firms concentrate completely on their GP clients.
- Specialist Accountants
The high level of expertise is available only from firms that specifically deal in GP practices. Specialist firm can pay more attention than the local street accountant.
- Wide knowledge
An expert accountant must have in-depth knowledge of how practices are funded and be acquainted with statement of financial entitlements. The firm must deal with all the taxation matters and GPs superannuation.
- Personal Service
Practices usually look for a personal service, dealing with one particular accountant and their support team at the firm.
The yearly financial records should be completed on time and the accountant should visit the practice to talk over with the partners.
The firm must deal with routine queries and telephone call and emails promptly. Performance statistics comparing different client practices profits and incomes are also useful.
The fees the firms charge will depend on the situations and the size of the practice. Most of the firms agree a yearly fee with the practice that provides a package of services. But, what will be covered and what won’t, can vary a lot, so compare the firms beforehand.
- Changing Accountants
If the current accountant is not providing excellent services and charging you more than what he should, it is better to switch. However, be cautious of changing to another specialist accountant simply to save fees.
As funding becomes more complex, there are increasing financial pressures surrounding superannuation costs. So, contact a good GP Accountant by following the aforementioned suggestions. These guidelines will give you a great head start on selecting the best account for your practice. This selection is significant to your financial health, so it is worth putting your time in hiring the right professional.
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