Request a Consultation We offer a free initial consultation to individuals and businesses. In the midst of everything the pandemic was throwing at business owners, Mangum Advisors was there to help me navigate the storm. The guidance they provided during that time is something I will never forget. Just as you advise patients to take preventative steps to protect their health, you must be proactive to guard the fiscal well-being of your practice.
Our experts value open lines of communication and provide on-demand insight into accounting activities. We regularly report on financial statements, including profit and loss analyses, balance sheets and resources for pain-free tax planning. Many accountants for doctors provide a variety of disjointed financial solutions. Magnum’s comprehensive medical practice accounting services join all bookkeeping, tax and financial operations into one streamlined process.
About the Author John F. Dennehy Jr., CPA, PC
But as a healthcare provider, your time is best spent consulting with patients, not worrying about the books. We specialize in accounting and tax services for busy health care providers so we know how to address the unique financial needs and tax burdens that medical practices like yours face. Although maintaining your books is important, we understand that quality retail accounting and tax services aren’t just about crunching the numbers. We study and interpret your financial data to determine what it’s telling us about your practice and how to make adjustments that will improve your bottom line.
Patient care can be your main priority, but your medical practice is also a business. As a result, you need to take the time to review your financial statements and reports to draw conclusions that can inform your business decisions. Another often-overlooked aspect of medical practice management is reconciling bank and credit card accounts.
In order for a healthcare practice to thrive, appropriate accounting procedures must be put in place. That way, the practice owner can know where they stand financially at all times. Our https://www.globalvillagespace.com/GVS-US/main-features-of-bookkeeping-and-accounting-in-the-real-estate-industry/ experts will partner with you to understand key financial information about your organization. We’ll assess potentially costly gaps and find opportunities to increase profit margins.
© 2023 Website builder for accountants designed by Build Your Firm, providers of websites for accountants and enrolled agents. Before you decide on a particular software, make sure to speak to your accountant for suggestions. Accountants work with these types of software on a daily basis and can provide invaluable insight on which one would work best for your unique business. For example, an in-house bookkeeper might make sense, but you’re probably better off using an outsourced accounting service for your more sophisticated financial needs. Finance, accounting, and tax strategies aren’t the most exciting topics for most medical practitioners, but you don’t have to become a master.
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Owning your own medical practice is an exciting prospect, but it comes with additional accounting responsibilities. While you’d probably prefer to focus on providing healthcare services to your patients, you can’t afford to ignore the business side of your operation. Your practice’s financial statements provide insight into its financial health. Reviewing your balance sheet, income statement, and statement of cash flows each month can help you keep tabs on your current cash position, receivables, payables, liabilities, revenues, and expenses.
The more knowledgeable and reliable they are, the less that business will interfere with your day-to-day routine. Apply for financing, track your business cashflow, and more with a single lendio account. Customer small business financing solutions delivered through a single, online application. Regular reconciliations will allow you to handle anything unusual immediately before it leads to bounced checks or negative cash flow.