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5 Reasons Why Doctors Should be Using a Specialist Medical Accountant

Medical Industry Services - Acuity Financial Services

Medical AccountantsWhen it comes to accounting for your medical business, it can be more complex than regular business accounting. That’s why outsourcing to a professional is the best option. However, not all accountants are created equal. A specialist medical accountant can offer additional capabilities in the field that a non-specialist may not be aware of. This can have a significant impact on your business and help you to make informed financial decisions.

Here 5 reasons why you should consider using a specialist medical accountant:

  1. Knowledge of Unique Medical Industry Regulations

The medical industry is heavily regulated, and there are many limitations and regulations unique to doctors and healthcare professionals. A specialist medical accountant has the expertise and knowledge to navigate these regulations effectively. They can help you to understand what claims can be made to minimize ATO enquiries, respond appropriately to complications of GST for medical practices, and keep up to date on any industry funding changes.

  1. Avoid Common Mistakes

A non-specialist accountant may not be aware of all the nuances of the medical industry. This can lead to common accounting mistakes, such as miscalculating superannuation contributions or incorrectly allocating profits. A specialist medical accountant has the experience and expertise to avoid these mistakes and ensure that your accounting is accurate.

  1. Expert Consultancy and Advice

A specialist medical accountant can offer expert consultancy and advice to help you make informed financial decisions. They have the knowledge and experience to advise you on how to maximize revenue and minimize tax obligations. Additionally, they can answer any accounting or tax-related concerns you may have for your industry.

  1. Deductions Specific to Medical Industry

Tax requirements are higher within the medical industry, and deductions can vary between industries. A specialist medical accountant has a sound knowledge and experience of which deductions you can claim, reducing the risk of losing money during tax time.

  1. A Wide Range of Services

A specialist medical accountant typically offers a wider range of niche services than a non-specialist accountant. This includes preparing tax returns and plans, bookkeeping, and payroll. Acuity Financial Services, for instance, offers a wide range of accounting services specifically tailored for medical professionals.

In conclusion, outsourcing to a specialist medical accountant can help you navigate the complex accounting requirements of the medical industry. They have the expertise and knowledge to avoid common mistakes, offer expert consultancy and advice, and provide a wider range of services specific to your industry. If you’re a healthcare professional looking for financial support, consider reaching out to Acuity Financial Services for a consultation with one of our medical accounting specialists.

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