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Tax and Accounting for Doctors

Doctors have many opportunities to save tax, but the tax laws (like TOSI) have become increasingly complex. You want to be sure that your accountant is proactive and understands the tax laws and your opportunities.
 
Running a medical practice can be challenging because doctors need to balance the needs of their business with those of their patients. Appointments, scheduling, staffing, associates and capacity concerns, government and direct billings all need to be managed daily. Doctors must continuously evaluate the costs and benefits of buying another piece of equipment or hiring more staff to improve patient care and efficiency.

Did you know?

The average independent professional practice spends 8-15 hours / week on accounting, payroll, and direct billing – earning nothing for this time

Only 15% of medical professionals contact their patients proactively for checkups. This is mainly due to capacity constraints.

Recent tax increases target doctors. The new TOSI rules are extremely complex, and most accountants do not fully understand them

Medical practices with effective and integrated billing systems get paid by insurance companies the next day

An integrated medical accounting and eClaim billing system streamlines operations; freeing up your time and giving you better information to make more informed business decisions. Having the right tax professional on your team saves you (lots) of money. Doctors who outsource their bookkeeping and tax spend more time increasing the size of your practice by seeing more patients.

Here are some of the ways we help doctors thrive

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Direct Billing
Inventory Management

  • Help setup direct billing systems like Telus eClaim system
  • Identify sales trends so you know which frames sell best and which frames have the best margins
  • Develop and utilize a customer relationship management (CRM) tool to keep track of patients and increase capacities
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Bookkeeping
Payroll
Accounting

  • Keep track of expenses and expense reports
  • Manage the accounting for your medical practice, making sure it’s always up to date and consistently accurate
  • Handle your time-tracking and payroll so that your employees, associates, and the CRA are always paid on time and accurately
  • Prepare your year-end financial statements
  • Prepare your year-end corporate tax returns
  • Analyze and optimize your corporate structure for tax purposes
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Cash Flows
Direct Billing

  • Beautiful cash flow budgets and forecasts that give you insights into your future
  • We’ll help you interpret your medical practice’s financial results and give you ideas on how to improve them
  • Specific KPIs such as sales by associate, sales by practice type, busy hours, marketing ROI and more.
  • We work with business owners to create cultures that work. We help with everything from Leadership to hiring and team development, to business strategy and marketing

cpa for Doctors: QuickBooks, Xero, we help doctors thrive

We know the challenges that you face because we have helped doctors from the startup phase to purchasing their first buildings and expanding into multiple offices. Whatever system you’re using now, we’ll meet you where you are and help you build a system that works. Let us manage your practice’s reporting, accounting, and payroll so that you can spend more time creating clarity and growing your business. 

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“I run a busy optometric practice, and Achen Henderson looks after my financials, while I stay focused on looking after my patients. After a busy day seeing and managing patients, it is so nice to come home to spend time with my young family instead of poring over payroll and bookkeeping. My staff get paid on time, and properly, which keeps them happy, and my books are managed by a professional who knows the ins and outs of my business.
 
Achen Henderson is extremely organized and the future of business consulting, utilizing well-developed mobile apps.

 to manage payroll, time-sheets, bookkeeping, and documents. They are responsive and thoroughly understand the needs of young entrepreneurs. 

It is so refreshing to have someone who can guide me in making decisions that are in my business’ best interests.”

~ Bonnie Kwok Professional Optometry Corporation

Up late planning tomorrow? Up early checking the bank balances? We are right there with you every step of the way, no matter how big or small your business is. 

It all starts right here, imagine the possibilities.

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