Medical Practice CPA Services
Accounting for Medical Practices
Your medical practice's financial information should do more than keep your books up to date. It should help you understand how your practice is performing and give you useful information when making decisions about staffing, expenses, compensation, growth, and profitability.
Medical practices have unique financial considerations, including provider compensation, payroll, equipment purchases, office expenses, and the costs associated with adding providers or expanding services.
Our accounting services can help you maintain accurate financial records and gain a clearer picture of your practice's financial position.
Our Tax Services Include:
- Transaction Recording: Accurately record and categorize your practice's day-to-day financial transactions.
Bank Reconciliations: Compare your books to bank statements to help ensure your financial records are accurate and up to date. - General Ledger Maintenance: Keep your practice's financial records organized, accurate, and current.
- Accounts Payable Support: Help manage practice bills, payments, and vendor balances so important expenses don't fall through the cracks.
- Expense Tracking: Monitor and categorize practice expenses to help you understand where your money is going.
- Financial Reporting: Provide clear financial reports to help you evaluate your practice's financial health and make informed business decisions.
- Payroll Support: Assist with accurate, timely payroll processing and related recordkeeping for physicians, providers, and staff.
- QuickBooks Online Integration: Set up and optimize QuickBooks Online to streamline your practice's accounting and financial processes.
Tax Planning for Doctors and Medical Practice Owners
Tax planning shouldn't begin when it's time to file your tax return. For doctors and medical practice owners, changes in practice profitability, physician compensation, business structure, equipment purchases, retirement contributions, and expansion plans can all affect your tax position.
Proactive tax planning throughout the year can help you identify opportunities and make financial decisions before year-end.
Depending on your situation, tax planning may include evaluating:
- Practice income and projected tax liability: Estimate your tax liability based on current and projected practice income.
- Entity structure: Evaluate whether your current business structure continues to make sense as your practice and income change.
- Physician compensation: Consider how owner or physician compensation fits into your overall tax and financial strategy.
- Equipment and major purchases: Consider the tax implications of investing in medical equipment, technology, office improvements, and other major purchases.
- Retirement planning: Identify retirement strategies that may provide tax benefits while helping you build long-term financial security.
- Timing of income and expenses: Look ahead at income and expenses to help manage your overall tax position.
- Available business deductions: Identify eligible business expenses and deductions that may be available to your practice.
- Practice growth and expansion: Consider the potential tax impact of adding providers, expanding services, opening another location, or making other significant changes.
At Fair & Co CPAs, we take a proactive approach to tax planning by helping clients look ahead rather than simply reviewing what has already happened.
Planning for the Next Stage of Your Medical Practice
Growing a medical practice can mean adding physicians, hiring staff, expanding services, investing in equipment, or opening another location. Each decision can affect your practice's profitability, cash flow, and tax position.
As your practice grows, you may be considering:
- Adding physicians or healthcare providers
- Hiring additional clinical or administrative staff
- Expanding your office space
- Purchasing medical equipment or technology
- Adding new services or specialties
- Opening another location
- Improving practice profitability and cash flow
- Evaluating provider compensation
- Planning for a future transition or sale of the practice
Having accurate financial information can help you evaluate these opportunities and understand the potential financial impact before making major decisions.
Fair & Co CPAs can provide the accounting, tax planning, and advisory support you need to make informed decisions as your practice evolves.
Business Advisory for Medical Practice Owners
Your CPA can be more than the person you call when it's time to file your taxes. As your practice grows, financial information can help you evaluate important decisions about profitability, staffing, compensation, expansion, and long-term planning.
Fair & Co CPAs can help you look at the numbers behind decisions such as:
- Improving profitability: Identify areas that may be affecting your practice's bottom line.
- Cash flow planning: Better understand your practice's cash flow and upcoming financial needs.
- Adding providers: Evaluate the financial considerations of bringing on another physician or healthcare provider.
- Expanding your practice: Consider the financial impact of additional space, services, staff, or locations.
- Major investments: Evaluate the financial implications of equipment, technology, and other significant investments.
- Practice transitions: Begin planning for a future sale, ownership transition, or other major change.
Why Work with Fair & Co CPAs?
At Fair & Co CPAs, we help business owners take a more proactive approach to their finances. Our team provides support across accounting, tax planning, payroll, financial reporting, and business advisory services.
Whether you need help with accounting for your medical practice, are looking for more proactive tax planning for doctors, or need a trusted advisor as your practice grows, we're here to help.
Free Tax Guide for Medical Practice Owners:
Accounting That Actually Helps You Run Your Medical Practice
Not ready to schedule a conversation yet? Recieve our free guide for medical practice owners to learn about common tax planning opportunities and financial considerations doctors may want to discuss with their CPA.