Tax and Accounting for Doctors
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
- 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
- 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
- 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.
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.