Putting all of your focus on helping to heal people while tending to all that goes into running a business can be complicated. That’s why you might be looking for ways to streamline your practice accounting strategy. We’ll touch on some physical therapy and healthcare accounting techniques that may help your practice thrive and grow.
Some Key Aspects of Physical Therapist Practice Accounting
It’s highly recommended that you sit down with a physical therapy practice CPA to get a new strategy going if you’re noticing lapses and gaps in your current plan. Recent tax changes mean that you may need to be coached on medical tax laws. It may be necessary to reassess where you can take advantage of deductions related to everything from marketing to medical equipment.
For many, a solid tax planning strategy that emphasizes reducing tax liability may be the best choice.
Your tax isn’t the only primary concern. All of the day-to-day numbers that need crunching help to keep your practice moving along. Physical therapy practice tax planning includes learning what expenses are deductible and what expenses are not. Tax laws on deductions fluctuate every year. You cannot assume that because something was or was not deductible last year that the same applies now. That’s why it may be time to reevaluate the methods and systems you’re using for payroll, accounts payable, and accounts receivable. Unfortunately, your staff may be wasting time if you’re moving between different accounting platforms that are not integrated. What’s more, hours are likely being lost every month because staff members have to rely on manual entry that leads to repetition and mistakes.
At Fusion CPA we can help you integrate and optimize your physical therapy practice’s software to ensure that your financials are accurate. We can also help you set up reporting and invoicing automations that will save you a lot of time and money.
Keep Up With Physical Therapy Practice Bookkeeping & Accounts Receivable
Physical therapy practice bookkeeping is key to the success of your business. A physical therapy practice accountant can help you keep up with things like accounts receivable. With physical therapy businesses, you may often get paid months after you finish your work. This is because many of your payments come through insurance companies that you bill for the client’s balance. Part of physical therapy practice bookkeeping is keeping invoices that are waiting for insurance payments accurately filed and up-to-date. If any claims are denied, a physical therapy practice accountant will be following up on these claims and sending clients reminders within 30 days.
How to View Long-Term Planning for a Physical Therapy Practice
You may be long overdue for bringing in a physical therapist practice CPA to help you explore options for automated, cloud-based physical therapist practice bookkeeping software. One of the benefits of using a streamlined accounting system is that you may be able to take advantage of forecasting and insights. Also, neater accounting trails that capture real-time activity may create better accountability and accuracy within your bookkeeping practices. A physical therapist practice financial adviser can be especially helpful in building long-term strategies based on the data and resources you have available today. Some practices find that updating the way they handle cash-flow management makes a big difference in freeing up funds to invest in marketing costs, staff raises, and equipment upgrades.
Taking the First Step to Rethinking How You Manage Your Practice’s Financials
What are the three significant challenges or bottlenecks your practice is facing right now? You should consider bringing those challenges to a physical therapist practice financial adviser. Outsourced CPA and CFO advisory services allow you to get strategic support without increasing payroll.
At Fusion CPA, we offer support for accounting, bookkeeping, forecasting, tax planning, health related CPA services, and many of the other aspects that go into running a practice. We’ll work hard to help you align accounting practices and financial planning with your long-term goals. Our team is here to offer full-spectrum advisory services and support. Reach out today to book a discovery consultation!
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.