Medical accounting provides services for a large segment of the health care industry. Through specialist knowledge of both your everyday challenges and a deep understanding of accounting and compliance issues, a medical accountant can help your business keep up with an ever-growing list of demands.
What’s troubling the medical industry?
The medical industry is perhaps the most important in the world, helping people fight off disease and recover from life-threatening injuries. With the constant, 24/7 service the medical sector offers to all Australians, it is important for it to receive support in the right way.
An average Aussie visits the doctor 11 times per year, according to the National Commission of Audit. This only becomes more important when you consider Australia’s growing and ageing population.
In only 12 months, the Australian population swelled by almost 365,000 people last year - an amazing 1.6 per cent growth. New South Wales remained home to the most individuals, with more than 7.5 million people all living in the state - and all requiring medical care at a moment’s notice.
This puts a strain on the health care industry – from GP practices to pharmacies, dentists to medical centres. Not only can they struggle to provide the level of care demanded of them, but they will also need to meet a great deal of other business commitments without letting standards slip.
How your accountant can help
This is where small business accounting comes into play. Medical companies can rely on their accountant to dramatically cut the amount of time they currently spend on administration.
To do this, a medical accountant can cater for a wide range of accounting and compliance needs, including:
- The preparation of periodic management accounts
- Management of their annual financial statements
- Bookkeeping support
- Tax accounting – GST, PAYG, payroll tax, super guarantee record keeping
- Advice and support on using business accounting software
Your accountant is also there to offer expert small business advice, specifically for your industry and tailored to your area of operation.
The benefits of a local accountant
You’ll want to know that your accountant can be reached at the drop of a hat, and is nearby for any pressing queries or concerns you may have.
You will also need them to be well versed on the rules, laws and compliance issues that go into making your business above board and profitable. For instance, a short discussion with your local tax accountant will highlight any areas of your business that can be refined or reinforced – and they can often do this on your behalf.
A local accountant also has the knowledge that helps small medical businesses get off the ground. If you are a medical startup, you can rely on such a professional to work with you on a strategy and explain to you what needs to be done, and in what order, for a successful launch.
What’s the next step?
If you are looking to find an accountant in Bankstown and the south-west Sydney area, DBS Accountants are established locally to help you become a better business.
We are specialists in creating a highly tailored service using succinct industry knowledge and regional expertise to help you negotiate your accounting matters.
Ultimately, this allows us to improve the way you operate, while giving you more time to continue supporting the local community with a high standard of health care.
If you would like to learn more about our medical and accounting services, please feel free to browse our website at your leisure. However, if you are in need of advice, our professionals are on hand to answer your questions – simply click here or call us on 02 9796 4500.