Bookkeeping for Doctors and Medical Practices – How Healthy are Your Accounts?

Pain-Free Payroll and Contractor Payments

Medical payroll often involves detailed arrangements between practitioners and practices, and your staff may be a combination of employees and contractors with different agreements, cost apportionment and income percentage for each person. In some cases, the same person can be a contractor and an employee, which means the different types of payments must be treated correctly.

Payroll is complex at the best of times, let alone when dealing with the medical practitioners’ and health professionals’ awards that have clauses and provisions very specific to the industry. We often see problems with superannuation due to incorrect treatment of allowances, overtime and contractor/employee arrangements. Once your payroll has been set up correctly, using Xero’s automatic superannuation makes tracking and paying super obligations simple.

We partner with Employment Hero to make managing people and payroll compliance a whole lot easier. Collaborating with HR experts ensures that looking after your team and their pay becomes stress-free.

Using a Medical Bookkeeper for First-Rate Financial Administration

Medical businesses are heavy on the record keeping. There are many documents that are required for best practice bookkeeping. We’ll let you know exactly what is required to support the accounting and verification of your financial reports.

If your practice has stock to manage, we’ll track your inventory as well. We can also track transactions by location or practitioner, or both, for accurate reporting and allocation of income and expenses.

Billing can be time-consuming, and we’re here to help make that fast and efficient by working with you to ensure you have the best point-of-sales systems in place. This means your staff can focus on the patient rather than the technology.

Our team will work with you to understand your medical business and customise the weekly and monthly tasks and reporting to your requirements.

Xero integrates with a number of medical and clinic management add-ons. We’ll ensure the set-up of your chosen apps integrates as intended into the Xero accounts for correct reporting.

Financial Reporting for Planning and Profitability

Medical bookkeeping specialists offer you security in knowing that your accounts are being looked after by professionals. The more complex a business, the easier it is to lose sight of what’s really going on in the accounts. Fraud is a reality of our world, but using the right tools in the right way minimises the risk of your money not being handled the way it should.

Budgeting and regular cash flow forecasting are essential for both planning and profitability to ensure long-term success. We’ll review monthly financial reports with you to help you stay on track with your goals and margins. Accurate and meaningful reports give you valuable insights into your business performance, especially when regularly reviewed with an objective advisor.

As your medical bookkeeper, we offer a holistic approach with a big picture and long-term strategy to help you achieve financial success and confidence in growing and managing your practice.

Xero for New or Existing Medical Businesses

The On The Money bookkeeping and accounting team are enthusiastic gold partner experts in Xero and we’d love to get your medical bookkeeping accounts set up on Xero. If you are already a Xero user, we will perform a health check of your accounts first and let you know how we can improve the state of your accounts. We’ll report back to you with our recommendations to get your business and accounting systems operating at optimum ease and efficiency.

Talk to us now if you think your current software system and medical bookkeeping could be better. You can focus on your area of expertise knowing that we are staying on top of the financial reporting.

You devote your time to the health of people – let us look after the health of your accounts.