Accountants for Medical Private Practices
Since 1972 Smith Coffey has been the only firm in WA to specialise in helping medical and dental professionals reach their financial goals: from a medical student and building experience to starting a private practice and self-funded retirement.
Starting a medical practice is a dream for many medical professionals, but it can be a daunting undertaking, and without professional guidance, one that can lead to financial difficulty.
By owning a medical practice, you will experience significant changes in tax, structure, cash flow and personal spending.
Not all accountants understand the nuances of medical practices and the financial management required.
As specialist accountants for the medical industry, we know how to help you manage these changes with the least amount of effort on your behalf. Allowing you to spend more time running your medical practice.
Why Use a Specialist Medcial Accounting Firm for Your Private Practice?
We make running your medical private practice easier and help get you in a position to maximise your success.
As medical private practice owners, you face complex tax requirements and financial obligations. It’s our job, as medical accounting specialists, to know these requirements and optimise your financial position to secure and grow your wealth.
Our experience as specialist accountants for medical private practices gives us a comprehensive understanding of the financial circumstances that you’ll face throughout your career. Our advanced understanding of the medical industry allows us to proactively plan your financial future to ensure your financial security and prosperity.
Rather than receiving generic tax or financial advice, you’ll be speaking with qualified Certified Practising Accountants (CPAs), Chartered Accountants (CAANZs, formerly known as CAs) and Chartered Tax Advisers (CTAs) that are experts in accounting for medical private practices.
In addition to accounting qualifications, our consultants are RG146 compliant and have completed either the Diploma of Financial Services (FP), the Advanced Diploma of Financial Services (FP) or the Diploma of Financial Planning. This places our consultants within the top 1% of the profession that is authorised to advise on all tax and accounting issues.
- We can get your tax return done every year if you follow our process (which is easy for you) without bothering you with trivial queries.
- We'll tell you how much tax you have to pay 18 months in advance.
- We'll make sure you've saved this tax.
- We'll make sure you get a refund every year.
- We can do this because we only work with doctors/dentists – we understand your needs.
- We can get your rate of tax to 15% on super for your spouse/18+-year-old dependent.
- We can get your home loan paid off sooner.
- We can show you how much you can spend on your next house.
- We can show you how much you can save.
- We can show you how much you can spend.
- We have the experience to know the best structure for your private practice.
Medical Private Practice Structure – Why it matters
We’ve been helping medical private practices manage their finances for over 30 years and have seen all sorts of medical private practice structures over the years.
The structure of your private practice impacts your tax, assets, capital, and financial flexibility.
How do you know which one is right for you and your financial situation? Should you use a trust or company, partnership, joint venture, associateship, or trade as an individual sole trader.
You can even set up in a combination of any one of these. For example, a partnership of trusts.
Since 1972 we have tracked and recommended the structure most suitable to both the prevailing legislation at the time and your circumstances.
By speaking with one of our experienced accountants and financial advisors for medical private practices, we’ll breakdown your practice structure options, what the benefits of each are, and which structure will suit your financial goals and current position.
“I Wish I Had Known That Before Starting My Private Practice”
Many medical private practice owners have learned lessons hard way, and it’s cost them financially. Before starting a medical private practice, get professional advice from people that have walked the path before you. Take the time to speak with other dental and medical practice owners to get their advice or speak to our team, for a first consultation, on us.
While you might get lucky and do some things right, very few private practice owners understand what it takes to start and build their practice. At Smith Coffey, we understand these pain points from working with our medical and dental clients to grow their practices.
Below are some common issues for you to consider:
Where should you start your medical private practice?
- To start fresh or take on an existing medical practice?
- To rent or buy?
- Which location to choose?
There are a lot of important decisions to make, and your medical private practice location is key.
Ideally, you want a place which is highly visible and heavily trafficked to attract passersby.
As to whether to purchase a new or existing medical practice, there isn’t much difference in securing funding so long as your financial and business plans are in place.
Private practice cashflow
Medical private practice cashflow can tend at times to be seasonal. Be prepared for this inevitable ebb and flow by setting aside a percentage of your monthly earnings to keep you going when things slow down.
The ATO is one of your largest creditors, so we can help you understand tax when it needs to be paid and ensure you have the cash set aside.
Maintain the practice’s records and bills
While you may be your own boss now, you still need to be proactive with the less pleasant and tedious aspects of practice management, such as paying bills and keeping good records.
Stay on top of your administrative tasks (especially regarding accounting) to make your life a lot easier.
‘If the expense is tax-deductible, if possible, pay for it in a way that can allow easy records for your accountant to claim, without having to keep paper or electronic records. There are systems we can introduce you to that make this very easy’.
Monitoring the financial performance of your private practice
Benchmarking your financial results is an important part of medical practice management and accounting, and ensures you make informed decisions.
The importance of keeping a budget and reviewing your income and expenses regularly cannot be underestimated.
Understanding your financial results and being able to investigate the causes of higher or lower than expected figures will put you squarely on track to succeed.
You may need to seek the assistance of your accountant or other growth specialists to assist in reviewing and interpreting results.
Have a trusted referral network
Make sure that you have a network of good medical professionals you can refer to, and that they know they can refer to you too.
Take time for yourself
Owning a medical practice is stressful and consuming. Don’t get burnt out!
Set up your medical practice with systems and processes to make your life easier, allow you to focus, and help you have time to do the things you enjoy.
Get Your Private Practice Dreams On Track
If running a medical private practice is your dream, Smith Coffey can help make it a reality. Offering holistic coordinated advice for medical and dental professionals is our specialty; and with over 60 dedicated advisors across tax, accounting and financial planning we aim to add real value to your wealth creation goals.
Book your first appointment today at no cost or obligation – we’d like to get to know you and your aspirations.