Specialist accountant do more than producing your tax and annual accounts.
Their industry specific knowledge on Medicare, Practice Management and Incentive Payments can be instrumental in keeping the practices functions healthy and helping practitioners plan.
Size of the firm
It is not the size of the medical specialist accountants that matters most but the quality of the service. Larger firms have a division specialising in General Practitioners but also have a broad based clients. Other generic firms with hundreds of Doctor clients deal mainly with the Health Care sector, such as clinics, pharmacies and dentists. Some small firms may be entirely geared towards Medical Practitioners.
As a specialist accountant, they must possess wide knowledge of how the practices are run and operated. Be familiar with practice financing, operations, incentives and recruitment. The firm also need to have efficient strategies towards bookkeeping, accounting and tailored tax strategies.
Any Practitioner or their Practice needs personalised service, dealing with one accountant and their support team at the firm and not been passed to different accountants.
The compliance work must be completed on time and the accountant must understand the structure and the dimension of the practice and practitioner.
Prompt attendance to routine queries is imperative. The firm should be prepared to return telephone calls and emails promptly and have a team of staff to promptly advise on bookkeeping, cash flow and owners’ drawings. The accountant must prepare and demonstrate regular benchmark analysis for the practice and ensure that they are demonstrated in simple terms to owner practitioners.
Selecting a firm
The fees charged will vary to the size of the practice and it’s specialisation. Nowadays, most firms agree to a fixed annual fee and provides options to pay upfront with a discount, monthly or at completion of tasks. Typically, firms do not charge separately for owners and entities.
If the practice uses a specialist firm but considering to move, it is best to ask yourself why the existing accountant need your business. Can they improve their services? Are they prepared to adjust the fees? However, be vary to change an accountant to simply to save fees. If the current accountant is providing an excellent service but a little expensive, it may be better to stick with them.
Typical services included
• Annual financial statements
• Annual income tax return for the business
• Annual income tax returns for the owners
• Annual ASIC fees
• Quarter GST returns
• Annual or bi-annual tax planning
• Routine enquiries
Extra services may include
• Cash flow forecast
• Monthly/quarterly management accounts and reporting
• Fringe benefits tax return
• Payroll services
• Bookkeeping services
• Business structure advice or setup
• Pension or superannuation advice
The contents were modified by Praba Ganeshan from Ganrid Consultants referring to sources obtained from http://www.gponline.com/to%E2%80%A6-find-best-practice-accountant/article/629907
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