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Accounting for Medical Practitioners
Over the past decade, Linda McGowan and her team of accountants have mentored dozens of medical practitioners through the various stages of their business life cycle – from start up right through to sale of their medical clinic.
Our clients include general practitioners, physiotherapists, dentists, osteopaths, optometrists as well as specialists and surgeons. We recognise the fact that running a medical clinic is very demanding and dealing with public health issues can be very stressful. Apart from providing assistance with the usual compliance issues of GST, BAS, PAYG and superannuation, we’ll advise you on the most appropriate tax structure for your business. A number of our doctors and dentists operate through a service trust arrangement but when deciding on the structure of a business we take into account tax considerations, asset protection and future discount capital gains tax concessions.
We understand you are busy and bookkeeping often doesn’t get the attention it deserves but we will help you select the most appropriate software for your medical practice taking into account your business needs (bookkeeping, payroll, invoicing etc.) and level of accounting skill. Where required we will train you or your staff to use the software because we find many medicos make the mistake of buying sophisticated ‘double entry’ accounting programs like MYOB and QuickBooks that are beyond their needs and level of accounting skill. This leads to ‘computerised shoebox’ records and extra accounting costs when our client brief includes minimising the cost of compliance.
Our services to GP’s, specialists and surgeons are both broad and deep. Over the years we have helped clients with their commercial property lease and also source funding for new medical equipment or motor vehicles (chattel mortgage, lease etc.). Through an affiliate business partner we also give you access to fleet discounts on new cars that could save you thousands of dollars. As a medical professional we recognise you want to grow your profits and your wealth which explains why a number of our GP’s, specialists, physiotherapists and dentists have a self managed superannuation fund (SMSF)built into their structure. If you want to know more about starting a SMSF download our e-booklet, Thinking of Starting a SMSF?
Thinking of Starting Your Own Medical Clinic?
There are numerous issues to consider when starting or buying into a medical clinic. As a business start-up specialist we can assist you with your branding, business structure, site selection, commercial lease, corporate brochure, marketing and even your website. We have developed a number of tools for new business owners including a comprehensive checklist of start up expenses broken down into categories including leasehold improvements, IT costs, marketing and medical equipment. These figures then automatically feed through to an integrated cash flow budget to help you identify any finance requirements. These forecasts can then tuck into your business plan.
The marketing process begins with your branding and we have worked through the process with dozens of physiotherapists, osteopaths, dentists and optometrists over the years. Using some online resources we can help you build a modern brand and develop your stationery at a fraction of the cost of engaging a graphic artist or marketing consultant. Your website is your 21st century business card and we can offer you advice regarding your website’s colour scheme, functionality and content. Using the resources of one of our business affiliates we can help you build an inexpensive but professional website. Not only that, if required, we can help you harness the power of social media to win more referrals.
Grow Your Profits
That’s just the beginning because as accountants we can prepare some ‘what if’ scenarios so you know your medical clinic’s best and worst case financial scenarios. Preparing a cash flow budget and projecting your profit and loss is all part of our service offering and we use industry benchmarks to analyse the relative performance of your medical clinic against your colleagues so you understand what is working in your clinic and what needs working on.
We strive to help you ‘know your numbers’ and that includes understanding the 4 Ways to Grow Your Business. Once you understand the key profit drivers in your business we can talk you through profit improvement strategies. Not only that, we can quantify the profit improvement potential in your business.
Our unique Business Accelerator Process is designed to fast track your business success and the team of medical specialists at Linda McGowan Pty Ltd offer GP’s, physiotherapists, osteopaths, dentists, optometrists and surgeons a range of accounting, taxation and business coaching services including:
- Start-Up Business Advice
- Advice and Establishment of Your Business Structure
- Advice & Assistance with the Purchase or Sale of your Medical Practice
- Spreadsheets and Tools including a Start Up Expense Checklist and Pricing Calculator
- Tax & Business Registrations including your ABN, TFN, GST, WorkCover etc.
- Preparation of a Business Plan, Cash Flow Forecasts and Profit Projections
- Accounting Software Selection and Training – Bookkeeping, Invoicing, Payroll etc.
- Preparation of Finance Applications for Banking Institutions
- Site Location and Advice Regarding your Commercial Lease
- Preparation and Analysis of Financial Statements
- Bookkeeping and Payroll Services
- Tax Planning Strategies
- Industry Benchmarking and KPI Management
- Marketing Advice including branding, brochures, website and social media strategies
- Advice and Assistance with the Development, Content and Website SEO
- Wealth Creation Strategies, SMSF’s and Financial Planning Services
- Vehicle & Equipment Finance (Treatment Tables, Medical Equipment and Clinic Fit Out)
- Monitoring Labour Costs & Advice regarding Employee Relations and Workplace Laws
- Advice regarding Claiming Motor Vehicle Costs
- Business & Risk Insurances
- Business Succession Planning
We are so much more than just tax Accountants. We are business advisors and profit builders who service the needs of a number of physiotherapists, doctors, dentists, osteopaths, pharmacists and doctors. We offer you strategies to grow your business, your profits and your wealth. Over the past decade medical practitioners have become a real niche within our accounting practice and if you’re looking to get the right advice when starting, buying or developing your medical practice or clinic, contact us today on (03) 9383 2700.
