Accounting for Medical Practitioners
We understand the demands of running a medical clinic and the stress involved in dealing with public health issues. In addition, we also appreciate the long and often erratic hours a medical professional encounters with on call arrangements and after hours emergency work. Continuing professional development also places extra pressure on your time and it’s little wonder that financial matters often don’t get the attention they deserve.
Over the years we have mentored dozens of medical practitioners through the various stages of their business life cycle from physiotherapists to pediatricians, osteopaths to optometrists and general practitioners to surgeons. In all cases these clients wanted more than just a tax return from their accountant and our goal is to help you build your business and grow your wealth using tax effective strategies. Here at McHenry Partners, the tax return is simply the start of the client process.
While we obviously provide assistance with the usual compliance issues of GST, BAS, PAYG and superannuation, we’ll advise you on the most appropriate tax structure for your medical practice. A number of our doctors and dentists operate through a service trust arrangement but when making recommendations regarding business structures we always take into account income tax considerations as well as asset protection , the possibility of admitting new business partners and future discount capital gains tax concessions.
Services We Offer
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Business start-up
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Business Planning
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Management reporting
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Budget & Cashflow forecasting
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Establishing Key Permorance Indicators KPI's
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Business Improvement Strategies
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Accounting system advice & support
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Business Coaching & mentoring
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Business Structure Advice
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Social Media & Marketing workshops
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Buying & Selling business advice
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Business Succession Planning
We will help you select the most appropriate software for your medical practice taking into account your business needs (bookkeeping, payroll, invoicing etc.) and level of accounting skill. Where required we will train you or your staff to use the software because we find many medicos make the mistake of buying sophisticated ‘double entry’ accounting programs that are beyond their needs and level of accounting skill. This tends to create ‘computerised shoebox’ records and extra costs when our client brief includes minimising the cost of compliance.
Our services to GP’s, specialists and surgeons are both broad and deep. Over the years we have helped clients with their commercial property lease and also source funding for new medical equipment and motor vehicles (chattel mortgage, lease etc.). Through an affiliate group you can access fleet discount pricing on new cars that could potentially save you thousands of dollars. As a medical professional we recognise you want to grow your profits and your wealth which explains why a number of our GP’s, specialists, physiotherapists and dentists have a self managed superannuation fund (SMSF) built into their structure. If you want to know more about starting a SMSF download our e-booklet, Thinking of Starting a SMSF?
Client Testimonials
“McHenry Partners have been supporting our building and development business for many years and find them to provide a brilliant service. I’m one to focus on the building operation of the business and prefer not to be dealing with the financial management side of the business. McHenry Partners support us with bookkeeping, accounting and tax services for a fixed monthly fee which works really well. It allows me to focus on what I’m passionate about.”
Darren Gould
Redhouse Developments
I have medical practices in Geelong and Ballarat.Before moving to McHenry Partners my prior accountant was charging me large compliance fees and lodgments were being made late.
My bookkeeper, accounting software and the accounting firm just wasn’t working well enough and I felt like I was being left in the dark.
Making the move to McHenry Partners resulted in positive changes:
- A cloud-based accounting system was adopted.
- A better bookkeeping solution was offered at a more cost-effective rate.
- Communication of financial results and tax position is excellent.
I am now well informed and compliance lodgments are on time.
This has made my life less stressful knowing things are well under control.
McHenry Partners are always available to quickly respond to my queries and it has been a pleasure to work with them.
www.medicaid.com.au/medicaid-Geelong
Dr. Carl Grace
MedicAid
“McHenry Partners have been supporting our business for nearly 10 years now.
In recent years we changed over to the Xero accounting system. The training we received was excellent and transition smooth and now the financial management side of the business takes less of our time and we know exactly what our financial position is at any point of time. Whenever we have a business matter to discuss, we always receive sound advice making us feel comfortable when important financial decisions need to be made.”
www.bennettelectricalac.com.au
Nathan Bennett
Bennett Electrical & Bennett Racing
“McHenry Partners have been our Accountants for many years and we have always found them to be professional and very supportive. When I retired from the business they were able to assist with the sale of my shares to the remaining partner and my transition from the business. Their Financial Planning services were able to set up my Self Managed Super Fund and help me manage my investments which I am very happy with. I have even appointed Steve McHenry as my back up Power of Attorney given the trust and confidence I have.”
Craig Harrison
“We have had a strong business relationship with McHenry Partners for 20 years now! We continue to find their accounting, taxation, business consulting and financial services to be very professional and have been a great support for us during our business journey.”
