Are you a healthcare professional who feels anxious at the mere mention of financial management and tax obligations? If the thought of juggling the numbers and regulations while providing top-notch patient care makes your heart race, you’re not alone. But fear not—this post is all about turning that anxiety into mastery.
Over the years, we’ve had the privilege of guiding healthcare practices through the stormy seas of finance and taxation, ensuring they not only survive but thrive, even in the most challenging of times. Today, I’m excited to share with you 3 critical accounting issues that are likely keeping you up at night – and how you can conquer them.
1. Integration of Practice Management and Accounting Systems
In Australia, running a successful healthcare practice goes beyond the excellence of patient care; it extends into the seamless integration of your practice management software (like Cliniko) with your accounting systems (like Xero). Why is this so crucial? Misaligned systems can cause financial discrepancies, administrative chaos, and, worst of all, business decisions based on inaccurate data.
Our team is adept at assessing whether integrating these systems is the right move for your practice, or if it’s not a perfect fit, we can offer alternative solutions to keep your financials in check.
2. Managing Your Team’s Financial Complexities
The heartbeat of your practice is undeniably your team; however, they bring with them a complexity of financial and legal considerations. With a mix of employees, contractors, practitioners on service agreements, and locums, the payroll, taxes, superannuation, and insurance aspects can become a tangled web.
Misclassification of employment types can lead to severe legal and financial repercussions. Our expertise lies in structuring these arrangements to ensure compliance and prevent unnecessary headaches, keeping the lifeblood of your business flowing smoothly.
3. Navigating GST in Healthcare
The labyrinth of GST in healthcare practices is not for the faint-hearted. With a blend of GST-free and GST-applicable transactions on both the income and expense sides, meticulous attention is required on a transaction-by-transaction basis. Errors here can invite the unwelcome attention of the ATO, including penalties and audits – costly in both time and money.
Our team specialises in managing these transactions with precision. We collaborate closely with your in-house or external bookkeepers to ensure your records are impeccable, giving you the peace of mind you deserve.
Bonus Insight: Proactive Tax Planning and Growth Strategies
Beyond these three issues, we offer a bonus to healthcare practices: proactive tax planning, structuring, and growth strategies tailored to the unique landscape of Australian healthcare. Our goal is to alleviate the pain of financial management and taxes.
If you’re ready to transform your practice’s financial health, let’s start a conversation. Together, we can explore the issues highlighted here and develop a strategy to get your practice’s finances back on the path to prosperity.
Remember, financial management in healthcare doesn’t have to be a solo journey. With the right guidance and expertise, you can focus on what you do best—caring for your patients—while we take care of the numbers. Let’s make a plan to ensure your practice’s financial well-being today.
Book a Discovery Call with Ryu at https://impalatax.com.au/discovery/
