Medical Accountants & Allied Health Accounting

Medical and Allied Health Practitioner accounting and taxation specialists

At Crest Accountants, we have a team of specialised accountants who can help Medical and Allied Health Practitioners in any stage of their career.

Accounting services for the healthcare industry

Why is accounting in the healthcare industry different from other industries?

The medical field is a challenging environment, requiring decades of higher education and specific training. A career in the medical or allied health industry can be extremely rewarding, but it is understandably very stressful, especially if you’re not in control of your finances. This includes your medical business accounting and tax services, along with future wealth planning.

While building your career or starting your own practice, professionals in the medical or allied health field spend the majority of their time on education, training, and providing the best services and care to their patients. With the day-to-day operations, a full schedule of patients, along with staff to pay and manage, it’s easy to see why so many medical professionals and doctors become overloaded. You can’t do it all, and with the help of our team, you won’t have to.

Contact us to speak to a specialised accountant for doctors, or an accountant for dentists, along with accountants for pharmacists, psychologists, physiotherapists and all other types of medical and allied health professionals.

Why do you need a specialised accountant in the medical field?

Every industry is different, with specific quirks, especially when it comes to accounting and tax compliance.

Why choose Crest Accountants for medical accounting services?

• Our team of accountants are backed by experience – 45 years of experience to be exact
• Our detailed knowledge of the healthcare field grants us a better understanding of how your practice operates, or how it should be operating. For you, this means less time wasted and better outcomes in both the short and long term.
• Specialised accountants can provide solutions and answers to all of your specific industry questions for accounting and business tax compliance.

At Crest, we have dedicated accountants with in-depth and detailed knowledge of the medical and allied health industries. With our more than 45 years of experience, we understand the intricacies that exist in the field of healthcare.

Accounting in the healthcare industry: How Crest can help

We can help you with your needs for healthcare industry accounting services at any stage of your career or practice set up and operations.

Getting started: Accounting services for opening your own medical practice

Launching your own business or practice is very exciting, and it’s imperative to have your financial ducks in a row. Work with a professional accountant for the medical field in the early days and you will be able to structure your business appropriately from the start. Proper practice set up with a tax accountant for medical services can ensure that you can hit the ground running with payroll and tax compliance, and start a practice that is ready to go, and ready to grow.

Tax management and compliance for the healthcare industry

When building and operating a business in the medical field, you’re extremely busy. On top of running your business and tending to your patients, you also have tax requirements and financial obligations, and within the medical field these can be quite complex. Work with an accountant who specialises in the medical field, to assist you with your tax obligations.

Wealth creation for medical and allied health professionals

While you are an expert in your field, you could still use assistance and guidance to make the most of the money you are earning and plan for what you need in the future. These plans could include growing and expanding your practice or setting your goals for retirement. When operating a successful and profitable medical, dental, or allied health practice, you may be able to redirect some of your business profits into passive investments. This way, you are not putting every dollar you earn into your business or into funding a lifestyle. You are building wealth for yourself and your family. Our team at Crest Wealth can work with you to create a strong financial foundation for your future.

Superannuation support and the healthcare industry

Superannuation is a complex topic for any industry. Professionals in the medical field will benefit from working with a specialised accountant. Success in this industry can translate into substantial wealth accumulating in your retail or industry super fund. You may decide that you want more control over your super fund assets, which might require setting up a Self Managed Superannuation Fund (SMSF). With this increased control, you can invest your super balance into other assets, such as a commercial property in which to operate your medical or dental practice.

Depending on your super balance, you may find that SMSF costs are lower than those associated with your current fund, where fees are based on a percentage of the fund balance. A financial advisor can advise you on which option is most cost effective.

Retirement Planning for medical professionals

After decades of education, hard work, and long hours, healthcare professionals deserve a comfortable and happy retirement. When setting your goals for retirement, the earlier you start your planning, the sooner you will be able to step away from your business. We have a team of specialised accountants and wealth advisors for doctors, dentists and allied health professionals, who can work with you to put a solid plan in place for your retirement. We’ll help you take the necessary steps to achieve your financial goals, and provide guidance around the best way to exit your practice once you are ready to walk away.

Insurance Advice for healthcare professionals

It’s important to ensure you have all the correct insurances in place to minimise potential risk as much as possible. The medical and allied health industry has specific risks, and our team can help you with the right personal and business insurance to protect your assets.

Asset Protection in the medical industry

Asset protection is a vital part of your business’ financial planning. There are additional risks that medical professionals must face in their industry. For peace of mind, ask us about asset protection. The first avenue of asset protection for healthcare professionals is to have appropriate insurance in place. We can help guide you through additional methods of asset protection, including reviewing current business and passive investment ownership structures. Our team of accountants are experienced with asset protection for medical and allied health professionals and can help you protect your business and personal assets.

Read more on our blog: Business Asset Protection. Have you Reviewed your Structure Recently?

Borrowing advice for healthcare professionals

If you are looking to expand your business or purchase equipment or assets, you may consider taking out a loan to do so. Let us review your books and finances, to assist with finding the best possible loan terms. Crest Lending can help you take the next steps.

Tax compliance in the medical and allied health industry

Tax compliance is a must, every business owner knows that. However, in the medical and allied healthcare fields, it can be difficult to find the time or energy to manage tax affairs. Therefore many healthcare professionals seek the advice of a professional medical accounting and tax specialist to ensure they and their businesses stay compliant. The tax obligations of a healthcare professional or business can be complex and need correct accounting systems and forward planning. This will ensure that tax debts don’t inadvertently pile up.

For more information on the realities of tax compliance negligence and the consequences it can have, go to our blog: Why Medical Professionals Must Prioritise Tax Planning & Compliance

Healthcare accounting services with Crest Accountants

At Crest, we have more than 45 years of extensive experience in the healthcare accounting services industry, serving long-established practices as well as family businesses and GPs just starting out.

Our  expert medical accountant has guided our clients through GP accounting in that first job or practice start-up, expansion and acquisitions, restructuring, retirement, partner conflict mediation, divorces, deceased estates, overseas contracts, and the selling of practices. We have helped each one, on an individual and personalised basis, to budget, plan and navigate through their business and medical practice accounting needs. At whatever stage you are with your business, we can help you manage your accounting and plan for where you want to be.

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