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Specialist Accountants for Medical Practitioners

Here at Tolevsky Partners we understand the demands of  running a medical clinic.  We know that dealing with public health issues can be stressful and as a medical practitioner you may have to contend with long and erratic hours often associated with on call duties or 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 hundreds of medical practitioners through the various stages of the business life cycle from start-up to sale including  all medical specialties, physiotherapists, pediatricians, osteopaths,  optometrists, general practitioners and surgeons. In all cases, our medical clients want more than just tax returns and financial statements. They want help to grow their medical practice and their profits and then create wealth using tax effective strategies. 

Our services to GP’s, specialists and surgeons are both broad and deep. In fact, it doesn't matter if you're an intern, about to start your own practice or in the succession and sale phase, we have clients at all stages of their business life cycle. 

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 business and structure. If you want to know more about starting a SMSF download our e-booklet, Thinking of Starting a SMSF?

THINKING OF STARTING A MEDICAL PRACTICE

Medical practitioners are one of our specialist client groups and having mentored hundreds of business owners through the start-up phase of their business we have built a reputation as business start-up specialists.

If you are looking to start a business as a medical practitioner or buy into an existing business, there are numerous issues to consider. You need to establish your business structure, complete tax and GST registrations, consider insurances, select an accounting software program and possibly explore your finance options. It can be a maze of issues but as accountants and business advisors we can assist you in all of these areas plus provide advice on the preparation of a business plan, and a cash flow budget. If you are contemplating employing staff we can also assist you with human resource matters including payroll, WorkCover and superannuation guarantee obligations.

Over the past three decades our team of accountants have helped hundreds of medical practitioners get their business off to a flying start. We offer you experience, technical tax knowledge, marketing expertise and most importantly, an intimate understanding of the medical industry.

Starting a business is a bit like building a house that requires solid foundations. In a business sense these foundations include the right tax structure and accounting software, adequate and appropriate insurances together with a marketing plan and a lead generation website. Your choice of business structure is absolutely critical and there are a number of different options including sole trader, partnership, company and trust. When selecting the most appropriate structure for your business we always recommend you ‘start with the end in mind’ because Australian tax laws are complex and changing your business structure at some point in the future can trigger a capital gains tax event that could prove very costly.

Whenever we provide advice on business structures we always take into account:

• Income Tax Minimisation
• Maximize Asset Protection
• Allow for the Admission of New Business Partners or Investors
• Comply with all Legal Requirements in your Industry
• The Risk Profile of Your Industry
• Consider Future Entitlement to Discount Capital Gains Tax Concessions

As a consequence, we often find the business structure is a compromise based on the relative importance of each of these issues.

Another brick in your business foundations is your choice of accounting software. Poor record keeping is one of the biggest causes of business failure in this country and up to date, accurate financial records let you to make informed business decisions. The wrong choice of software can be catastrophic and too often we find business owners produce what we describe as ‘computerised shoebox’ records that cause frustration, waste time and create additional fees. This conflicts with our mission of helping you slash the time and cost associated with bookkeeping and GST compliance.

Here at Tolevsky Partners, we want to be your accountants and business advisors, not just a bookkeeping service. We do more than ‘keep the score’ for our clients and when selecting the most appropriate accounting software for your business,  like Xero.   It offers flexibility and the fact that you can access your financial data via the internet and invite your accountant or bookkeeper to view your accounts at the same time. This means you can get bookkeeping support and valuable advice in real-time. You can also log-in anytime, anywhere on your Mac, PC, tablet or smart phone to get a real-time view of your cash flow. Your data is automatically backed up and users have access to the latest version of your financial data plus you never need to worry about installing software or program updates.

To build a house you also need the right tools and when 'constructing' your business we have developed a number of tools including a start-up expense checklist broken down into various categories including: 

-   tools and equipment
-  professional advice and software
-  information technology costs – software and hardware
-  marketing and signage
-  vehicle costs

This checklist will help you identify all your potential establishment costs and these figures then feed through to our cash flow budget template and allow us to produce a projected profit and loss statement for your first year of trading. These reports can also tuck neatly into our business plan template that is designed to help you secure funding from external sources like a bank. Another useful tool is our business start-up checklist that walks you through key business registrations you might require, insurance options, legal issues, branding and domain name registrations for your website.

In summary, if you're contemplating starting a business you don't need to reinvent the wheel as we have all the tools and resources to help you get off to a flying start. In fact, that’s just the beginning because as accountants we can do some financial modelling and prepare some ‘what if’ calculations based on different price points so you know your business’ best and worst case profit scenarios. Next, using industry benchmarks we can compare the performance of your medical practice against your competitors so you understand what is working in the business and what areas need working on.

We will help you understand the four ways to grow a business plus identify the key profit drivers in your business. We can walk you through a number of profit improvement strategies and even quantify the profit improvement potential in your business. Our role is to make sure you know your numbers and don't leave any profit or tax savings on the table.

That’s really just the beginning because as accountants we can do some financial modelling and prepare some ‘what if’ calculations. This lets us project your business’ best and worst case profit scenarios. Next, using industry benchmarks we can compare the performance of your medical practice against your competitors so you understand what is working in the business and what needs working on.

Our mission is to help you fast track your business success and the team at Tolevsky Partners offer you a range of accounting, taxation, marketing and business coaching services including:

• Start-Up Business Advice for Medical Practitioners
• Advice regarding the Purchase or Sale of your Business
• Tools including the Start-Up Expense Checklist and Templates for a Business Plan, Cash Flow Budget, Letterhead and Business Card
• Advice and Assistance with the Establishment of Your Business Structure - Company, Trust, Partnership
• Tax Registrations including ABN, TFN, GST, WorkCover etc.
• Preparation of Business Plans, Cash Flow Budgets and Profit Projections
• Accounting Software Selection and Training – Bookkeeping, Invoicing, Quotes & Payroll
• Preparation and Analysis of Financial Statements
• Preparation of Finance Applications - Loans to Buy a Business, Expand, Franchise Fees
• Bookkeeping and Payroll Services -  Xero.
• Tax Planning Strategies
• Wealth Creation Strategies  including Transition to Retirement & SMSF's
• Industry Benchmarking and Management of Key Performance Indicators (KPI's)
• Vehicle & Equipment Finance (Chattel Mortgage & Lease)
• Business & Risk Insurances (Income Protection, Life Insurance etc.)
• Business Succession Planning

If you're  a committed and ambitious business owner looking to accelerate your success we invite you to book a FREE, one hour introductory consultation to discuss your business needs.   To book a time, please complete the details on the top right of this page and we'll be in touch. 

Tolevsky Partners - Build Your Business & Grow Your Wealth