August 2017 - Accounting X

5670 Wilshire Blvd. Suite 1800 Los Angeles, CA 90036

Are You Seeing A Return On Your Medical Practice Financial Services

Are You Seeing A Return On Your Medical Practice Financial Services

Since most practices focus on providing medical services for their patients, dentists, physicians, surgeons, and other medical practitioners can sometimes disregard their personal needs. Particularly, since they tend to juggle hectic schedules, they choose to entrust all of their financial concerns to a selected provider of medical practice financial services. If you are one of these medical practitioners, finding a good accountant is vital. That way you can continue to focus on your patients while your accountant focuses on your financials.

 

 

The Need For An Excellent Financial Plan

Medical Practice Financial Services

Firstly, gauge your current practice. Focus on your expenses by taking into account current daily operations (e.g. operational costs, cash flow, preparing income tax returns).

 

Then, determine whether your provider of medical practice financial services has a solid framework for an excellent financial plan. If they are acting in your best interest, your service-provider should prioritize the mapping out of certain financial concerns.

 

An excellent financial plan should involve:

• Tax returns and planning
• Life insurance
• Loans and financing strategies
• Investments
• Educational savings plan
• Property acquisition
• Disability income insurance
• 401(k) rollover

 

Opportunities For Higher Financial Rewards

Most medical practitioners earn an above-average income. In fact, the average annual pay of medical practitioners in the US is 78% higher than other countries, according to this Forbes Article. “Doctors are paid too much” this is as always a personal opinion of someone that did not incur the costs associated with becoming a doctor in students loans our the extensive medical training they endure. When was the last time you walked into an emergency room in the US and witnessed the hours, time and even the havoc a doctor endures?

 

Click here to find out your current financial health.

 

Your accountant should help you leverage this above-average income. They should also help you in establishing opportunities to raise this income (i.e. suggest a flexible use of funds or related profitable opportunities).

With the right medical practice financial services you can get high returns as a medical practitioner. You could turn it into a highly lucrative income source. With your profitability, you can take care of all your, as well as your family’s, financial needs from here on out.

However, these returns may not come unless you initiate a smart approach to long-term financial planning. Thus, availing of medical practice financial services is vital. Doing so can help you sort any financial concerns you may have. While allowing you to expand your existing wealth. For more information on how AccountingX can help you flourish contact us today.

Do You Know What Nonprofit Accounting Solution Is Right For You?

Choosing the Best Nonprofit Accounting Solution for Your Organization

As a nonprofit organization owner, you are accountable to numerous internal and external stakeholders. These make it challenging and difficult to present accurate data to the external stakeholders on time and at the same time demonstrate internal fiscal responsibilities. This gets worse if you are using an accounting solution that is not designed for nonprofits.

Without an effective accounting solution, nonprofits could spend much time and finances for processes that can instinctively be streamlined through their budget. However, this does not have to be the case. Adopting the right nonprofit accounting solutions ensures that your nonprofit organization saves time while meeting the required standards. Also, your workers can put less time in data entry and focus more on the organization’s mission.

 

Implementing the right accounting solution comes with numerous benefits which include;

Increased Accountability with internal controls

nonprofit-accounting-solution

You may have many individuals or stakeholders who need to have access to your accounting information. However, they do not require the same level of access. With the help of an accounting solution, you can set access restrictions and create logins for different users, and this allows your organization to be transparent and does not compromise anyone.

 

Access data securely, anywhere and at any time

The smart technology makes it possible to;
• Do a quick, flexible reporting
• Gain constant access to data
• Do a streamlined project management
• Easy budget analysis
These are just a few of the many benefits that you will enjoy by adopting the right nonprofit accounting solutions. To choose the one that works best for you, consider if it has the following;

 

Financial management

Even the basic accounting solution should allow you to enter and track all journal entries. However, the best nonprofit accounting solutions should offer you advanced features like;
• Budgeting
• Forecasting
• Deep dive reporting

 

Grant management

A good accounting solution should allow you to secure grants and convert them into funds which you can use to perform your mission. It makes the tracking of donations easier for you.

 

Scalability

As you spread your nonprofit mission, you need to raise money to help you grow. You will require more monitoring, reporting, programs, and people to attain this. Your nonprofit accounting solution should be scalable to achieve this.

If you consider the above factors, you can never go wrong when choosing the best nonprofit accounting solution for your organization.

Contact Us for a free consultation and we can help implement and manage your financial success! 

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