Accounting for Medical Professionals
Too busy looking after your patients to look after your own financial health?
At North Advisory we understand your unique financial requirements because we have many years experience working with specialists, general practitioners, optometrists, physiotherapists, podiatrists and dentists, as well as the many suppliers to the medical industry.
Our tailored, specialised tax, accounting and wealth management solutions for medical professionals are designed to:
• Protect your assets from litigation
• Provide personal wealth by reducing your tax burden
• Remove any worries about compliance
• Make your practice more productive and profitable
• Reduce the burden of managing your SMSF on your own
• Manage all aspects of your workplace relations
Looking for an accounting system that integrates with your medical software?
We know which accounting systems work best for medical professionals and we can seamlessly install cloud-based accounting software for your practice.
• We tailor your system for your practice, managing complex areas such as payroll, including varying awards rates for different staff members, and dealing with subcontractors
• We set-up the company back end for you, to ensure everything flows, including connectivity and links to your bank accounts
• We ensure you have the correct add-ons, including any specialist software for medical professionals.
Our cloud-based accounting systems free up your time and ours, so we can both get on with what we do best… saving lives, making people healthy, and growing and protecting your business and wealth.
Not sure whether you’re a contractor or an employee?
Many GPs and other health professionals assume once they have an ABN they can invoice their employer and automatically become a subcontractor. Unfortunately it’s not that simple. Whether you’re an employee or an employer we can provide you with the right advice about employee contractor issues, ensuring you avoid hefty tax bills… or even legal action.
Setting up or expanding your practice?
If you’re setting up your own practice, expanding your existing practice or going into partnership with other medical professionals, we can provide experienced, professional advice on the many crucial decisions you need to make at this time, such as:
• How to set up business structures
• Whether to rent or acquire buildings, practices or surgeries
• Effective methods of paying for your medical equipment
• Deciding whether to join an established clinic or go out on your own
• Time-saving systems for managing your billings and bookings
If you’re wondering whether you can afford to expand we can monitor your practice and tell you if it is really worth it. And when you’re ready to move on we can help you get your business ready for sale to ensure a smooth exit for you.
Are you a supplier to the medical industry?
Chances are your head office is in the US and has strict reporting deadlines.
Our expertise in cloud-based accounting allows us to tailor software for your specific needs and to also provide a quick response when you need it.
Want to protect and grow your wealth?
We can protect your wealth by advising you on the most appropriate tax effective business structure for your circumstances, whether it may be a partnership, company structure or family trust.
We can even help grow your wealth with a range of services previously only provided by financial planners, including our Accountants Private Advice, investing in Managed Discretionary Accounts and managing your SMSF.
Looking for an accountant who will provide you with the same level of service you provide to your patients?
At North Advisory we understand your time is extremely valuable.
You simply don’t have the time to spend trying to explain your complex tax requirements to an accountant not experienced in medical accounting…
We pride ourselves on our ongoing close working relationships with all our clients, our fast turnaround times and pro-active approach.
If you’re looking to work with a team of accountants who have a proven track record in accounting for medical professionals, we’d love to help.