Medical

Medical

Using the correct accountancy process for your business minimizes risk, increases profits, and ensures sustainability. However, crunching numbers isn’t usually a priority for medical professionals – they’d rather attend to their patients. Nonetheless, running a private practice also means you are a small business owner and you cannot ignore financial considerations. Medical professionals have special accounting needs so it is very important you use an accounting firm with industry knowledge. dnm group handles the accounting needs of many doctors and medical practices and recognizes their unique challenges. We offer the following services for medical professionals:

How we can help

The things that matter in medical

BUSINESS STRUCTURING & SETUP

Choosing the correct business form is extremely important as it has many financial and legal implications. Medical professionals may operate as a sole trader, medical company, discretionary trust, or service business.

 

dnm group can advise what’s best for you based on your needs. Each structure attracts different associated risks and tax consequences. We’ll help you choose a structure for optimal tax efficiency, asset and estate protection, and succession. We can also facilitate business establishment, sometimes with our partner legal firms.

PERIODIC MANAGEMENT ACCOUNTS

Accurate records show you what is happening in your business. Preparing and analysing management accounts provides you with vital information such as budgeting and cash flow forecasts. They also identify and measure key performance indicators to warn of any anomalies.

 

Periodic management accounts can help you improve performance, identify trends, and compare projections with actual outcomes. They highlight changes in spending and income and also indicate how you may improve resource usage. Most importantly, they give you the information you need to move confidently forward towards greater success.

ANNUAL FINANCIAL STATEMENTS

Financial statements need to follow accounting standards for transparency and accurate financial information. Owners and managers use financial statements to make important long-term business decisions. Prospective investors use financial statements for financial analysis, and lenders use financial statement to judge business health and risk.

 

We are chartered accountants with years of practical experience. We adhere to strict ethical standards and the Australian Accounting Standards.

COMPLIANCE

GST, PAYG, payroll tax, superannuation contributions, client billings, expense claims and controls, and recordkeeping are complex. It can be difficult for medical professionals to comply with regulations if they don’t understand their intricacies.

 

dnm group takes care of your compliance obligations, so you can concentrate on your practice. We offer basic bookkeeping, tax returns, and tax accounting services to address all, or any of your needs.

ACCOUNTING ADVICE

You may want to handle all or part of your bookkeeping in-house, but you don’t know where to start or which business accounting software to use. We offer advice, software installation, support, and staff training as well as bookkeeping, including accounts payable and accounts receivable. Our team has extensive knowledge and experience with Xero, Reckon, Banklink, Cashflow, MYOB, Saasu, and Quickbooks. We can also help you establish or transition your accounting to an online “cloud” environment.

 

If you already have accounting software, we can prepare the reports you need and recommend ways you can improve your operation, increase cash flow, and maximize profits.

ESTATE & SUCCESSION PLANNING

Many times a doctor is the business, so it is very important you plan your estate, what happens to your assets, and who succeeds you if you want the business to carry on following your vision. You’ll want a smooth transition if you can no longer run your business or you want to do something else.

 

dnm group identifies and addresses potential problems and recommends ways to protect your business and your legacy. Your personalized plan ensures equity transitions seamlessly and without the burden of unnecessary tax on heirs or successors.

Talk to us about your situation and objectives and we’ll give you an honest appraisement of what we can do for you. You can contact us here