John Spence
Prestige Caravans Geelong
We have been conducting business with McHenry Partners for 14 years, firstly just for taxation purposes but also financial planning and retirement strategies.
Sam Adigrati from Vostro Private Wealth has been very supportive of our financial investment matters. When there is any information we require about our financial affairs, having both Vostro Private Wealth and McHenry Partners, we know we have the best of both worlds and complete peace of mind that they have our affairs in order.
Both businesses are very helpful, friendly, informative and cooperative.
Graham & Lynny Ingles
Thinking of Starting Your Own Medical Clinic?
There are numerous issues to consider when starting or buying into a medical clinic. As a business start-up specialist we can assist you with everything from your branding and logo through to your business structure, site selection, commercial lease, corporate brochure, website development and marketing materials.
We have developed a number of tools for new business owners including a comprehensive checklist of start up expenses broken down into categories including leasehold improvements, IT costs, marketing and medical equipment. These figures then automatically feed through to an integrated cash flow budget to help you identify any finance requirements. These forecasts can also tuck into your business plan.
The marketing process begins with your branding and we have worked through the process with dozens of physiotherapists, osteopaths, dentists and optometrists over the years. Using some online resources we can help you build a modern brand and develop your stationery at a fraction of the cost of engaging a graphic artist or marketing consultant.
Your website is your 21st century business card and we can offer you advice regarding your website’s colour scheme, functionality and content. Using the resources of one of our business affiliates we can also help you build an inexpensive but professional website.
Grow Your Profits
That’s just the beginning because as accountants we can prepare some ‘what if’ scenarios so you know your medical practice’s best and worst case financial scenarios. Preparing a cash flow budget and projecting your profit and loss is all part of our service offering and we use industry benchmarks to analyse the relative performance of your medical clinic against your colleagues so you understand what is working in your clinic and what needs working on.
We strive to help you ‘know your numbers’ and that includes understanding the key profit drivers in your business. Our expertise in this area is designed to fast track your business success and our team of medical specialists offer GP’s, physiotherapists, osteopaths, dentists, optometrists and surgeons a range of accounting, taxation and business coaching services including:
- Start-Up Business Advice for Medical Professionals
- Advice and Establishment of Your Business Structure
- Advice & Assistance with the Purchase or Sale of your Medical Practice
- Spreadsheets and Tools including a Start Up Expense Checklist
- Tax & Business Registrations including your ABN, TFN, GST, WorkCover etc.
- Preparation of a Business Plan, Cash Flow Forecasts and Profit Projections
- Accounting Software Selection and Training – Bookkeeping, Invoicing, Payroll etc.
- Preparation of Finance Applications for Banking Institutions
- Site Location and Advice Regarding your Commercial Lease
- Preparation and Analysis of Financial Statements
- Bookkeeping and Payroll Services
- Tax Planning Strategies
- Industry Benchmarking and KPI Management
- Marketing Advice including Branding, Brochures and Website
- Advice and Assistance with your Website Development, Content and SEO
- Wealth Creation Strategies, SMSF’s and Financial Planning Services
- Vehicle & Equipment Finance (Treatment Tables, Medical Equipment & Fit Out)
- Monitoring Labour Costs & Advice regarding Employee Workplace Laws
- Advice regarding Claiming Motor Vehicle Costs
- Business & Risk Insurances
- Business Succession Planning
Supporting Businesses & Individuals Across Greater Geelong
We work with clients throughout Geelong and surrounding suburbs, including:
Why Choose Us
We are so much more than just Tax Accountants. We are business advisors and profit builders who service the needs of a number of physiotherapists, doctors, dentists, osteopaths, pharmacists and doctors. We offer you strategies to grow your business, your profits and your wealth. Over the years medical practitioners have become a real niche within our accounting practice and if you’re looking to get the right advice when starting, buying or developing your medical practice, contact us today on 1300 789 844.
We offer you a FREE, no obligation, one hour introductory consultation to discuss your business needs. You’ll get practical business, tax, marketing and financial advice that could have a significant impact on your bottom line. To book a time, call us today on 1300 789 844 or complete your details in the box at the top of this page.
Make a Change…
Get in touch
Not getting what you need from your current accountant? McHenry Partners are here to change things for the better.
Our initial free consultation will identify whether you're comfortable with our personality, style, service & value that is to be provided so you can make an informed decision to engage us.
We will provide an ethical letter to your Accounting firm advising we are managing your financial compliance obligations from here and request any information that we may need.
We will agree with you on the services you require from us over the next 12 months and agree on a fee amount and payment terms that are suitable to both parties
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