Our team supports a range of healthcare professionals, from psychologists and life coaches, to NDIS support providers, so we get that all too often, your priority is providing a premium level of service and care to your patients and clients – and so it should.
However, it’s also vital that you don’t push the numbers side of your healthcare small business to the back of your mind, especially when it comes to tax time, as it can prove extra stressful if you’ve not kept on top of them.
So, below are three of our top tips to consider to prepare yourself now, to avoid the stress and overwhelm at the end of June.
Don’t have the time? Look to a bookkeeper!
Bookkeepers can play a really valuable role in your monthly operations, by reconciling your bank accounts to ensure everything adds up. They will query anything that doesn’t, such as overdue invoices and missing receipts too, so that you can follow up with patients and track down those pesky receipts related to your business expenses.
They also prepare end of month reports for you, which include your incomings, outgoings and liabilities, and you can get a clear view of the state of your business through your P&L.
This means come tax time, you’ll have up to date data to pass onto your accountant, which can save you a lot of time and money.
Review and finalise all receipts and invoices
If you opt to manage bookkeeping yourself, chances are some receipts and invoices may have been missed, because, we get it, you’re busy!
So, aim to take some time out from your practice in these coming weeks (we recommend a full day or a few hours per week in the lead up to tax time) to go back through your incoming invoices, as well as patient payments.
If your business isn’t doing this yet, we also suggest looking to a tech-based platform that allows patients to pay for your services immediately after their appointment concludes. Healthcare specific platforms include Power Diary, Shift Care and more, which automate actions, and eliminate the need for you to follow up on late payments.
Plan ahead with the help of the experts
We suggest seeking the support of a bookkeeper who offers financial advisory services throughout the year, so that you can set yourself up for success, by partnering with you to create your annual budget and forecast.
Now is a great time to do this, so that you can take a step back and work ‘on’ instead of ‘in’ your practice and consider your goals, as well as explore ways to reduce your costs and increase cash flow in the future – this can be achieved by, for example, switching to more affordable tech platforms and reducing your number of subscriptions (this is always a big one, as those smaller expenses tend to add up over the year).
As we specialise in servicing those in the healthcare space, we can also connect you with accountants that have a similar passion for helping healthcare professionals succeed, so that you can get the most out of tax time this year.
Interested in learning more?
Book your complimentary consultation with our team, and we can start mapping out what your 2023/24 will look like, ensuring business growth and that you get valuable time back in your day, while also enhancing the level of service you provide to your patients.
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