At Medvisor, our accountants provide leading advice and financial services for medical professionals and radiologists in Melbourne. Contact our team to take the hassle and stress out of accounting and taxation matters, where we will partner with you in business development and broader wealth creation, and provide you with an unparalleled level of advice.
Our accountants are dedicated to assisting radiologists and other medical professionals in getting organised and reaching the top of their personal and business financial affairs. We are committed to helping you plan and execute your financial journey, beginning to end. Our accountants for radiologists have a comprehensive knowledge of the tax system and will work with you from university through to retirement. We will critically analyse the best strategy for your practice, including your personal and professional goals.
Our Medvisor accountants for radiologists will work to get an in-depth view of your circumstances to give you the best service possible, including a tax plan and structure.
Reporting and financials
Maintaining financial ledgers and preparing financial reports is one of the core skills and services we offer to our radiologyclients. Our accountants can provide a broad range of financial and reporting services from ledger maintenance and preparation of quarterly, six-monthly, and annual reports to the setup and implementation of cloud services. One of our key strengths at Medvisor is providing regular, meaningful insights and helping you understand financial jargon.
Tax compliance in Melbourne
Preparing tax returns and tax compliance is a standard service our skilled accountants offer in our client engagements. Our standard services include lodging monthly and quarterly activity statements, and preparing and lodging income tax returns for client businesses and associated individuals. We make sure our radiology clients’ lodgements are up-to-date no matter where in Melbourne they are based.
Tax structure and investment
Structuring your personal and practice investments properly is necessary from an estate planning, asset protection, and tax effective structuring perspective. At Medvisor, our accountants understand our clients’ financial position both now and what is estimated in the future, and provide professional guidance and options for structure.
Management reporting and analysis
Our clients benefit from our accountants’ skill and commercial experience. We provide tailored analysis and reports for radiologists that are relevant to your current strategies and practice. Regular interpretation of financial results and reporting is a standard service for our medical clients.
Support and back office services
Our accountants provide a number of radiologists with support and back office services to remove the pressures and burdens of administrative duties and allowing them to spend more time in their practice. The ongoing assignments we offer support for include payroll, debtor management, accounts receivable and payable, and bookkeeping.
To keep your balance sheet accurate and up-to-date, Medvisor recommends tracking your various expense accounts:
- Physician expenses
- Operating expenses
- Billing department expenses
- Imaging centre and other site expenses
- Administrative expenses
These expenses include benefits, salaries, and other expenses related to individual physicians in the practice, either partners or employees. Other expenses can include continuing education, professional liability insurance, entertainment, meals, cell phone expenses, and bonuses.
This element should involve expenses that concern the parts of your practice that are not related to the imaging centre, physician, or general administrative expenses. These expenses could include couriers for outside reads, marketing or promotional costs, and physician secretary salaries.
Billing department expenses
These expenses should be related to the practice’s technical and professional component services, including clearinghouse fees for transmittal of claims, fees for bank lockbox charges, salaries and benefits for employees who perform billing functions. Any contracted outside billing company services can be recorded in this account as billing fees.
Imaging centre and other site expenses
These expenses include any imaging centre and other clinical service site expenses, such as contrast, imaging centre marketing, salaries and benefits for technicians, and medical equipment leases. Other service sites such as pain management and vascular that don’t traditionally fall into the imaging centre category can also be included here.
These expenses cover the general administration expenses that aren’t covered by other expense accounts. You can also put non-lockbox bank service charges and accounting services into this account, as well as benefits and salaries for general admin employees.
Types of accounting entities
There are several types of different accounting entities.
- C Corporation
- Partnership or Pass-through entity
- S Corporation
- General or limited partnership
- Limited liability companies (LLC)
A C Corporation is a normal corporation you pay taxes through on taxable income and file annual income taxes. Stockholders pay an additional tax on dividend distributions.
Partnership or Pass-through entity
Your practice will file annual tax returns but won’t pay any income tax. Investors will receive a Form K-1 that reports percentage share of each income and deduction per investor. Investors share of income must be reported on their respective tax returns.
Your practice must have 75 or fewer stockholders to qualify as an S Corporation, as well as only having a single class of stock, no preferred or common stock. Your shareholders liability will be limited and they will invest at their own risk. The investors assets will not be available for collection in the case of medical malpractice.
General or limited partnership
Limited partnerships can have one main partner and several limited partners. The limited partners are only liable for debts amounting towhat they invested. General partnerships can have any number or type of partners.Partners will be fully accountable for partnership debts and may have to contribute other assets of to satisfy any outstanding debts.
Limited liability companies
Limited liability companies are a mix between a C Corporation and a partnership. It can be taxed as either and contains more than one partner. If there is only one partner, the entity can be taxed as a C Corporation or a disregarded entity, which can be treated as part of or separate from its owner. Deductions and income are reported on personal tax returns and members are liable for the amounts or their investment.
If you are looking for an accountant for radiologists in Melbourne, contact Medvisor for more information.