Health & Wealth
Managing a medical practice is hard work. Just keeping up with insurance paperwork and reporting requirements alone is enough to give you a monster headache.
You’ll Appreciate our Affordable Turn-Key Services
We will take on all your accounting needs, including: bookkeeping, payroll, tax filing, financial reports, strategic planning, and troubleshooting.
Chances are, if you’re trying to handle your bookkeeping, accounting strategies, and tax filing on your own or with a salaried staffer, it’s costing you more than you’re saving. The good news is, we can handle all your medical practice’s accounting needs. We specialize in working with family doctor practices, dentists, chiropractors, physical therapy facilities, and other owner-operated healthcare related businesses. We’re small business owners, too. We get it. It’s challenging to run a company on a tight budget.
3 Tips for Saving Money with Healthcare Accounting:
- Incorporate your business. The liability associated with any healthcare practice is high. Insurance helps with some protection, but doesn’t necessarily prevent people from going after your home or other assets. The choice of an S-Corp, an LLC, or in rare cases, a C-Corp, depends on your long-term goals, but what’s most important is to separate your business from your personal assets. If you’re unsure of what might be the best solution fro you, we can help.
- Expense or depreciate equipment. Most medical practices must buy new equipment to ensure compliance with current requirements. this is a big investment that should be logged on your tax return. Depreciation rules are complicated, but recent federal tax code law has expanded how much you can expense and for hat. In most cases, expensing as much as possible is a better choice, but there are times when depreciation can save you more. Knowing how and when to get tax relief from your business purchases can make a big difference in how much you bring home.
- Outsource payroll. Gone are the days where it makes sense fro a healthcare practice to try to manage payroll internally. The time it takes to direct deposit or issue paychecks, escrow withholding, file quarterly (or in some cases, monthly) returns, and figure out the best way to document everything has increased. The cost of outsourcing payroll has decreased. The economy of scale and expertise specialists bring to the w-2 and 1099 compensation picture means they can do it at a better value.