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Are you a healthcare professional consistently thinking about your financial management and tax obligations? You're not alone. Balancing the numbers while delivering top-tier patient care can be daunting but, it doesn’t need to be that way – with our help, we can turn that anxiety into mastery, leaving your woes behind.
At Attune Advisory, we've had the privilege of guiding other healthcare practices through their finance and taxation obligations each year, ensuring they not only survive but thrive. As part of that, we thought we’d share some critical accounting issues that may be keeping you up at night – and how you can conquer them.
Running a successful healthcare practice goes beyond excellent patient care; it extends into the seamless integration of your practice management software (like Cliniko) with your accounting systems (like Xero). Why is this so crucial? Misaligned systems can cause financial discrepancies, administrative chaos, and, worst of all, business decisions based on inaccurate data.
At Attune Advisory, we can help assess whether integrating these systems is the right move for your practice. If it’s not a perfect fit, we can offer alternative solutions to keep your financials in check. Ensuring these systems communicate effectively can save time, reduce errors, and provide a clearer picture of your financial health, allowing you to make informed decisions.
The heartbeat of your practice is undeniably your team. However, they bring with them a complexity of financial and legal considerations. With a mix of employees, contractors, practitioners on service agreements, and locums, the payroll, taxes, superannuation, and insurance aspects, it can become a tangled web.
Misclassification of employment types can lead to severe legal and financial repercussions. We can help with structuring these arrangements to ensure compliance and prevent unnecessary headaches. By keeping the lifeblood of your business flowing smoothly, we help you avoid pitfalls that can disrupt your operations and financial stability.
With a blend of GST-free and GST-applicable transactions on both the income and expense sides, meticulous attention is required to your GST on a transaction-by-transaction basis. Errors here can invite the unwelcome attention of the ATO, including penalties and audits—costly in both time and money.
Our team specialises in managing these transactions with precision. We collaborate closely with your in-house or external bookkeepers to ensure your records are in the right shape, giving you the peace of mind you deserve. Correctly navigating GST complexities not only keeps you compliant but also optimises your financial operations and of course, relieves anxiety around what could be hiding beneath the surface.
Beyond these three issues, we offer an additional advantage to healthcare practices: proactive tax planning, structuring, and growth strategies tailored to the unique landscape of Australian healthcare. Our goal is to alleviate the pain of financial management and taxes, helping you to focus on your core mission of patient care.
Our strategic advice is tailored to you and your unique scenario – we take the approach that there is never a one-size-fits-all method to planning.
If you’re ready to transform your practice’s financial health, let’s start a conversation. Together, we can explore the issues highlighted here and develop a strategy to get your practice’s finances on the path to prosperity.
With the right guidance and expertise from Attune Advisory, you can focus on what you do best – caring for your patients – while we take care of the numbers (or at least support your team in doing so). Let’s make a plan to ensure your practice’s financial well-being today, give the Attune team a call on 1300 866 113 or email us here to start the conversation.
