Bookkeeping Framingham MA

Healthcare: Updating Your Bookkeeping

Bookkeeping Framingham MA

Tax season is never too far away. As a medical professional, it is important to update your bookkeeping to comply with IRS regulations. Although it is tempting to ignore, updating your bookkeeping ensures that you accurately file tax returns. Here are guidelines to help you clear your bookkeeping backlog.  Read more below and contact us today.

Step 1: Collect all receipts

Gather all invoices and receipts from your practice’s expenditure. The following are examples of receipts that you should keep.

  • Patient Invoices – check your patient accounts from the past year and ensure that all sales were recorded regardless of whether they paid in cash, on credit or otherwise. If sales are not recorded, the book will not balance, and this is a recipe for bookkeeping disaster.
  • Debt collections – are there any bad debt expenses? You should deduct the number of bad debts from the tax returns. In so doing, show the IRS steps that you took to recover the money. You normally deduct bad debts from the gross income of business when calculating your practice’s tax income. 
  • Business expenses- this refers to costs incurred in operating the enterprise. Examples are transportation, salaries, purchase of stock and utilities. Gather all receipts and double-check their correctness.
  • Vendor accounts – check the accounts of your suppliers of goods and services to verify that your business has paid them in full. If you do not have copies of bills, ask vendors to send you. 

Bookkeeping Framingham MA

Step 2: Reconcile all bank accounts

Check for any errors in the records of your business. Compare the transactions and balances there to confirm they tally with your business records. This ensures your bank statement balance matches the company records balances. 

It can be very costly when you hand over accounts to accountants when they are not fully reconciled. They will charge additional penalties if they have to straighten things out for you. 

Step 3: Separate business expenses from personal 

Keep personal expenses far away from business accounts because you may be held responsible for debts or losses that your business makes. You risk losing the liability protection on top of suffering stress when filing returns and when bookkeeping. 

Step 4: Go paperless

Digital receipts, statements, and records are more efficient than traditional paperwork. We do not recommend throwing out all traditional records. Instead, have digital copies that you can easily compute to make your work easier. The following digital tools can help you go paperless. 

  • Shoeboxed software scans and arranges business receipts and then generates expense reports.
  • FileThis mobile application allows you to upload photos of statements, receipts, and bills to store them online. 
  • ScanSnap Scanner can upload and store your scanned papers to Evernote 

Step 5: Gather W-9s, 1099s, and W-2s

You most likely will have to file several tax forms if you hired independent employees or contractors in the past tax year. The following are examples. 

  • Form 1099-MISC and Form W-9 for Independent Contractors – if you spent more than $600 in the fees of independent contractors, you must file and submit these forms. Form W-9 is a request to the contractor to provide his taxpayer information. When the contractor fills the form, you can prepare a Form 1099-MISC to file to the IRS. 
  • Form W-2 –This form must be filled for all your members of staff. 

Step 6: Let a tax professional look at your expenses

Perhaps the least expensive method of bookkeeping is doing all financial and accountancy work yourself. However, it is highly recommended that you invite an experienced CPA or tax expert. He should review all tax deductions, books, expenses, and other financials just before you file your taxes. 

Having an external reviewer gets rids of errors while ensuring that your business claims all deductions available. Additionally, a professional can speak to the IRS on your behalf. Learn more by scheduling a complimentary consultation with Ash Dental CPA. Call (508) 458-6789 to schedule a complimentary consultation.

professional woman smiling Dental Consultant Framingham MA

Hiring a Dental Consultant

Dental Consultant Framingham MA

One thing that should be emphasized to new dentists is the need to invest in good and helpful advice right from the start. Oftentimes, new dentists struggle to operate their practice due to little to no information on running a business. In fact, many dentists rely on the advice of their friends and family, forgetting that friends and family do not have the right data when it comes to operating a clinical business.

Family and friends are hardly aware of the data behind operating a practice. They are also not aware of the financial stress the dentist may be experiencing. However, with a dental consultant, dentists can comfortably share financial data to learn how to improve their business challenges.

New Practice Key Tips

  • Create a financial report right from the start.
  • Treat and serve patients with the aim of making them lifelong patients.
  • Hire an experienced, caring staff that shares your vision.

professional reviewing data Dental Consultant Framingham MA

Creating a financial report right from the start

Let’s all face it. New doctors will mostly come out of their dental schools with loans. They end up adding up to the loans in the process of starting a business. Creating their business’s monthly budget and creating some goals towards debt reduction will help them jumpstart their business on a promising starting point.

