Medical  Accounting Services

Ensure That Your Finances Is In Good Health.
We Can Help.

 Medical Healthcare  Accounting Services

LYFE Accounting develops a customized financial accounting plan and financial management designed to help you reach your goals. As medical professionals, we know you need to focus on your patients and growing your business at the same time. We offer all the financial services you need to prosper and grow your small business. Do you need help in organizing all of your financial data?

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Bookkeeping

Having solid accounting and bookkeeping is important. Historically, medical practices have relatively low-profit margins. So keeping a close eye on expenses is especially important. With medical accounting, you will have all the financial information you need in order to remain profitable. Our team of accounting experts will provide you with monthly accounting reports that will clearly outline where your practice stands financially.

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Tax Preparation

Medical accounting helps with tax preparation. It is important for medical practitioners to not only accurately file their tax returns but to also receive solid tax advice. Our CPAs understand how changing tax laws affect medical practices. We work with you to take full advantage of tax deductions and credits you are entitled to. We can also provide you with an annual tax strategy plan that focuses on saving you the maximum in taxes on an ongoing basis.

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CFO Services

Our medical CFO services go beyond bookkeeping and tax preparation. We dive deeper into your specific financial situation and provide advice and solutions to your unique problems. You would work with one of knowledgeable CFOs and develop a trusting, long term relationship. We will provide you with budgets, forecasts, projections, and other valuable tools. With these tools and our expertise, your medical practice will certainly thrive.

Why Use Medical Accounting Services?

The medical field operates under some of the highest tax-paying industries. You need to ensure proper tax planning in your business so there will be no surprise on your year-end tax. Furthermore, Accounting and bookkeeping is a major component within your medical practice. It is the core of your business which allows it to operate efficiently. Without accounting and bookkeeping, it would be impossible for any business to operate profitably. Why?

Because medical accounting and bookkeeping keep track of all of your income and expenses. It takes more than one individual to operate a medical practice. Medical accounting keeps and maintains proper medical records so your staff can have the records they need surrounding their pay, taxes, and benefits.

As a business owner in the healthcare industry, you already know the critical role accounting plays in your business. The accounting system that LYFE Accounting has can allow you to have your primary focus on your patients. Outsourcing your medical billing and accounting allows you to focus on what’s more important while still achieving the financial results you desire.

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 Benefits  Of Medical Accounting

The power of timely and accurate medical accounting can open your eyes to new operational efficiencies. With this insight, you can eliminate costs that prove to be wasteful and spend only where necessary.

The capability to pinpoint all of your expenses in your medical practice gives you an invaluable understanding of what your costs and revenue drivers are. Our practice management is designed to cut down costs on your business expenses and our practice valuation can help you greatly when you want to expand your business such as adding shareholders, investors and when you are considering a merger.

In addition, medical accounting helps you to:

Organize and report on all of your transactions in a way that is easy to understand

Develop budgets and forecasts used for strategic planning

Implement profitable decision making

Minimize your tax burden by maximizing on all tax deductions that are applicable to you

Why LYFE Accounting For
 Medical Accounting
 

LYFE accounting is a full service accounting team that is dedicated and passionate to be accounting consultants and certified accountants and bookkeepers. If you require tax preparation and financial statements, we can take care of those for you too!

Industry Knowledge

Our team has direct experience with doing medical accounting. You are assigned a designated accountant who will work closely with to help you achieve your goals. Rest assured you are in very capable hands with someone who knows your industry. Many healthcare organizations already trust us and know we are reliable.

We Are Certified

Our team consists of Certified Public Accountants, Registered Investment Advisors, Enrolled Agents, and Tax Preparers. We have the qualifications and experience to service all of your medical accounting needs.

Niche Experience

Accounting in every industry is different. Which is why working with our team will be a pleasure for you. Our accounting firm has extensive knowledge on medical accounting service and we have specific experience working with different law firms. The medical accountant that will be assigned to you will give you a more detailed guide on your accounting.

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independent contractor accounting

LYFE Accounting Use The Most Up To Date Medical Accounting Software

Working with us at LYFE Accounting gives you the opportunity to work with the best. As we are one of the best medical accounting firms, you will benefit a great deal from our high quality services. You are guaranteed of being guided by professionals and real experts when it comes to accounting and bookkeeping.

Bid your finance related troubles goodbye.

 Medical Accounting  Considerations

Cost Accounting

You should know or have a general understanding of the costs associated with each service you provide. This way you know how much resources you should allocate to a particular so that you remain profitable.

Cash Flow

Cash in any business is king. You simply need it to operate. With medical practice accounting, you’ll be able to keep up with patients and insurance providers that owe you. Staying ahead of your outstanding invoices is key for maintaining a healthy level of cash in your business..

Financial Forecasting

Financial forecasting is especially important for medical practices due to the high costs to operate. Financial forecasting allows you to develop a budget of income and expenses and for business planning purposes.

Our  Methods  To Medical Accounting

Catch Up Your Books

We take the time to catch up on your books to the present month.

Set Up Chart of Accounts

We set up your chart of accounts so that reviewing your financial statements is easy and tax return filing is a breeze.

Data Entry

We gather data. Whether you use Paypal or a credit card processor, we incorporate that information into your books. We will also connect your financial accounts to your bookkeeping software and begin data entry that includes your accounts receivable general ledgers. We use up to date accounting software including QuickBooks.

Reconciliation

To ensure accuracy on your financial statements and ultimately your tax return, we reconcile your accounts.

Reporting

We prepare your financial statements. The financial statements include income statements and balance sheets.

Use Insights

We help you use your reports and KPIs to make informed, profitable decisions.

Why LYFE Accounting Is One Of The Leaders In Medical Accounting Services

Work With The Best

We have a team that is run and directed by Certified Public Accountants (CPAs). What this means is that you will be working with one of the best teams in accounting. No need for you to learn the details of the different rules and regulations that cover financials, bookkeeping, and taxes. One of our CPAs will be assigned to work with you. There will be constant communication between you through emails and if further discussions are required, phone consultations can be arranged.

Financial Statements Included

We include financial statements in the extensive services that we provide for you. If you are going to file your small business tax return then you will also have to include your small business tax basis income statement. And you will have to add your balance sheet as well. We will do everything we can to equip you properly for any financial requirement.

We’ll Cover Your Expenses And Revenue

On top of everything else, we will also cover your expenses and revenue management. These are among those things that could distract you from focusing on the growth and further development of your business. Not that they’re not important, but you could set your sights and focus your attention on other aspects of your business that matter just as much.

Have Great Financial Health With Medical Accounting

Your medical practice needs medical accounting. Your industry is specialized. You need professionals on your team to service your unique accounting needs and we can also have our bookkeepers take a look at your books and financial records. A proper cash flow management will also be achieved through LYFE Accounting’s medical accounting services.

You are more than a doctor but also a business owner. And all business owners need an accounting solution to be right so they can make the right decisions, at the right time.

Ready to get started? Schedule a meeting below and start focusing on your business growth LYFE Accounting medical services is here for you!

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470-240-1437

CLIENT TESTIMONIAL

“My experience with LYFE Accounting was nothing short of amazing. Krystal is professional, detail oriented, and truly cares about her clients. I will continue to use LYFE Accounting for all of my personal and business tax needs as well for my business bookkeeping needs.”

– C. James