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The importance of specialist medical accountants in Liverpool

If you are self-employed or own a business in the medical and health care sectors in Liverpool, it is important to have good specialist medical accountants.

Liverpool’s population is nearly 500,000, and almost five times higher than this as a metropolitan area. In a population of this size, there are a number of people who need extra healthcare from their GPs, dentists and other medical professions.

Changing demands

The medical sector is in an almost constant state of flux. The government frequently changes the rules and it can be a struggle to comply with new financial regulations and keep up with the taxation system.

GPs, dentists, care home owners and other medical professionals need medical accountants that understand their issues and have up-to-date knowledge of NHS finances.

GPs and doctors

There many issues that affect GPs and the administration of their practices. As well as helping with the regular financial and year-end accountancy, medical accountants are available for advice. GPs may need to look at partner drawings and cash flow management. NHS pension reports need to be made and predictions calculated.

There are issues with property too. Many GPs rent premises and need financial advice on leases, or whether it is advantageous to buy their practice property if it is offered for sale.

Finances can be complex for GPs, but good software can ease the burden of day-to-day bookkeeping. Liverpool medical accountants can recommend the best accounts software to run the practice finances.

As well as advice for GP practices, an accountant can advise individuals GPs, locums and consultants on their finances and tax planning. They will know whether it is better to change their business structure to, for example, a limited company.

Dentists

Dentists have similar issues to GP practices. They employ staff, have building costs to pay and have to comply with all tax rules, as well as the regular and year-end accounts to administer. They may need advice on business structures like limited companies that can have tax advantages.

If a dentist wants to acquire a practice or merge with one, there are financial considerations that dentists’ accountants in Liverpool can apply their specialist knowledge to.

Pensions

NHS pensions are valuable assets for healthcare professionals, but understanding them can be complex. You need Liverpool medical accountants that know how the scheme works. Medical personnel may also want to top up their NHS pension with a private pension.

Care home owners

Care home owners have special accounting needs. Care homes are often owned by limited companies or a partnership. Each form of business structure has its own financial requirements.

Care homes can be high-pressure working environments for owners and care workers. Some of this pressure can be relieved by hiring an accountant that understands the care business and can take charge of the finances.

Liverpool has many caring and compassionate medical health professionals who know that they need to focus on their patients more than their finances. Liverpool medical accountants are here to take away the stress of sorting out the complex financial requirements that affect the healthcare profession.

Posted by Louise
March 7, 2019
Accountants

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