A dental consultant will advise the new doctor on the financial needs of their business based on their financial level.

Aim at finding lifelong patients 

The best and most crucial skill of a doctor is to have excellent communication skills. The skills will see to it that their patients are well catered for and have them coming back to get their services. It is not all about performing the dentistry services on the teeth. It is also serving the person the teeth are attached to.

Key factors to ensuring that patients are happy and will become lifelong patients are;

  • A full diagnosis care
  • Communicating with the patient step by step until they are on board.
  • Giving a plan that fits the diagnosis and the patient’s budget.

Now, this is where the dental consultants come in. They help new and young dentists with communication and relational skills. The sooner the doctor hones these skills, the sooner they will start earning the trust of their patients. If patients are adequately cared for, they are very sure to keep coming back for the services.

Building your team

A good team will play a very crucial role in ensuring that a business is running well. A dental consultant will advise you on how you can relate well with your team and ensure that great results are met in the business.

A dental consultant will advise on the different techniques used to ensure the group of people in business are working together to meet the goals of the business.

It is important to note that dentists often make a mistake of not training their closest partners. The most crucial roles of a dentist include an assistant, an administrator and a hygienist. A dental consult will help the new doctor to train the personnel. This includes how to address patients and communicate recommended treatments. Also, your team will learn how to turn an inquiry into a solid appointment.

Learn More

No two dental offices are the same. That’s why hiring a dental consultant is essential to build a successful practice. Learn more by scheduling a consultation with Ash Dental CPA. We have over 25 years of experience and can develop a plan that works for your goals. Call (508) 458-6789 to schedule a complimentary consultation.

healthcare bookkeeper

The Difference Between Bookkeepers and Accountants

Healthcare Bookkeeper

Healthcare Bookkeeper | Are you a medical doctor who operates a private clinic? Do you want to hire a bookkeeper, an accountant, or both? It can be confusing to know the roles of each professional. However, we can help you understand by describing the different roles of these financial experts. 

A bookkeeper and an accountant’s roles have shared objectives. However, each person supports your business at different levels of the financial course. While bookkeepers are more administrative ad transactional, accountants turn bookkeeping data into logical descriptions of your business standing. 

As you look forward to hiring, understand the roles of bookkeepers as opposed to those of accountants. This way, you will know the functional differences between these two professionals. Eventually, this guide enlightens you as you hire. 

Functions of a Healthcare Bookkeeper

Your bookkeeper records daily business transactions consistently. Without this function, your business would not be successful. The following are elaborate functions of bookkeeping. 

  • Recording all financial transactions 
  • Posting credit and debit updates
  • Generating invoices for due payments 
  • Keeping and maintaining general ledgers, subsidiaries, and historical accounts 
  • Processing employees’ payroll

healthcare bookkeeper

Among the most crucial roles of bookkeeping is maintaining a general ledger. This is a basic statement where the experts keep the amounts of money as recorded in expense and sale receipts. The whole process is referred to as posting. Instead of traditional books, ledgers today are created using dedicated software on a computer spreadsheet. 

The size of your medical practice determines the complexity of your bookkeeping system. If you conduct numerous transactions daily, weekly, and monthly, chances are that you need a bookkeeper to ensure these are well updated. When you have to file returns to IRS, supporting bookkeeping documents will come in handy.

Functions of Accounting 

As compared to bookkeeping, accounting is a higher-level procedure that uses a bookkeeper’s information to produce financial models. An accountant is more subjective than transactional. The following are key accounting functions. 

  • Making adjustment entries – this refers to recording expenses that were left out in the bookkeeping level. 
  • Preparing the financial statement of your business
  • Analyzing how much operations of business cost
  • Preparing business income tax returns 
  • Helping you as the business owner to understand the impact of your financial decisions 

Accounting as a discipline comes up with reports from key financial indicators. You will better understand your business profitability, cash flow, the bigger picture of the business, and the path that the company is taking. 

Roles of the Bookkeeper vs Roles of the Accountant

Empower yourself by knowing what your bookkeeper and accountant do every day. As you hire these professionals for your medical practice, you may find a thin line between their roles. Therefore, we help you know the credentials that each should bring to the table. We break down the roles further as follows. 

The Bookkeeper 

Bookkeepers should have taken a 3 or 4-year associate’s degree. They have to be very accurate, knowledgeable and meticulous. Their supervisor is usually the business owner or an experienced accountant. 

