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Healthcare professionals are tasked with the important duty of offering medical care. As a business entity, however, they also need to handle accounting practices for efficient financial operations. This includes processing vendor and contractor bills, updating financial records, and calculating taxes. It is also where medical accounting comes in.
The professionals at Williams Accounting & Consulting have helped over 1,000 clients handle their bookkeeping and accounting processes. We want to help your medical practice streamline its financial operations while allowing you to focus on healthcare. If you run a medical practice, read on to find out how we can help you.
Why Should the Medical Industry Outsource Accounting Functions?
Medical practices today are more than healthcare centers and are now considered industries. In fact, outpatient centers, hospitals, clinics, and dentist centers among other practices are referred to as medical businesses. This means that all healthcare professionals have to oversee all relevant duties that apply to other businesses, including accounting.
For a clinic to run smoothly for example, it must pay all its vendors, doctors, and non-medical staff, file annual taxes, and adjust costs and income to ensure a profit. Establishing an in-house office to handle such duties can be a stretch and may not make business sense because of the thin budget margins for which the healthcare industry is known.
Generally, the medical industry cannot ignore these services, neither can doctors or healthcare professionals perform them or establish infrastructure to run them. The ideal option is to outsource accounting duties to a professional accounting group and allow you to grow your practice.
What Medical Accounting Functions Should You Outsource?
Businesses often outsource the handling of their cleaning, catering, or legal claim processes to other professionals, without affecting the quality of their output. Similarly, a medical practice can outsource the following accounting services to dedicated experts: (this list is not exhaustive)
1. Processing Vendor Bills
Healthcare centers rely on suppliers and vendors for their equipment, medicine, and protective gear among other consumables. These vendors and contractors must be paid for their services. When you outsource your accounting processes, we will take care of producing invoices and making sure they are dated, sent, and filed efficiently. We will also process your payroll so your staff is paid on time.
2. Generating Updated Reports
After a financial period, businesses review their financial reports to determine their position, revenue, and costs. This information allows the business to adjust its strategies to ensure maximum profit and smooth running. Our accountants will prepare such reports as the certificate on bank and credit card transaction balancing to help you account for your income and costs. Additionally, we will check the accuracy of your balance sheets for a clear view on your financial position.
3. Computing Taxes
Tax preparation can prove complex for a healthcare facility. Our accountants will consider different accounting heads and their tax rates, for compliant and timely filing.
Contact Williams Accounting & Consulting Today
Outsourcing your medical accounting and medical bookkeeping functions allows you to focus on your practice and provide healthcare to your patients. It also ensures the crucial aspects of your practice’s financial health are not being ignored but rather handled by professionals.
Williams Accounting & Consulting understands the unique accounting challenges that the medical industry faces. We are ready and willing to take the reins of your financial future and steer your business toward streamlined operations, on-time payments, tax compliance, and growth.
Contact us online or call our offices today at 770-964-4100 to learn more about our medical accounting services. With offices in Atlanta and New Orleans, we serve medical professionals throughout the southeast.
