Introduction
In the bustling world of healthcare, doctors are often caught up in the whirlwind of patient care, leaving little time for administrative tasks. One such task, often overlooked but crucial to the smooth operation of any medical practice, is bookkeeping.
This article delves into the importance of bookkeeping services for doctors, exploring key considerations that underscore its significance. From understanding what bookkeeping entails to the cost implications and the potential for outsourcing, we aim to provide a comprehensive overview that highlights why bookkeeping services are not just important, but essential for doctors and their practices.
1. What is Bookkeeping?
Bookkeeping is the practice of organizing, classifying, and maintaining a business’s financial records [1]. It involves recording transactions and storing financial documentation to manage the overall financial health of an organization [1].
Bookkeepers often utilise accounting software programs to carry out their work and they possess the skillset to do their roles efficiently and competently.
2. Why are Bookkeeping Services important?
Bookkeeping is important because it helps businesses make accurate budgeting possible, stay prepared for taxes, maintain organised records, enable proper reporting to investors and owners, aid in setting and monitoring business goals, ensure compliance with government regulations, and offer learning opportunities [2].
Businesses with well-functioning bookkeeping capabilities can be more adaptive to industry conditions as they can make swift decisions based on real-time financial data. There is also more transparency around their situation allowing them to manage their business confidently.
3. Do Doctors need Bookkeeping Services?
Yes, doctors do require efficient bookkeeping services [3]. Given the demanding nature of their profession, doctors need to maintain proper bookkeeping activity to know the proper inflow and outflow of the cash from their practice [3].
Medical practices often employ a team of people to support their operations. Bookkeeping also ensures that the staff are paid on time and in adherence to labour legislation.
4. Why is Bookkeeping important for Doctors and Medical Practices?
Bookkeeping is essential for doctors and medical professionals to maintain the financial health of their practices while ensuring compliance with regulatory requirements [4]. The complexities of healthcare billing, insurance reimbursements, and compliance with stringent regulations demand a clear understanding of a financial system customized specifically to the medical field [4].
Doctors should ensure that they work with a high-quality Bookkeeper who has the skills and experience necessary to carry out these important functions to a high standard.
5. How much do Doctors Bookkeeping Services cost?
The cost of hiring bookkeeping services for doctors in Australia can vary widely. On average, you can expect to pay between $30 to $100 per hour for bookkeeping services [5,6,7].
Hiring an on-site, employed Bookkeeper also bears other costs such as superannuation, leave entitlements, general overhead costs and payroll tax.
6. Can you outsource Bookkeeping for your Medical Practice?
Yes, outsourcing bookkeeping is a common practice in Australia [8,9]. An outsourced Bookkeeper can perform the duties that an on-site, employed Bookkeeper performs.
Bookkeeping is one of the most popular roles outsourced due to the work performed. Bookkeeping can easily be performed remotely, making the need to hire an on-site employee unnecessary.
7. What are the benefits of outsourcing your Bookkeeping for Doctors?
Outsourcing bookkeeping can lead to significant benefits. It allows doctors to focus on patient care, improves productivity, and reduces the risk of errors or penalties [10]. It also provides access to a team of experienced bookkeepers for a fraction of the cost associated with an in-house team [10].
Using an Outsourced Bookkeeping provider can result in savings of up to 40%. Doctors and Medical Practices can select the number of hours they require each week which enables them to only pay for the services their business requires. This allows an appropriate matching of supply to demand.
Some Outsourcing providers also allow Medical Practices to adjust the hours they need at short notice. This flexibility provides a great benefit in adjusting the services received to match peaks and troughs throughout the year.
8. Conclusion
In conclusion, bookkeeping is a crucial aspect of running a successful medical practice. Whether managed in-house or outsourced, it ensures financial transparency and accountability, which are crucial for maintaining trust with stakeholders. As the medical sector continues to evolve, so too will the strategies for managing its finances. By staying informed and adaptable, doctors can continue to thrive and make a positive impact on society.
9. About Us
International Outsourcing Group provides outsourced Bookkeeping Services, Marketing Services, and Administration Services to businesses across Australia.
Our Bookkeeping Services are perfect for Medical Practices and Doctors. You can select the number of hours of bookkeeping you need from as little as 2 hours a week.
All of the work done by our team members is managed and reviewed by our Chartered Accountant Managers so you can be sure you will receive top-quality bookkeeping services.
For more information, visit our website internationaloutsourcinggroup.com
References
- https://www.forbes.com/advisor/business/what-is-bookkeeping/
- https://lyfeaccounting.com/blog/bookkeeping-is-important/
- https://www.accountsjunction.com/blog/doctors-bookkeeping-requirements
- https://www.remotebooksonline.com/blog/how-to-do-bookkeeping-for-doctors
- https://www.darcyservices.com.au/fixed-price-bookkeeping
- https://numble.com.au/how-much-does-bookkeeping-cost/
- https://thebookkeepingstudio.com.au/bookkeeping/how-much-do-bookkeepers-charge-in-australia/
- https://numble.com.au/industries/medical/
- https://walshs.com.au/bookkeeping-for-medical-practices/
- https://hatchaccountants.mystrikingly.com/blog/5-benefits-of-outsourcing-your-medical-practice-s-bookkeeping