Practical Accounting and Tax Strategies for Plastic Surgeons

1. Practical Accounting and Tax Strategies for Plastic Surgeons As a busy plastic surgeon, you face the same pressures as any other company owner. You want to see your business develop, but you also want to keep your costs under control and produce additional sales. Not to mention, you want to manage your payroll, marketing, and invoicing operations. It’s a lot. All of these tasks can feel overwhelming and like any other small business owner, you may feel at times that all this ‘other stuff’ causes you to lose focus on performing your core duties as a surgeon. You absolutely don’t have to do it all. When it comes to keeping a balance sheet balanced, you can benefit from the services of an accountant who is familiar with the tax and accounting for doctors in Australia and whom are specifically used to dealing with the financial needs of plastic and cosmetic surgeons. And don’t forget, implementing practical accounting and tax strategies will optimise your income, minimise tax liabilities, and ensure compliance with regulatory requirements. Read further to learn how you can best keep on top of accounting for your business. How should a plastic surgeon handle accounting and tax? ● Maintain separate personal and business finances This practice allows for accurate bookkeeping, simplifies tax preparation, and provides a clear overview of your practice's financial health. Additionally, it helps you monitor cash flow, track deductible expenses, and maintain clean financial records for potential audits.

2. ● Hire a qualified Sydney-based healthcare accountant A Sydney-based knowledgeable professional providing accounting for doctors will understand the intricacies of your profession, stay up-to-date with relevant tax laws, and provide valuable advice tailored to your unique financial situation. They can assist in preparing financial statements, managing payroll, identifying tax-saving opportunities, and ensuring compliance with regulatory requirements. ● Implement accurate bookkeeping Consider using reliable accounting software that suits the specific needs of your practice. This will really simplify the process of tracking revenue, monitoring expenses, and generating financial reports. Regularly categorising transactions correctly, reconciling bank accounts, and tracking receipts will ensure accurate financial reporting and make tax preparation more efficient. ● Track and maximise deductible expenses Make sure you keep diligent records of all eligible expenses, such as office rent, medical supplies, utilities, staff salaries, continuing education, professional liability insurance, and marketing costs. Maximising deductible expenses can reduce your taxable income and lower your overall tax burden. It’s worth the extra effort. ● Understand tax planning opportunities Staying informed about tax planning opportunities specific to your profession is also essential. Consult with your healthcare accountant to explore strategies such as income deferral, retirement plans, health savings accounts (HSAs), and equipment depreciation. ● Stay compliant with healthcare regulations Plastic surgeons operate within a highly regulated industry. Hence, staying updated and compliant with all healthcare regulations and reporting requirements is crucial. Failure to comply can lead to penalties, fines, and potential legal issues. It’s advisable to check in with an expert who offers expert accounting advice for doctors who can help you navigate the regulatory landscape and make sure you are adhering to HIPAA, Medicare, and Medicaid standards. ● Plan for tax payment obligations Search for an experienced ‘accountant near me’ in Sydney that has the know-how to work with you to estimate and set aside the appropriate amount of tax payments throughout the year. You can maintain a healthy cash flow and minimise any financial strain by avoiding underpayment penalties and ensuring sufficient funds are available at tax time.

3. The Bottom Line… Being a healthcare professional is a tough gig. You’ve got varied daily responsibilities and tasks. But remember, proactive financial management and efficient accounting for your practice is key to sustaining a thriving plastic surgery business. Contact Us Business Name: Hatch Accountants Address: 285A Crown St, Surry Hills, NSW, 2010, Australia Phone: 0402 443 295 Email id: info@hatch.accountants Website: https://hatch.accountants/