Accounting & Bookkeeping Services for Medical Practices & Centers
I opened my medical practice so I could help my patients, but some days I feel more like a glorified accountant than a medical professional.
Can you relate?
We have yet to meet a medical professional who thought that accounting, bookkeeping, and tax preparation were an exciting part of running a medical practice.
And nor should they be. You’ve spent years studying, training, and fine tuning your skills as a medical professional. Your patients turned to you in moments of stress, worry, and vulnerability, and it’s your job to allay their fears and return them to optimal health.
No one would ask a professional accountant to give their clients a quick medical checkup after they’ve finished preparing their annual tax returns. So why are medical professionals expected to take care of their own accounting and bookkeeping?
At Free My Cloud, we relieve you of the burden of managing your medical practice’s finances. We offer full-service outsourced bookkeeping for medical practices, leaving you free to concentrate on serving your patients, secure in the knowledge that every aspect of your practice’s accounting, bookkeeping, taxation, and superannuation obligations are taken care of to the highest Australian standards.
Unique Accounting Challenges in the Medical Industry
Australian medical practices and centers face unique challenges when it comes to medical office accounting. So much more than ongoing bookkeeping tasks and satisfying end of year ATO reporting requirements, Australian medical practices deal with Medicare billing, unique Business Activity Statement (BAS) requirements, and highly regulated stock with strict use by dates.
In addition (and despite widely held public beliefs that Australian medical practices are rolling in cash) the vast majority of medical offices run with extremely low margins.
You may get laughed out of the room at a family dinner if you complain of low margins, but at Free My Cloud, we know it is true. We have the experience and expertise to help you manage the day-to-day financial requirements of medical practice accounting.
Any business that runs on low margins requires rock solid medical bookkeeping. It is only by knowing your precise financial position that you can avoid unnecessary costs and maintain a positive cash flow. Businesses with low margins rely on strong business strategies in order to increase profitability and provide cash flow breathing room.
I prepare my BAS myself on a quarterly basis, and hand over our full financial records to an accountant at the end of the financial year. A few months later, I find out how we performed financially over the past year.
Yearly financial reporting is a sure-fire way of dooming any medical practice. Low margins and high patient turnover require ongoing access to financial reports. Put simply, you need to have access to reliable, current financial reports before you can make any kind of financial decision. Relying on backdated annual financial reports means that you are making financial decisions blindly.
Enjoy the Benefits of Professional Medical Bookkeeping Services
At Free My Cloud, we offer professional medical bookkeeping services. Yes, we prepare your annual and quarterly financial records and reports as required by the Australian Tax Office (ATO). But maintaining compliance with ATO laws and requirements is barely scratching the surface of what we do.
Once compulsory financial reporting requirements are out of the way, our priority is to provide you with ongoing information that you can use to increase your medical practice’s profitability, ensure positive cash flow, and effectively plan for your financial future.
Gone are the days when you will be forced to blindly make financial decisions without access to real-time financial information.
Tailored Bookkeeping Services for Medical Practices
While medical practices face common issues and challenges, each individual practice is entirely unique. When you hand over your financial documents to a local accounting firm, you never really know who is handling your books and whether they truly have an understanding of how your business works.
But when you entrust your medical practice accounting and bookkeeping to Free My Cloud, you will work with the same person long-term. Part of what makes our services unique is that we develop an intimate understanding of your business. With one person having full responsibility for your financial records, you can rest assured that your bookkeeping professional has an in-depth knowledge of your medical practice’s unique needs.
It’s Never Too Late to Set Your Medical Practice Up for Financial Success
In a perfect world, your bookkeeping and financial reporting practices would be well-established and in place before your medical practice welcomes its first patient.
But whether you haven’t started trading yet or you’ve been offering medical services for decades, it’s never too late to turn your current accounting and bookkeeping practices around and set your medical practice up for financial success.
The sooner you allow us to get your financial records in order, the sooner you can take advantage of the benefits that inevitably show from having a solid understanding of your financial position at any point in time.
No New Software to Learn – We Promise
Just like you didn’t become a medical professional so you could spend all day balancing your bank accounts, you also didn’t get into the medical business so you could learn one software package after another. As a medical professional, you already need to use HICAPS and point of sale software, in addition to appointment booking and staff rostering packages.
When you choose to work with Free My Cloud, we promise we will never ask you to learn a new software package. We meet you where you already are, whether you use an existing accounting software package such as MYOB, Xero, Saadu, Reckon Account, Sage, SAP, or even if you currently manage your accounts in a spreadsheet or in paper form.
All you need to do is provide us with your financial information – in whatever form that may currently take – and we take it from there.
Accounting & Bookkeeping Services for Medical Practices: More Than Just Satisfying ATO Requirements
Bookkeeping for your medical practice should not just be about satisfying government regulations and providing reports as they fall due. Accurate and timely accounting and bookkeeping services will provide you with a wealth of insights into the financial status of your business. And in an industry renowned for low margins, there is plenty of value to be gained by having access to up-to-date information on your current financial status.
When you partner with Free My Cloud, staying compliant with the ATO’s regulations and meeting reporting deadlines is a given. Increasing the medical practice’s efficiency and profitability are just some of the additional benefits that will come from outsourcing your medical practice’s accounting and bookkeeping needs.
Get in contact with us today to find out how we can help.