The Accountant

To qualify as an accountant, one must have a bachelor’s degree in accounting. Similar degrees in finance and business administration could pass as adequate substitutes. Further, obtaining a Certified Public Accountant title is important. 

Summary

Bookkeeping Accounting 
Recording financial transactions Making adjustment entries
Posting credits and debits accounts Preparing financial statements
Updating invoices and sending for payment Compiling income tax returns
Maintain general ledgers and subsidiaries  Financial strategy and analysis
Completing payroll Tax analysis and strategy
Keeping records Forecasting financial occurrences

 

Learn More

You can learn to manage the financials of your business. It keeps you in touch with your fortunes. However, hiring a bookkeeper and an accountant can prove a prudent decision. Their input and wise counsel will help you concentrate on growing your company to the next level. Learn more by scheduling an appointment with Ash Dental CPA. Call (508) 458-6789 to schedule a complimentary consultation.

Medical Practice Accounting Framingham MA

Medical Practice Accounting: Hire a Professional

Medical Practice Accounting Framingham MA

As a medical practitioner, you may think you do not require the services of a medical practice accountant for your business. This is due to the common belief that most of the medical accountants are expensive. However, as a business, you need to keep track of all the income and expenses including billings, invoices, discounts, and future expenses.

What is Medical Practice Accounting?

Medical practice accounting takes care of all these. It keeps track of all the expenses and tries as much as possible to ensure there is minimal wastage of resources by preparing monthly and yearly budgets for the establishments. This will give the owner of the business a rough idea of the maximum amount of money to spend on expenses such as rent, insurance, advertising, salaries, and benefits, among other expenses.

Medical Practice Accounting Framingham MA

Secondly, medical practice accounting helps you to keep track of all your finances and can prevent employee fraud. Some accountants may try some underhand dealings to steal money from your establishment, but with the help of medical practice accounting, you can help prevent such occurrences.

Another reason for seeking the services of medical practice accountants is they are fast and accurate compared to other methods of accounting. Medical practice accounting will save you a lot of time that you can use to serve your clients better and increase your productivity. They are more accurate and comprehensive as they cover all aspects, including calculating your tax brackets for your business. It will also give you an idea of where all your expense falls into, and this will help you plan better. 

Benefits

Medical practice accounting will beneficial to your business in the following ways:

  1. It will address areas that need more efficient money management.
  2. Provides the correct figures that will aid in the filing of taxes.
  3. Help monitor and track the business performance, and finally,
  4. It will accurately identify and keep track of all the uncleared monies and debts.

Accounting will also help to separate your personal and business spending. By hiring a professional accountant, you will not be directly involved with the finances. A professional medical accountant will help come up with a budget for the business. The budget will guide you on the amounts to be spent by the business and what to spend it on. Furthermore, it will help maximize deductions when filing tax returns.

Additionally, medical practice accounting ensure that all your personal spending are accounted for. A professional accountant documents all your personal spending, such as donations to homeless people or charity organizations. Moreover, it helps you stick to your monthly budget and keep track of your spending each month. 

Documenting Records

For the business spending aspect, all the expenses get categorized into subgroups that are easy to keep track of. The medical practice accounting ensures that even the least of expenses such as photocopying and stamps get accounted for.

Accounting is not all about proper records, but it also helps to organize and store important business documents such as contracts, invoices, licenses, and receipts. They help maintain all relevant business documents that may be needed for future reference in an organized manner. The documents will also be categorized into different categories making it easy to retrieve them when needed. This will give your business a neat and orderly look and will open up spaces for the business that ordinarily would have been occupied by huge piles of papers and files.

Learn More

Any medical practitioner should consider medical practice accounting as their preferred choice of accounting in order to achieve maximum profits. Contact Ash Dental CPA to learn how our services will benefit your financial goals. We offer complete customized accounting services to best serve each client. Call (508) 458-6789 to schedule a complimentary consultation.

Best Accounting Tips for Medical Practices

Best Accounting Framingham MA

Being a physician is not only about patient care, but it is also a profitable career. New medical professionals start with a small practice in hopes of growth within 5 years. Setting financial goals is important to help you succeed. However, reaching your goals requires financial guidance from a healthcare accounting firm, such as Ash Dental CPA. We offer an array of accounting solutions to help grow practices of different sizes and dynamics. Your success is important to us, so we compiled accounting tips to help. Read more below and contact us today.

