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Medical professionals are not typically experienced in the business aspects of running a medical practice. One of the most difficult areas of running a medical practice is accounting. The complexities of a medical practice business can create a challenge, and different accounting methods need to be considered based on the unique needs of the practice.
Working with a medical practice accountant offers a practical solution to this challenge. Sterling Tax & Accounting specializes in supporting practices of all sizes and types, providing customized services that are designed to your medical business accounting requirements.
Establishing the Best Accounting Practices
Medical accounting methods include a cash basis or accrual option. The accrual option allows the accountant to factor in expenses at the time of billing rather than when the bills are paid. It uses the same method for accounting for patient billing, providing a better real-time and accurate financial picture.
Cash basis accounting is just the opposite, with the accountant recording expenses as they are paid and incoming revenue credited when payment is received. This is easier but less accurate.
A medical practice accountant can explain the difference and recommend the best accounting method for your practice.
Documentation, Records, and Reporting
Documentation, record keeping, and reporting are three other essential services provided by our medical practice accountant. Understanding the specific requirements and compliance issues unique to the healthcare field ensures that the practice is always in compliance.
In addition, accurate documentation, record keeping, and reporting also help to reduce the delays in billing and payments, providing a more consistent and predictable cash flow for the medical practice.
Reports that provide the necessary information as to the financial status of the medical practice are essential for forecasting, decision making, and identifying areas of potential problems.
To find out more about the benefits of working with Sterling Tax & Accounting, call us today at 941-777-4700.
Welcome to the Sterling Standard of business! Want to learn more? Schedule a meeting with our tax planning team here: https://www.sterling.cpa/contact-us/
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