For some small businesses, outsourcing accounting services makes obvious sense. Some operations simply do not have the capacity to handle all the intricacies of dental office or medical practice finances. Other businesses are too big to have bookkeeping as an afterthought. The Business and Services Team of Holbrook & Manter compiled the top five reasons as to why an outside accountant would be of great value to your practice.
1) Alleviate the Stresses Surrounding Billings and Collections
With a robust patient list and a substantial amount of money coming in and out, chasing down a few delinquent accounts may not be at the top of your to-do list. You are managing a business after all. However, those are funds that you are owed and they should be returned or settled upon. Outsourcing your accounting to a professional CPA firm will take this burden off your shoulders, but also promote enhanced organization within your billing system as to minimize the risk of having this situation occur again.
2) Head Into Tax Season with Confidence
When the end of January rolls around, some businesses scramble to straighten out their finances last minute and submit tax reports that are incomplete or littered with errors. “Did I miss anything? When is the deadline? Is this considered tax deductible?” Erase those worries from your memory and head into tax season with a full head of steam when you opt for an outside accountant. Keeping your numbers in line all year round, meeting tax deadlines on-time will be of no worry at all for a seasoned CPA.
When it comes to IRS compliance, obviously no stone should be left unturned, but each stone should also be turned properly. There’s no room for human error when handling the stringent report process – especially in the medical realm. Introduce a professional, experienced medical accountant to eliminate the chances of in-house human error. Performing some financial tasks on your own may be acceptable in some areas, others should be perfected by an individual who performs accounting services and researches the industry full-time.
Take a look at some of the most common small business tax errors here.
4) Plan Your Future Financial Strategy With the Amount of Effort You Choose to Use
When you’ve built a business from the ground up since day one, you’re probably not too keen on passing the reigns completely to an outside source. Many medical accounting firms offer a comprehensive range of services, but a business owner and operator has the choice of how much control they want to have. Looking to completely alleviate yourself of all financial stresses or do you still want to control direction and simply want someone to handle the grunt work? Looking for something in between? These are the options that become available when hiring an outside professional.
5) Prepare for Growth and a Seamless Merger and Acquisition
As with any business, success is the goal. To grow is to succeed, so do so seamlessly. A dedicated medical accounting specialist will help you plan for expansion with a thorough understanding of merger and acquisition processes.
Holbrook & Manter can answer any questions you may have regarding the outsourcing of your accounting tasks. Read more about our small business accounting services.