Adoption of Accounting Software

In most cases, you may be enticed to use a spreadsheet as it is cheaper and easy to use but this is only a short term solution. This old fashioned method of accounting will be costly and cumbersome in the long run. It can significantly interfere with your ability to audit information and arrive at well-informed forecasts for the future.

Best Accounting Framingham MA

 The use of accounting software for medical practices is often overlooked, but it is significantly crucial. With the right  software, you will be able to:

  • Share information instantly with your accountant via the cloud
  • Perform simpler financial tasks
  • Learn about your profits and losses with accurate data
  • Complete easier tax returns

Accounting software will require an understanding of financial terms. Below are a few common ones.

Cash-Basis Accounting

In this method of accounting, receivables are accounted for when payments are received while expenses will be accounted for when payments have been made. Consequently, this is the best type of accounting solution for medical practices. With this method, the physician will receive their payments on a fixed schedule after all the expenses have been settled. However, the practice manager has to consider other expenses such as malpractice insurance, which are usually paid quarterly.

Accrual Accounting

Instead of accounting for expenses when they have been paid for, the practice will account for them as they incur. In other words, expenses are deducted from the revenue before the actual payment is processed. Some practices prefer this to assure the most accurate profit and loss data.

Schedule Profit And Loss Statements

Medical practitioners need to generate profit and loss statements. By doing so, they will be able to find out the financial health of their practice.  Other than just identifying disparities and validating daily records, profit and loss statements will give a better understanding into where money can be invested in the business.

Although it is highly overlooked, profit and loss statements can prove to be a valuable and powerful accounting tool in your practice.

Partner with the Best 

By partnering with the best professional accountants, you are assured the liability and burden that comes with the practice will be removed. This will enable you to fully focus on delivering quality services to your patients.

At Ash Dental, we offer workable, scalable and fully customized services that include tax preparation, bookkeeping, and accounting. Schedule a complimentary consultation today. Call (508) 458-6789 or book online. Additionally, you may visit us at 945 Concord Street #100A Framingham, MA 01701. We look forward to meeting you.

healthcare accountants framingham ma

Why Doctors Need Healthcare Accountants

Healthcare Accountants Framingham MA

It is essential for medical professionals to employ accountants and tax agents that have considerable experience in working with the medical industry. With various developments taking place within the medical profession, doctors need accountants that can offer financial advice to profit from their practice but still abide by current tax laws and regulations. If not, penalties and other losses can occur.

Doctors can be faced with complex tax systems that are full of regulations and require filling within a restricted timeline. They are also needed to be well-informed of all the current legislative changes. Therefore, healthcare accountants are needed for their financial services. One of the primary services that accountants provide is financial planning. This service enables medical practitioners to always be financially ahead and focus their time on providing quality patient care. 

healthcare accountants framingham ma

Benefits of Hiring Healthcare Accountants

Determine Your Tax Code

Healthcare accountants will help you to determine the correct tax code that you are supposed to fall in. You may not be aware of it, especially if you are on pay as you earn (PAYE) income. Furthermore, the accountants will be resourceful as they know the specific deductions to be claimed as medical practitioners are instinctively vulnerable to high tax requirements. With their help, you will be able to identify the correct tax code and pay for it on time, which will help you avoid hefty fines from the taxman.

Reduce Tax Obligations and Maximize on Tax-Saving Opportunities

Without the help of healthcare accountants, it may be hard for medical practitioners to properly structure their affairs, making it difficult to file their tax returns. They may also have other sources of income which may not be linked with their practice making them file taxes twice, which may be costly to them. However, with the help of a professional accountant, they will be able to find a solution and incorporate the different sources of income such as operating under a limited company that will be tax-efficient and helps save money. 

Successful Business Planning

Commonly, accountants knowledgeable in the medical field offer business advisory strategies that are relevant to the industry. Some of the strategies may include financial and staff management, efficient billing, and management of cash flow and property management. In other words, these strategies, if implemented correctly, will optimize the business in all areas and increase profits.

