Accounting is important for any business or organization. It is no different for a clinic or a healthcare facility. Certified Public Accountants, or CPAs are people designated by the American Institute of Certified Public Accountants. To become a CPA, one needs to pass an exam and obtain a state sponsored license. Along with passing the examination, the person also needs to meet necessary requirements of work experience. CPA’s are experienced in providing accounting services to medical practitioners and other healthcare executives.
What Makes It Necessary for Doctors to Appoint a CPA?
Doctors spend most of their time focusing on their patients and running their practice and as such, they might not have sufficient time to focus on some key accounting areas such as….
- Tax Planning
- Protection against fraud
- Accurate and timely prepared financial statements
How Can a Certified Public Accountant Help Doctors and Other Medical Practitioners?
A certified public accountant can play an important role for doctors and medical practices….
Tax Planning and Accounting: The most basic requirements of many is to plan their taxes and try to save as much as possible. A CPA can provide opportunities for saving taxes because of their knowledge of all current tax laws. These opportunities can be overlooked by untrained office staff. In addition, a CPA can potentially save you from possible errors on tax returns, and thus penalties.
Tracking Cash Flow: Medical practices may need assistance with their monthly cash flow processes. This relates to both expense and billing management. Having good control of these processes will ensure that the practice is able to keep track of its monthly cashflow as the business grows and expands.
Simpler Sales & Expansion: Many practices have the potential to purchase or partner with other medical practices. CPA’s can assist with the process of merging or purchasing another practice. They can also assist with doctor’s who might want to sell their practice. Accurately prepared financial statements along with due diligence procedures play a key role in these types of transactions. A CPA can play a key role in helping accomplish these tasks.
These are the three ways in which a CPA can help any doctor manage their business. There are additional helpful roles that a CPA can fill for doctors. Want to know more? Contact a reputable CPA with experience and expertise. They can help you with all your questions and needs related to taxes and accounting. To know more about Gurdak Group, Ltd. industry experience, and expertise, please call us on 847-827-8100.