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Specialist Medical Bookkeeping

As a full service specialist medical accounting firm, Prism Accounting offers medical bookkeeping services to our clients. If you have your accounting and tax affairs managed by us, why not have your bookkeeping done under the same roof?

When bookkeepers and accountants are working together, it helps improve efficiency, streamline the reporting process and minimise errors in financial records, which can be costly to rectify. If you have poor quality records, your accountant will have to spend a lot more time making necessary adjustments. As accountants charge much higher rates than bookkeepers, having an accountant to do the work that should have been done by a bookkeeper can add up considerably to your accounting bill.

We provide bookkeeping services to GP, Specialist, Dental and Allied Health Practices using Xero cloud-based software. Use of modern cloud technology allows us to service clients located anywhere in Australia.

All our bookkeeping services are performed in house by qualified bookkeepers who are experienced in medical bookkeeping. Our bookkeepers are working under control and guidance of our CA Qualified medical accounting experts to ensure all your data is recorded correctly and is readily available for processing when needed.

Why you need specialist medical bookkeeping for your practice

While modern cloud-based accounting software solutions are designed to be user-friendly, their default settings are not appropriate for most medical and dental practices. It is essential to have the accounting system, including a chart of accounts, set up and customised correctly, having regards to your practice structure, IT ecosystem and underlying relationships between parties. Whether you are opening a new health practice or running an established facility, our bookkeepers will make sure your accounting software is set up correctly to meet your practice business needs.

Many GP, specialists and dental practices are structured as service entities where doctors operate as independent providers paying a percentage of patient fees to the practice under a service agreement, while some practices engage doctors as contractors. Your practice may also have medical professionals working as employees (e.g. registrars). Not understanding the fundamental differences between these types of arrangements may result in significant errors in financial records. Our specialist medical bookkeepers will interpret the nature of the contractual relationships to ensure the practice revenue, doctors’ disbursements and expenses are recorded correctly in the accounts. 

Medical and other health services are generally GST-Free if certain conditions are met. However, GST treatment of your practice income and expenses depends on who is considered to supply services to whom and whether these services are subject to concessional treatment. Our specialist medical bookkeepers who are familiar with GST provision applying to health services and will make sure your GST obligations are met. 

Your practice may carry medical equipment and other assets acquired under different financing options. Chattel mortgage, hire-purchase or lease arrangements have different tax and GST implications, and it is important to make sure they are treated correctly in the accounts. Medical bookkeeping specialists will be able to easily differentiate between these arrangements and apply correct accounting, GST and tax treatment to avoid the need for costly adjustments.

Your practice has Payroll and Superannuation obligations that must be correctly calculated, paid and reported on time. Our medical bookkeeping specialists can set up Single Touch Payroll, assist with employee onboarding process, and ensure your practice complies with Super Guarantee, Payroll tax and workers compensation obligations.

Having specialist medical bookkeepers taking care of your bookkeeping will ensure all transactional and financial data for your practice is kept up to date ready for preparation of financial and management reports, tax returns, cash flow projections and benchmarking reports.

Why Xero is best for your medical practice

Xero is a cloud-based accounting software that has many advantages:

 – it is scalable, meaning you can start small and upgrade your package as you grow.

 – It allows you to invite your accountant, advisers and other users to collaborate on your file from anywhere. You can customise permission settings for each user for security and data privacy protection.

 – You always have access to the most up-to-date version to meet your reporting and tax compliance requirements, so you do not have to worry about installing software updates.  

 – It does not require expensive computer equipment like servers to run the software.

 – You can access your file at any time using your preferred electronic device.

 – Use of multi-factor authentication helps prevent data breach and keep your information secure.

– it can be easily integrated with third party apps and solutions to automate reporting, streamline your processes and minimise manual input. 

Prism Accounting is a Xero Certified Advisor.

Our Cloud Bookkeeping services include:

  • Bank Feed Coding
  • Bank Accounts Reconciliation
  • Payroll Processing & Reporting
  • Superannuation Compliance Checks
  • BAS & IAS Preparation and Lodgment
  • Periodic Performance Reporting
  • Year End Procedures

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Book your free no obligation Discovery Call with us to discuss your situation and see how we can assist with bookkeeping needs of your health practice.