Contact Us

Learn more about healthcare accountants with Ash Dental CPA. The firm has over 20 years of experience assisting medical professionals and their practices. New clients are always welcome to book a complimentary consultation. Call (508) 458-6789 or book online. Moreover, you may also visit us at 945 Concord Street #100A Framingham, MA 01701. We offer a wide range of financial solutions for medical professionals. 

hire a healthcare cpa framingham ma

How to Hire a Healthcare CPA

Hire a Healthcare CPA Framingham MA

The health of your finances is directly connected to the health of your healthcare entity. Taxing is a common healthcare issue and many healthcare institutions would love to pay their taxes without much of a hustle. They would also like to save money from taxes as well as have other financial issues taken care of. Therefore, it makes sense that you would want to hire the right professional to take care of your bottom line and hiring a CPA with knowledge and experience regarding healthcare finances is a good way to help your business grow. Read on to find out how to hire a healthcare CPA.

hire a healthcare cpa framingham ma

Figure out your needs

First things first, what are your healthcare’s specific accounting needs? Are you in need of someone to process your sales invoices and accounts payable, do taxes and payroll, or create your financial statements and budgets? Before you go out looking for a CPA, come up with a list of services that both you and your healthcare need now and also later on down the road. After that is done, find a CPA that can handle all of it. 

While making the list, remain aware that revenue alone does not always determine your business’s accounting needs. If you have a high-end business that makes few but loaded transactions every month, and that is the case with your healthcare facility, it does not mean that having a full-time accounting help is necessary. However, if your healthcare facility has a lot of transactions and inventory to keep up with daily, then you will likely need a frequent as well as comprehensive service. 

Know the kind of person you connect with best

The chances of you communicating and interacting with your new CPA on a regular basis are high. Therefore, you have to like whomever you chose to take over your financial books. Since they will be a crucial part of your business, ensure that you have shared values and can also easily work together. Keep in mind that even if the CPA you hire will not always be physically in your office, they are part of your team. Other key factors to look out for while hiring the right CPA include their accounting background, traits as well as personality, all of which will determine how you connect with the person.

Hire a CPA who has the most experience with your industry

There are CPAs who have specialized in specific industries, healthcare included, and there are also others who work in many different sectors. While so many CPAs can handle finances from any industry, it is important for you and your business to hire someone who is more familiar with handling the financial issues of your industry. This is because the more they know about your business and industry at large, the more they will positively help you strategize and grow other than just crunching the numbers.

Also, choose a CPA that is eager to work with you and appreciates you and your business. Look out for warning signs such as slow response time. Additionally, if the CPA you are considering has so many clients, think about whether they are capable of giving you the personal attention you require or not. 

Choose a CPA who does financial analysis

The most important factor to consider when hiring a healthcare CPA is to focus on the right qualifications. A good CPA must be able to review your general financial health. Ideally, on a day-to-day basis, you should be able to get key financial health indicators such as net profit, gross profit margin, aging accounts receivables and so on. This is because the more relevant information you have, the more your business decisions will be informed. 

Learn More

Finding the right Healthcare CPA to handle your finances lets you focus on other important aspects of your practice. Discover how Ash Dental CPA can help. We have over 20 years of experience assisting medical professionals. Learn how your practice can grow with a complimentary consultation.  Call (508) 458-6789 or book online. You may also visit us at 945 Concord Street #100A Framingham, MA 01701.

best healthcare cpa framingham ma

How to Find the Best Healthcare CPA

Healthcare CPA Framingham MA

Your healthcare entity shouldn’t have to be wealthy for you to seek the benefits of hiring a CPA. You might feel like preparing your own taxes is taking a lot of your time or it is just too stressful or confusing. Maybe, your healthcare’s tax situation is complex or it has changed so much that you need specialized advice or tips, or you are facing problems like paying off a tax debt or filing back taxes or even fighting an IRS audit. All these may require professional help such as from a CPA (Certified Public Accountant). Finding the best CPA for your healthcare shouldn’t be a challenge. Here are the best ways on how to find the best healthcare CPA.

best healthcare cpa framingham ma

Referrals 

Referrals are most times your best bet. They can come from anyone; your friends, family, professionals like financial advisors, business owners and attorneys. Explain what you are looking for and why so that you can help them steer you in the right direction. Referrals are also a great way to know what you are getting yourself involved with, whether the CPA has a good reputation, experience and is dependable. 

Interviews

Interviews are also a great way of finding the best CPA with particularly the experience you might be looking for. Also, you don’t want to commit your healthcare finances to someone you don’t know. Interviews allow you to meet with the professional first to go over your situation and to also ask the relevant questions. It doesn’t have to be physically; you can even do it over the phone. Just as you would do when you are thinking of hiring new staff to your healthcare, request for references and reach out to those references. 

