At Marsh & Partners, we understand the unique challenges faced by healthcare professionals, particularly doctors, in managing their finances. With a wealth of experience spanning over 30 years and a commitment to precision and excellence, we provide tailored accounting solutions that enable you to focus on what you do best—caring for your patients.
Why Specialised Accounting for Doctors?
The medical profession is demanding, leaving little room to deal with the intricacies of accounting, tax planning, and financial management. Doctors often juggle multiple responsibilities, including patient care, staff management, and compliance with evolving regulatory requirements. Given these complexities, generic accounting services simply won’t cut it. Here’s why specialised accounting for doctors is crucial:
1. Industry-Specific Tax Strategies
Doctors are entitled to several industry-specific tax deductions, whether you run a private practice, work in a hospital, or serve as a consultant. Our team of seasoned accountants will help you identify and maximise these deductions, ensuring you never pay more taxes than necessary.
2. Optimised Business Structure
Selecting the right business structure—be it as a sole trader, partnership, company, or trust—is vital for tax efficiency and asset protection. We provide guidance on the most effective structure for your practice, based on your current and future financial goals.
3. Cash Flow Management
Effective cash flow management is essential for the sustainability of your medical practice. We craft bespoke cash flow strategies to help you manage expenses, avoid unnecessary debts, and plan for growth.
4. Financial Reporting
Transparent and accurate financial reporting is crucial for making informed decisions. Our bespoke financial reports give you a comprehensive view of your practice’s financial health, empowering you with the insights needed to drive growth and profitability.
Services Tailored to Medical Professionals
1. Bookkeeping and Payroll
Precision in bookkeeping and timely payroll management are the backbone of a well-managed practice. We use cutting-edge software to streamline these processes, ensuring compliance with the Australian Taxation Office (ATO) and Fair Work regulations. We’ll handle BAS lodgements, payroll tax, superannuation, and leave management, giving you peace of mind.
2. Tax Planning and Compliance
Tax season doesn’t have to be stressful. Our comprehensive tax planning services ensure you are compliant while minimising your tax liability. We offer year-round advisory services so you can make proactive, informed decisions.
3. Business Advisory
Running a successful practice requires more than just medical expertise. Our business advisors work closely with you to develop strategies tailored to your unique needs, whether it’s expansion, succession planning, or simply optimising day-to-day operations.
4. Risk Management and Protection
Protecting your assets and mitigating risks are fundamental components of any robust financial plan. We offer advice on suitable insurance policies and strategies to safeguard your practice from unforeseen challenges.
5. Retirement and Succession Planning
Preparing for the future is crucial to ensure the longevity of your legacy. We provide comprehensive retirement and succession planning services so that when the time comes, you can transition seamlessly, knowing your financial future is secure.
Ready to Transform Your Practice’s Financial Health?
Managing the financial intricacies of a medical practice doesn’t have to be a burden. Let Marsh & Partners handle your accounting needs so you can focus on delivering exceptional healthcare. Get in touch with us today to schedule your complimentary consultation and take the first step towards a financially secure future.
