Whether you’re running a medical practice or working as a healthcare professional, the unique financial challenges you face can be significantly eased with the help of a specialised medical accounting firm. In this blog, we address some frequently asked questions about medical accounting, and how specialised support can help you better manage your finances and maximise your tax benefits.
Can a medical accountant really help reduce my tax?
Absolutely, a medical accountant can significantly help reduce your tax liabilities. With experience and knowledge in the medical field a medical accountant can design medical-specific tax strategies to identify and mitigate your tax risks and maximise opportunities. They will also ensure compliance with ATO regulations by regularly updating their knowledge to remain across any new rulings or changes in the law. .
An experienced medical accounting team also understands the career life cycle of a medical professional and can advise on your tax from internship and training to transitioning into private practice and retirement.
Can a medical accountant help to establish my private practice?
When you are ready to establish your own private medical practice, it’s vital to have the correct business structures in place from the start. Each structure, such as a sole trader, partnership, trust, SMSF, or company, has its own benefits and limitations. A medical accountant can guide you in selecting the most suitable structure that aligns with your needs.
A medical accountant can then help you establish and implement your chosen business structure, including registering your business and completing necessary registrations with the Australian Securities and Investments Commission (ASIC). They can also assist in preparing a comprehensive business plan with cash flow projections, budgets, and forecasts, which are crucial for setting financial goals and managing expenses.
Medical accountants often have a network of trusted professionals in various fields, such as legal advice, IT, and virtual practice management. They can introduce you to these experts to cover all aspects of establishing and managing your practice.
After your practice is up and running, a medical accountant provides ongoing support to ensure compliance with tax regulations and other legal requirements. They can help to keep your financial records accurate and up-to-date, allowing you to focus on growing your practice.
Can medical accountants provide business advice?
Yes, an experienced medical accountant will be able to provide business advice tailored to your specific needs. Many medical accountants work closely with clients throughout the entire lifecycle of their business, from start-up to maturity and succession planning.
As your medical practice evolves, so should your goals, objectives, priorities, and strategies. No matter what stage your business is in, medical accountants can offer solutions to address complex issues and help you seize opportunities.
By providing timely information through cash flow forecasting, medical accountants can help you manage your cash flow effectively, ensuring you have the resources needed to operate smoothly and plan for future growth.
With the long term view in mind, a medical accountant will help you plan the future succession of your business. This will ensure a smooth transition of business ownership while maintaining its value, whether you’re passing the practice to a family member or selling it to a new owner.
Can a medical accountant help to maximise my superannuation?
Maximising your retirement savings as a medical professional requires strategic planning and early action. Consider working with a medical accountant who specialises in retirement planning for medical professionals. They can offer tailored advice on superannuation strategies, as well as regularly reviewing and adjusting your retirement plan as your career progresses and financial circumstances change.
Leveraging the expertise of a medical accountant can significantly enhance your financial health and efficiency as a medical professional. If you’re ready to optimise your finances and secure your financial future, contact the experienced team at Walshs for personalised advice and comprehensive accounting solutions. Reach out to us today and let us help you achieve your financial goals.
