Healthcare CPA : 3 Reasons Why You Need a Healthcare CPA

Healthcare CPA Framingham MA

An experienced Healthcare CPA undertakes all the financial issues while carrying out your medical or dental practice, therefore, eliminating financial risk factors. Hiring a certified public accountant for your medical and dental practices is always an important decision for the growth of your medical practice. Employing a certified public accountant for your healthcare practice is of paramount importance in various ways as described below.

healthcare cpa framingham ma

Provide Reliable Financial and Investment Advice

Hiring a certified accountant is important because he or she guarantees that the advice you are receiving from him or she is correct and well informed on financial matters. A CPA can pinpoint and advice on opportunities that can assist streamline your medical and dental practice. In addition also advice on opportunities where you can reduce expenses and save money. A CPA that specializes in the medical field fully understands the issues surrounding the medical field of accounting, and thus, they are able to provide financial advice from a medical perspective. When selling or buying your medical or dental facilities the accountant is able to reorganize your financial records and generate clear account statements showing potential buyers of facility viability.

In addition, a certified accountant will provide advice on your medical practice’s legal structure and help you decide wisely. Once you want to invest in other areas of medical practice or expand, an accountant will advise you on how to transact with other medical practice partners. A certified accountant also provides advice on income and expenses trends, financial commitments for credit facilities as well as returns on investments. A CPA also offers planned recommendations for particular financial problems.

Prepare Financial Reports

A certified accountant undertakes financial tasks such as collecting, recording, analyzing and presenting accurate financial information, to assist the medical practice in operations and future decisions. Based on analyzed and compiled financial information, a CPA prepares monthly and annual financial statements to show financial position and profitability. An accounting officer uses financial reports to develop, implement and operate a medical facility using such software such as Excel.

Work with External Parties

An accountant works with medical practice stakeholders such as tax authorities, investors, lenders, surrounding community and employees. A CPA provides information to external parties such as investors for investment decisions. An accountant ensures the tax filing process is carried out efficiently by ensuring financial information is organized and ready during the tax filing period. External parties use a financial accountant to record and examine financial information of the medical practice. 

Also, a CPA works with a government tax authority that analyzes and maintains company financial records in relation to tax policy and government rules. An accountant helps your medical practice to abide by all tax and regulatory requirements. A Healthcare CPA, also convinces lenders and investors that your medical practice has the capability to repay. For example, they will provide financial data and expenditure projections based on current and previous financial performance.

Learn More 

Contact Ash Dental CPA to book a complimentary consultation. Our team has over 20 years of experience assisting doctors and dentists. Call (508) 458-6789 or book online. You may also visit us at 945 Concord Street #100A Framingham, MA 0170.