Medical Accounting Services
MEDICAL ACCOUNTING SERVICES
Our team will develop a customized financial accounting plan designed to help you reach your goals. We offer all the financial services you need to prosper and grow your business!
Do you need organizing all of your financial data? We’re here to help.
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.
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.
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?
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.
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 records so your staff can have the records they need surrounding their pay, taxes, and benefits.
As a healthcare provider and business owner, you already know the critical role accounting plays in your business. However, your primary focus is your patients. Outsourcing your medical accounting allows you to focus on what’s more important while still achieving the financial results you desire.
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.
In addition, medical accounting helps you to:
- Organize and report on all of your transactions in a way that is easy to understand
- Minimize your tax burden by maximizing on all tax deductions that are applicable to you
- Develop budgets and forecasts used for strategic planning
- Implement profitable decision making
WHY LYFE ACCOUNTING FOR MEDICAL ACCOUNTING?
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.
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.
Accounting in every industry is different. Which is why working with our team will be a pleasure for you. We have specific experience working with different law firms.
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.
- 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.
- CashFlow. 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.
OUR METHODS TO MEDICAL ACCOUNTING
We take the time to catch up your books to the present month.
We set up your chart of accounts so that reviewing your financial statements is easy and tax return filing is a breeze.
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.
To ensure accuracy on your financial statements and ultimately your tax return, we reconcile your accounts.
We prepare your financial statements. The financial statements include income statements and balance sheets.
We help you use your reports and KPIs to make informed, profitable decisions.
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.
You are more than a doctor but also a business owner. And all business owners need their accounting to be right so they can make the right decisions, at the right time.
Ready to get started? Schedule a meeting below.
“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