Basic functions of a Medical Accountant are providing comprehensive financial services not limited to

€ Accounts prepared on a timely basis
€ Meetings at your premises with a Chartered Accountant partner
€ An all inclusive fixed fee for accounts, taxation and general advice.
€ Appraisal of the practice finance with our ratios and statistical analysis
€ Drawings projections prepared and discussed with the partners
€ Income tax projections prepared in advance of liabilities falling due
€ Superannuation shortfall projections
€ Advice and explanations of capital/current accounts
€ Phone calls and emails returned the same day, letters within 10 days
€ Proactive advice delivered through courses, meetings and emails
€ Advice given on all aspects of G.P. finance including premises reimbursements, personal medical services, extra income generation, etc. With no additional fee - just the agreed annual fee
What are practice accounts?

Practice accounts are an historic record of the financial performance of the practice. The accounts themselves typically comprise of two pages, the profit and loss account and the balance sheet.

The accounts will be prepared to the accounting year end from the books and records. The accounts will usually be for a year, if for a shorter period this should be clearly indicated on the accounts. The profit and loss account provides the practice with a record of all their income and expenses for a given period. The difference between the incomes and expenses is the profit for the practice. The balance sheet is a snapshot at the year end and provides the practice with a value of their assets and liabilities. It also shows each GP partners share of those assets as detailed in the partners current account balances.

The accounts will also include supporting notes with further explanations of the figures on the profit and loss account and balance sheet. The profit and loss account shows the income that the practice has earned less the expenses (overheads) incurred in running the practice for a given period of time. The expenses are deducted from the income to give the profit of the practice. Profit means how much money has been earned from the day to day activities of running the practice. The partners/owners of the practice are entitled to the profits. The profit and loss account shows the profits made for the period. GPs are conducting a business, and the main object of a business is to maximise profits. New partners thinking about joining a practice will be interested in the profitability of the practice. This will give an indication of earning potential of the practice.

Medical Accountant will take care of above parameters and keep the books update and appraise Practice about the financial situation of the practice.