Focus on Patient Care with a CPA for Doctors and Medical Practices
A CPA for doctors and medical practices is an essential part of any medical team. As a doctor, your primary concern should be providing the very best care to your patients, not fumbling through piles of insurance payments and tax forms.
Instead of trying to manage your finances on your own, it’s important to enlist the help of a CPA for doctors and medical practices. A professional accountant with experience in the medical field will not only be able to manage your finances more effectively, they will also be able to do it more efficiently, saving you both time and money.
Comprehensive accounting services for doctors
When working with your finances, it can be a real hassle to hire one accountant to deal with one thing, and another accountant to deal with other aspects of your business. In order to get the whole picture of your practice’s financial situation, it is important to seek the assistance of a CPA who is able to provide you with many different kinds of services.
An experienced CPA in the area of medical practices will offer a wide range of accounting services that include:
- Accounting and bookkeeping
- Payroll services
- Tax consulting, planning, and preparation
- New practice start-up assistance
- Practice consulting
- Internal controls analysis
- Cash flow management
- And more
Serving a wide range of medical doctors
Although there are some similarities between practices, each and every one is unique. This is true among doctors in the same type of medical practice, but it is especially true between professions. It’s important to choose a CPA that has experience with a wide range doctors and practices that include:
- Oral surgeons
- Plastic surgeons
- General practices
- And more
Your partner in patient care
It takes many professionals in a wide variety of disciplines to ensure that every patient who walks through your door gets the care they deserve. Click here to learn how a CPA for doctors and medical practices can provide you with the ability to leave your finances to the experts so you can get back to what you do best, which is caring for your patients.
CPA for doctors and medical practices FAQ
What do I need to provide to my accountant in order for them to get started?
Although a professional CPA will be able to save you time by crunching all the numbers so you don’t have to, you will still have to provide them with documentation in order for them to do their job effectively.
Depending on the types of services that you request, your CPA will ask you for a wide variety of documents that may include:
- Records pertaining to your business
- Previous tax returns
Your accountant may also ask you a variety of questions in order to get a better feel for your business. Answering their questions and providing them with the documentation they need is the best way to get quality financial services that are so essential to your business.
What kinds of services are included in practice consulting?
Although a professional CPA can help you with your books and finances, a qualified professional can also provide you with practice consulting services that can greatly enhance the way your practice functions. An accountant with experience will be able to provide you with services that include, but are not limited to:
- Choosing an entity, such as sole proprietor, LLC, etc.
- Practice transitions, such as sales, mergers, etc.
- Succession planning
- Strategic planning
How do you choose the right CPA for your practice?
There are many certified public accountants who are able to work with doctors and various medical practices, which means finding the right one can be a bit of a challenge.
When searching, make sure you choose a CPA for doctors and medical practices that has actual experience working with doctors. It’s even better if you choose a firm. That way, you have access to multiple professionals. If your particular CPA doesn’t have an answer, they can ask their colleagues.
Make sure that the CPA you ultimately choose has experience working with clients at your personal income level and at the gross revenue level of your practice. You don’t want to choose a CPA to work with a large practice who only has experience with smaller operations.
Choose a CPA with professional affiliations, and make sure that you are able to contact your CPA whenever questions and concerns arise.
Can’t I just use medical accounting software instead of hiring a CPA?
Medical accounting software can be really helpful for any practice, but it can’t completely replace a professional CPA.
First, a skilled accountant can help you set up your software and show you how to use it properly. They can also help you choose the right software for your practice.
You can reduce the assistance you need from a professional CPA with accounting software, but it’s still a good idea to have an accountant on speed dial when tax time comes around, for payroll issues, or anything else that may arise.