So why should you use a Medical Accountant?
The first and most obvious answer is accuracy. GPs practices receive their money at various times of the year, and payments are often backdated. There are typically also multiple revenue streams which, from an accounting perspective, means you need to ensure each income source is recognised and accrued appropriately. We have a wealth of experience with the medical industry in particular so can steer you in the right direction and guide you to maximise profitability.
With our experience also carries technical expertise. The complexity of the NHS Pension and the various pension forms to be completed make it essential to engage with an accountant who has experience in these issues, knows when a certain income or tax relief should be considered and are able to advise you on this accordingly.
As a medical accountant is more experienced in the nuances of the NHS and other businesses within the healthcare field, they can easily spot issues arising and advise on the best way to get this resolved in the quickest time frame possible. We act for a wide variety of NHS professionals and regularly liaise with PCSE in updating their personal pension records. This can mitigate your stress levels in having to liaise with them direct.
Cost efficiency is also a common reason people use medical accountants. As we are well versed in the NHS and the various issues arising with NHS Pensions, we can advise on the best way forward and have a better understanding of income and expense fluctuations within the industry to prevent any miscommunication or confusion. Not only will this save time but we can also advise on ways to increase efficiency within your Practice, and reduce your tax burden. As we are familiar with those in the healthcare field, we can easily identify areas which may provide some benefit for you and would welcome the chance to discuss this with you further.