Best Medical Practice Accounting Services
Owning a practice comes with significant accounting requirements. Private medical practices also have unique financial needs that require specific expertise in accounting and financial management. That’s why it’s important to set your practice up with the best medical practice accounting services from the get-go.
Below we will take a look at what accounting looks like for private medical practices, as well as list a few accounting firms with expertise in medical practice accounting.
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What is the difference between an Accountant and an Accounting Firm?
Accountants are professionals who help businesses to manage their finances effectively and achieve their financial goals. They are trained to handle a variety of financial tasks to this end, such as bookkeeping, financial reporting, taxation, and compliance with regulations.
Accounting firms are companies that typically consist of a team of professionals trained in finances and accounting, such as accountants, auditors, etc. Together, they provide expert financial services to businesses, organizations, and individuals. They help with things like preparing financial reports, doing taxes, managing money, payroll, etc.
Tip
You can either decide to hire an individual accountant or onboard with an already established accounting firm. When signing up with an accounting firm, it would be ideal to find one that specialises in medical (GP or specialist) practices. Either way, make sure you sign up with the best medical practice accounting services to suit your practice needs.
Do private medical practices need Accounting Services?
While accounting services can help a private practice to operate smoothly and stay financially stable, they also make sure that the practice abides by the relevant laws and regulations. Below are some accounting obligations that private medical practices typically have to follow:
- Keep track of all their financial transactions such as income, expenses, and assets using accounting software or a bookkeeper.
- Pay their taxes on time, including income tax, payroll tax, and sales tax.
- Manage their accounts receivable and payable, which means keeping track of money they owe to suppliers and money owed to them by patients and insurance companies.
- Prepare financial reports to see how much money they are making, what they are spending their money on, and to monitor their financial health.
- Comply with laws and regulations, such as POPIA regulations that protect patient privacy and data security.
- Plan ahead by creating budgets and financial forecasts to ensure they have enough resources to cover their expenses and achieve their goals.
How can an Accounting Firm help my practice?
Accounting services can assist your medical practice in several ways, including the following:
Expertise in financial matters
Accountants have the expertise and training to handle the financial matters of a medical practice. They have a deep understanding of tax laws, financial reporting, and financial management practices, which can help ensure that the practice’s finances are well-managed.
Time-saving
Managing finances can be time-consuming and take away from the time that doctors could be spending on providing patient care. By utilising the services of an Accounting Firm, the practice can save time and focus on patient management.
Compliance with regulations
There are many regulations and laws that medical practices need to comply with, including tax laws and regulations related to patient privacy and data security. Accounting Firms will help ensure that the practice is compliant with these regulations.
Strategic financial planning
Accounting Firms can help the practice create a strategic financial plan that aligns with the practice’s goals and objectives. This can help you to make informed decisions about investments, expansion, and other financial matters.
Financial analysis
Accounting Firms provide financial analysis and insights that can help you identify areas where your practice can improve its financial performance.
Best Accounting Firms for private medical practice in South Africa
Below are some reliable South African Accounting Firms that specialise in private medical practice accounting.
1. 1% Accounting
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Some of the services offered by AxialMed include:
- Registration with BHF and medical aids.
- Assisting with practice setup.
- Connecting you with practice management software solutions.
- Patient detail verification.
- Patient billing and electronic claim submissions.
- Payment collections.
- Medical scheme tariff updates.
- Reconciliation of remittances and bank statements.
- Practice and business management.
- Financial and income management.
- Debt management and recovery.
