It’s totally ok if you don’t have the time to learn about medical accounting or accounting methods for medical practices. Whether you’re a dentist, general practitioner, optometrist, physiotherapist, surgeon or some other medical specialist, getting support from a medical accountant is a great way to free up your time while having peace of mind that your financial health is taken care of.
With different ways of supporting you at every stage of your career, a medical accountant’s job description goes beyond preparing tax returns. Here’s how the help of a medical accounting expert can up your game.
Many healthcare professionals double up as ambitious entrepreneurs and dream of having their own practice. Whether you’re starting up a practice or buying into an existing business, you can get help from your accountant:
- Choosing your business structure. Operating as a sole trader, partnership, company or trust have different consequences in terms of tax, asset protection and risk. The right structure depends on your circumstances and preferences in each of these areas.
- Consider funding alternatives. You’ll need to know your financing options and prepare a realistic business plan and cash flow forecast. Both are vital to getting loan approval or attracting investors.
- Registering your business. You’re required to apply for a business name as well as a TFN and ABN. You’ll likely need to register for GST too.
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