Being a medical professional is already hard as it can be. It forces you to engage in more complex financial and tax duties. A study shows that 73.2% of healthcare professionals are already experiencing burnout and stress on the job.
If you’re already busy treating your patients’ pain, how would you ease the stress of managing your financial statements?
Seek help from accountants to take charge of your finances. Start using chartered accountants who are experts in the medical sector to do better financial planning for you.
If you’re interested in the services we provide, book us a call today!
At Pearl Lemon, part of our accountants’ job is to be aware of these needs and optimise your financial situation to protect and increase your wealth.
Like any other profession, medicine has a lot of financial records that need to be managed. For people who have their clinic or practice, this is especially true.
In addition, they must adhere to legal and state regulations, such as tax obligations, which are another financial concern that requires sound management.
Practitioners frequently lack time to manage their finances alone, even if they want to. The hours of their day are entirely consumed by their in-demand and busy job. That is merely one of the explanations for why general practitioners need accountants’ assistance. Here are a few more.
Healthcare accountants are skilled in managing business accounts and analysing annual accounts to find ways to reduce spending and increase profits.
A specialist accountant can also recommend the best legal entity for the medical professional to work under to maximise revenues and guarantee that they are using the correct tax code.
Inconsistencies in the financial aspect often occur, particularly when managing large sums of money, numerous accounts and transactions. Re-doing everything is the only way to get out of it because attempting to find the discrepancy will make things more difficult.
When the discrepancy is less checked, this can lead to serious issues with legal obligations, financial reporting, etc. Financial errors frequently result in charges, penalties, and even criminal prosecution.
However, accountants can aid in resolving that issue. They are skilled in the methods needed to complete the task effectively. Additionally, they can complete the task far more quickly; if not, they have the means to do it.
Moreover, they will pursue how to create a billing system that is accurate and efficient while minimising errors. They will also ensure billing happens on time and can effectively handle any questions you may have about your invoice.
Working with accountants helps medical professionals to have a steady cash flow regardless of the kind of employment (limited company or running a practice), with competent tracking of business accounts supporting the quicker collection of payments.
You can maximise your income by allowing independent specialist medical accountants to handle all medical billing properly.
Financial management and handling are not at all simple tasks. It’s a task that calls for endurance, diligence, and time above all else. Undoubtedly, settling everything will take a couple of days and hours. This takes a significant portion of a practitioner’s day to handle their financial records rather than engaging in their line of work.
Accountants will relieve the responsibility of managing the finances. Medical professionals can then concentrate more on their career growth.
It may seem like an extra expense to hire someone, or multiple people, to handle financial concerns. But in reality, it’s a practical choice to make. A medical practitioner like you who maintains their financial records or has helped handle you might lack the knowledge and competence necessary to do the job well. Time, energy, and even resources are wasted due to this.
However, accountants can produce better results, resolve monetary issues, arrange documents, etc. They are always able to produce work of a high calibre. Just consider the time and money you could save by hiring someone like that.
General practitioners like you need an accountant’s assistance because of their busy and demanding occupations. By getting help for your medical practice, you will save money and be able to concentrate more on advancing your medical profession.
A specialist medical accountant will offer various accountancy services compared to a non-specialist. A professional will have strategies that align with your company, whether it is creating healthcare tax returns and plans, bookkeeping, or payroll.
Pearl Lemon Accountants specialises in providing a comprehensive range of accounting services for doctors, dentists, and other medical professionals.
Look at the list below to see what kinds of accounting services our experts can offer you.
To ensure that your corporation tax liabilities are kept to a minimum and your salary is in the most tax-effective way possible, Pearl Lemon Accountants offers full corporate tax preparation and tax compliance solutions.
We can represent you to the tax authorities and advise you on the most cost-effective tax structure for sales or purchases. We can also offer you advice on capital allowances and capital gains tax, income tax, tax return, all of which are efficient methods for lowering your tax burden.
Payroll management is another tax service that Pearl Lemon Accountants offers. Does your payroll involve complicated loans, expenses, bonuses, pension, and other deductions – in addition to essential tax and national insurance calculations? No problem! We can manage them for you, easing the burden on your part.
The VAT process can be challenging and time-consuming to navigate.
Our VAT accountants can help you handle all these accounting processes and ensure that they are carried out effectively and precisely.
HMRC investigations aim to determine whether accurate information has been given and whether accurate taxes have been paid.
You shouldn’t worry if you made an honest mistake because HMRC has several programs to help you, including Time to Pay.
Consider employing a specialised tax accountant if you don’t already have one. It’s the same reason you wouldn’t try to fix your boiler yourself.
In this situation, expert help is essential. Accountants who specialise in tax investigations will help you complete your tasks with the least amount of stress and on schedule.
With personal tax services, our professionals will advise you on every part of your tax status to ensure you comply with all legal and regulatory obligations. We offer a customised solution that covers everything from straightforward tax filing to filing for individuals with incredibly complex UK tax concerns.
We seek to increase your wealth while minimising tax obligations using our tax services. Contact us today if you need assistance with your financial statements and tax problems.
The roles of a medical accountant include assuring that hospitals, clinics, and other healthcare organisations have correct financial records. In addition, they make sure that all transactions are accurately recorded and accounted for, and they frequently collaborate with physicians, nurses, and other medical professionals.
To maintain order in their financial records, hospitals hire accountants.
They usually work with hospital administrators to ensure the business complies with all pertinent laws, rules, and internal policies.
They manage all staff and patient files, perform all billing responsibilities, and collect account payments for patient services rendered.
Moreover, accountants ensure the hospital reacts to regulatory charges, particularly those that have a financial impact.
Most medical professionals have little knowledge about business management and finances and simply entrust a business expert with running their day-to-day operations. Lack of time is another factor in why medical practitioners struggle in business and financial aspects. Most of them are very busy, seeing patients nonstop. It’s especially challenging for surgeons and specialists to find time for company management because they’re even busier than usual. Lessen your struggles with our accounting services at Pearl Lemon.
When you allow us to keep track of your finances, you give yourself more time to do your work and please more clients.
It's a win-win situation for everyone.
Aside from that, you'll also gain financial stability because your assets and liabilities are managed well enough not to cause any trouble for you in the future.
So let our experts work for you, and you won't regret it even a bit.
Book a call today to get started.