Building a business in the medical or allied health industry is highly rewarding but can become stressful if you’re not in control of your finances. There is always the potential to run into difficulties if books are not balanced and plans are not in place to encourage a financially healthy future.
Crest Accountants and Crest Advisors have specialist knowledge in relation to medical, dental, and allied health practices. Here are the areas where we make a difference to our clients:
Opening a practice is very exciting but you need to have your financial ducks in a row.
Work with a specialist accountant and financial adviser for medical, dental, and allied health practices from the earliest days and you will be able to structure your business correctly, hit the ground running when it comes to payroll and compliance and create a practice that is ready to grow.
Tax management and accounting
As a medical, dental, or allied health professional, you’re extremely busy. Along with this, the tax requirements, and financial obligations of those practicing in the medical industry are often complex. It makes sense to work with a specialist accountant who will be your ‘partner’ in this area, help you stay on top of your obligations and prepare for what’s coming next.
You’re an expert in what you do but you still need support to make the most of the money you have and create a plan for what to do with it in the future. This could include expanding your practice or working on a retirement plan.
If you are operating a successful medical, dental, or allied health practice, there may be scope to invest some of the profits into passive investments to build in some diversity. Instead of putting every dollar into your business or into funding your lifestyle, turn your mind to building wealth for yourself and your family.
Financial advisors for doctors, dentists, and allied health professionals work with their clients to create a clear strategy for a financially stable future.
If you have already built substantial wealth inside of your retail or industry superannuation fund and would like to exercise more control over your assets, you may consider switching to a Self Managed Superannuation Fund (SMSF). This provides you with the ability to invest your super balance into assets of your choosing, like a commercial property (perhaps to operate the medical or dental practice from). If your super balance is substantial, you may find that the costs of an SMSF are lower than the costs of your current fund that charges fees based on a percentage of the fund balance.
A financial advisor can work with you to establish a cost-effective option so that more of your super can stay in your account. This may not involve setting up an SMSF, it may simply be assisting you to find a retail or industry fund that fits your needs better and has lower fees. We can help you make the change.
Health professionals work hard and deserve a happy and financially comfortable retirement. The earlier you start to plan, the sooner the day can come when you step away from your business.
The accountants and wealth advisers for doctors, dentists and allied health professionals at Crest will talk to you about putting a plan in place, taking the steps to achieve it and figuring out what will happen to your business after you leave.
Business and asset insurance is as important as health insurance. It’s equally as important to ensure that any potential risk exposure is minimised prior to making a claim. There are specific risks associated with the Medical and Allied Health industry that can easily be contained with the correct Insurance. That’s where our team comes in, we will help you to find the solution that is most suitable for your needs, ensuring you’re not paying too much, and offering piece of mind.
Borrowing money may be required to help you purchase equipment or to expand your business. Let us review your finances to figure out what’s possible in terms of a loan before connecting you with a broker who can help you take the steps to proceed.
Whether you are starting out with your medical, dental, or allied health practice or are ready to take the next steps to grow, Crest is here to help. We look forward to being your reliable financial partners and playing a role in your long-term success.
Contact us to find out more about a specialist accountant for doctors, dentists and allied health.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice. Whilst the information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact upon the accuracy of the information.