Experience

Whether it’s from interviews or referrals, find a CPA who has experience in dealing with finances similar to your own, in this case, healthcare. Also, look for someone who has experience in the specific areas in which you need assistance such as handling taxes and dealing with audits. However, how do you know that the person you are hiring has the right experience that is suitable for your needs? The best way to do this is to ask. Give them the chance to explain to you their professional experience and how it relates to what you are trying to achieve. 

Mutual Understanding

Understanding is key in any profession or business. Understanding translates to open communication which is another critical factor. The CPA you hire has to learn what you do and what your business entails before he gets started. Also, he has to walk you through his accounting process and set clear expectations as well for both parties. Additionally, go for a CPA who is eager to work with you and also appreciates your business. Also watch out for the availability and response time of the CPA, since if it is slow then it could be a warning sign for a noncompliant person.

Perform a Background Check

A background check is a good precaution and it could be as simple as searching the CPA’s name on social media to know what is there, what he says as well as what other people say about him. Additionally, you can go extra and contact your state’s board of accountancy to check their CPA’s license status or to find out if they have been censured, disbarred, or has had a disciplinary action taken against them in the past. You might also want to get in touch with your local chamber of commerce for more clarification. 

Contact Us

If your healthcare practice’s finances are getting in your way of working effectively, avoid doing it yourself. Contact Ash Dental CPA for a complimentary consultation. We have over 20 years of experience assisting healthcare practitioners. New clients are accepted. Call (508) 458-6789 or book online. You may also visit us at 945 Concord Street #100A Framingham, MA 01701.

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.

Healthcare bookkeeping framingham ma

Healthcare Bookkeeping Framingham: How Bookkeeping Benefits Your Practice

Healthcare Bookkeeping Framingham MA

Healthcare bookkeeping is the practice of recording business transactions to generate accurate accounting information about turnover, expenses, assets, liabilities, and equity. Maintaining accurate bookkeeping provides many benefits. For example, accurate financial data is useful for medical professionals to make executive decisions such as investments and hiring more staff. Learn more about healthcare bookkeeping below.

Healthcare Bookkeeping Financial Management

Maintaining accurate up to date bookkeeping ensures your healthcare practice can operate seamlessly. Without bookkeeping, you would not know about your practice’s current financial health. In other words, bookkeeping sets the healthcare practice on the right path for financial achievement.

Revenue Optimization

Accurate bookkeeping helps your healthcare business to reduce expenses and implement strategies that increase profit. This is possible with accurate monthly reports that your accountant reviews. Upon his or her findings, short and long term goals are created for financial success.

Budgeting

Bookkeeping is important because it helps health care practice in the budget forecast. Budgeting helps in planning your costs and allocates appropriate resources.  Budgeting enables you to keep your health care practice’s costs to a minimum to be able to meet your targeted profits without compromising quality. Health care practice can use the weekly, monthly or annual budget to plan the costs.  Bookkeeping assists to determine which budget frequency is suitable for your health care practice.

Medical Practice Payroll

Bookkeeping assists you with staff payroll and scheduling. Staff planning and remunerating too many employees can generate unmanageable overheads and reduce profits. The small number of employees can result in delays in the delivery of services and can cause the patients to run to new health care providers. Staff in medical practice are often required to work overtime to make sure patients are properly cared for. Bookkeeping includes confirming the payroll numbers for example staff overtime payments.

Cash Flow Forecasting

Bookkeeping improves your cash flow by providing information which may be required to enhance better cash flow management in your medical practice. For example, reducing the amount of time spent by patients to make payments. Regular bookkeeping will enable your health care practice track when your supplier’s invoices are paid. Bookkeeping information advice on daily or weekly cash flow projections to be able to meet your medical practices needs. Weekly cash flow projections enable you to plan in advance when money inflows are less compared to money outflows. This enables the medical practice to meet its obligations such as paying it staffs and suppliers on time

Contact Us

Healthcare Bookkeeping Framingham MA

Operating a successful growing practice requires accurate financial reporting. Fortunately, Ash Dental CPA offers healthcare bookkeeping services. Learn more by contacting Ash Wasilidas CPA today. He has over 20 years of experience assisting healthcare practices of all sizes. Clients may call (508) 458-6789 or book online. Moreover, you may also visit us at 945 Concord Street #100A Framingham, MA 0170.

Ash Dental CPA Proudly Serves Healthcare Practices in:

Ashland

Framingham

Holliston

Hopkinton

Marlborough

Midfield

Natick

Northborough

Sherborn

Southborough

Sudbury

Wayland

Wellesley

Westborough

Weston