Accounting advice for new medical professionals

Starting your own practice is an exciting next step after finishing medical school, but it’s also a big undertaking, especially if you’re still paying off debt. Our team at MMT Chartered Professional Accountants has extensive experience working with physicians and medical professionals, sharing financial planning strategies and providing comprehensive accounting services as they grow their practices.

If you’re tempted to take a do-it-yourself approach to your clinic’s finances, you may be underestimating the value that expert financial advice can give you. As a medical professional, your finances are likely to become increasingly complex. While software programs may be able to assist you with some tasks, they lack many of the advantages gained through building a relationship with an accountant. 

So how do you decide if you should manage your own finances, or outsource this task? Find out what benefits professional financial advice can offer, so you can recognize when it’s time to seek reliable accounting advice like ours.

Software solutions

When you’re opening your own practice, one of your many roles will be to manage your financial records. There are a number of software programs available to help you with this, including streamlining tax preparation, payroll, and budgeting.

These software programs may even be tailored specifically to medical professionals. They’re an affordable way to seek financial support without having to hire an accountant. For instance, if you’re a medical professional with very basic financial needs, these programs can guide you through the process of filing your taxes in only a few hours.  

Software programs also increase accuracy over manual data entry. This can be beneficial for day-to-day business practices, including payroll and accounts receivable, allowing you to meet your financial obligations with relative ease.

Added value

However, it’s important to recognize that this automation of financial record-keeping does have limitations. A trained and experienced accountant offers considerable added value that can’t be replicated by software. While our services may cost slightly more than the initial investment in a software package, you’ll gain insight into your financial management that can pay dividends for years. 

Medical professionals who are looking to grow a medical practice can benefit from human expertise much in the same way that your patients will benefit from your skilled care instead of searching for their symptoms online. Our accountants will develop a relationship with you over time, and thereby offer you ongoing advice to improve the functioning and profitability of your medical clinic. This will allow you to see financial gains that can easily offset any expenses associated with accounting services.

Financial professionals regularly deal with complicated issues, and can do so much faster and more accurately than you can on your own. Having an accountant on your team frees you up to focus on your own clinic work and patient base. And even when we use accounting software, we have access to more sophisticated programs and are experienced in tailoring the support to meet the needs of our clients. This can save you both time and money.

It’s also essential to understand that financial advice shouldn’t be limited to one time of the year, despite how much attention tax season gets. While it’s critical to take advantage of credits and deductions when filing your taxes, integrating these considerations into all of your financial practices can maximize their effect. That’s why it’s so valuable to have an accountant who can answer your questions as they arise and offer you valuable guidance on a regular basis.

As your medical practice expands, it will also become more financially complicated. Your payroll will grow to include more staff members, you may acquire additional rental properties or real estate assets, and you’ll be faced with multiple streams of revenue (from insurance, government funding, and fees-for-service). You’ll also need to determine the depreciation of assets. In all of these circumstances, the hands-on experience of a financial professional can help you keep everything in order. 

Finally, consider how accounting expertise can help you achieve your long term goals. Visionary financial guidance can be extraordinarily valuable. Accountants are skilled at analyzing and interpreting data, making cash flow forecasts, knowing industry trends, and using past experiences to offer future insights. 

Open your practice with financial confidence

If you’re just beginning your journey as a medical professional, it can be tempting to manage your finances on your own, but by outsourcing this task to financial experts, you’ll be able to focus on your own area of expertise. As you continue to grow, incorporate, accumulate practice acquisitions, and even navigate life’s changes like parental leave and retirement, our accounting advice can help you keep your financial goals on track. 

With our proven track record of helping medical professionals to minimize their tax burden and maximize their success, MMT Chartered Professional Accountants is a solid investment in your future. Contact us today to discuss how we can provide comprehensive financial services and strategies you actually need, and not just a one-size-fits-all solution.

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