Accounting for Medical Clinics
Having a career in medicine is certainly a calling. Aside from the demands of this vocation, there’s considerable thought and preparation that goes into setting up and sustaining a medical clinic. It’s no wonder that medical professionals rely on others with particular business expertise to assist so that they can better attend to the important work of treating their patients.
Having proper accounting practices in place is one critical piece to maintaining a medical practice. Here’s what’s required for success.
Starting up a clinic
In their guidebook for physicians starting a practice, the Alberta Medical Association has some great advice when it comes to accounting. Basically, they suggest that hiring a Chartered Professional Accountant (CPA) should be done early on. Before a clinic opens its doors, this is when accountants can offer valuable expertise on setting up bank accounts and financial books. They can also provide information about tax deductions and credits.
Growing the practice
Whether healthcare practitioners are physicians, chiropractors, optometrists, dentists, physical therapists or pharmacists, there are many ways a busy clinic can benefit from hiring an accounting firm. A good accountant can point out where business processes and accounting procedures can be strengthened. With their knowledge of finances, they can assist to streamline operating procedures to reduce operating costs. Accountants also have an eye for growth opportunities and can explain these opportunities as well.
A professional accountant can be invaluable when it comes to a number of different business financial processes. This includes basic accounting and bookkeeping, of course, and compiling financial statements. Income tax filing and payroll processing are two other necessary activities that an accountant can help with. In addition, hiring a CPA to prepare profit and loss and financial reporting is a good idea.
Adeolu Ajayi Professional Corporation is honoured to support medical clinics across Calgary with all their accounting needs. If you think we can be of assistance to your practice, please contact us and we’ll be pleased to discuss our services with you.
ABOUT THE AUTHOR
Adeolu Ajayi is a Chartered Professional Accountant and the founder of Adeolu Ajayi Professional Corporation. Adeolu provides valuable tax planning, accounting, and income tax preparation services in Calgary, AB, and environs. Call us today for a consultation!
Adeolu Ajayi, CPA, CGA, FCCA | 03/04/2021