Why Doctors Need Specialist Accountants
While your focus may be on treating your patients and providing healthcare to the best of your abilities, it's important to remember that you're also running a business.
Besides having tax obligations and financial reporting responsibilities, you want your medical practice business to succeed. Hiring an accountant for doctors can help you meet those responsibilities and set your business up for successful growth.
Vivid Partners is a leading accountancy firm that provides accounting services and business advice to medical practitioners. We offer tailored solutions for doctors and other healthcare professionals.
Why Choose Vivid Partners
We are preferred accountants for Doctors and Medical Practices for many reasons.
We find practical solutions for your unique financial situation.
With flat-fee pricing, you can manage accounting expenses easily.
As specialist medical accountants, we have extensive knowledge of accounting needs for the medical industry.
Our full range of financial services — accounting, wealth planning, and bookkeeping — mean everything you need is all in one place.
We plan strategies designed to future-proof your business.
We focus on future planning so you'll know your business is protected.
Accounting for Surgeons & Specialists
When you work in the medical industry, your accounting work goes far beyond the basic tax requirements. As a surgeon or medical specialist, you're subject to various legal requirements that can get quickly difficult to navigate.
The Vivid Partners team utilises a succinct and comprehensive approach, dedicated to helping specialised businesses to improve profitability and navigate legal guidelines. No matter the size of your practice, we can offer everything from basic bookkeeping to expansion planning.
It takes dedication and experience to successfully navigate medical industries. Anti-avoidance rules, tax regulations, and a constantly developing set of standards make medical accounting an intricate job. Placing it in the hands of accounting specialists can protect your practice from backlash.
Accounting for GPs & GP Practices
Building a valuable medical practice requires more than simply meeting your basic tax obligations. At Vivid Partners, we take a specialised and comprehensive approach to help you build a more profitable and efficient business.
From traditional accounting services to bookkeeping, quarterly reconciliation of owners profit entitlements and wealth management, we offer everything you need to manage your finances.
As a doctor or GP, when it comes to tax you are looking to do more than just meet your basic tax obligations. Having an expert on your side such as our team at Vivid Partners can help significantly with the unique taxation issues that doctors face.
Tax Deductions for Doctors
Doctors are among the highest-earning professionals in Australia. The higher the income, the higher the marginal tax rate. Our specialist knowledge ensures you claim every eligible deduction.
Important Reminder
To claim work-related expenses, you must prove that you incurred the expense yourself, the expense is directly related to your duties as a doctor, and you have accurate records. Always keep receipts, invoices, and related documents.
Tax & Accounting Tips for Medical Businesses
Running a medical business can be challenging. Setting your business the right way and having the right processes is crucial in achieving sustainable growth.
Have a Plan & Budget
Failing to plan is planning to fail. We can get involved in your budgeting process — from advice and review right through to full design and preparation.
Monitor Performance
Keeping track of all income and expenses. Monitoring payments received along with money spent on business expenses can help you manage your business efficiently.
Understand Your Profit Margin
It is vital to understand if your business is making a profit. Income less the cost of providing services — staff costs, equipment, travel, marketing and administration.
Manage Cashflow
Understand the timing difference between receiving payments from Medicare and paying your staff and suppliers. Being on top of your cash position is critical.
Keep Proper Records
Maintain proper records of all transactions, including receipts, invoices, and bank statements. Use cloud-based accounting software like Xero.
Use Technology to Save Time
Software specifically designed for medical businesses can save you time and ensure your financial records are accurate and compliant with regulations.
GST Recognition
Stay up to date on any GST legislation changes. Most medical services are GST-free if certain criteria are met, but some may be GST-taxable.
Have a Tax-Effective Business Structure
Your business structure will significantly affect its legal and operational risk, asset protection, tax obligations, legal costs and client access.
What To Do When You Have Profit
Your business is doing well and you have consistent profit. Here are smart ways to use your success.
Complimentary Practice Review
We are excited to offer a complimentary, one-hour, lunchtime meeting at your practice.
- A customised, high-level review of your business to identify potential issues
- Analysis of your doctor payments and engagement of doctors
- Review of bookkeeping and tax structure compared to industry standards