Physical therapists, like you, are part of a group of selfless practitioners around the country who help people physically recover from accidents, infirmities, or surgery. It is a challenging yet rewarding career. You started your physical therapy practice because you wanted to help people. On the other hand, you also understand that you are a business owner that must care for the financial aspects of your practice. This is where having the assistance of a physical therapy practice CPA could be beneficial.
How To Choose A Good Physical Therapy Practice Bookkeeping System
The bookkeeping system suitable for you is based on whether you are a business owner or a franchisee. If your practice is part of a franchise, much of your accounting is centralized, and a physical therapy practice CPA may only need to handle small accounting duties. However, if your business is a separate entity, a physical therapy practice accountant will take on more duties, including navigating the complex world of medical billing.
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.
Identify All Your Practice’s Tax Obligations
Physical therapy practice tax planning is an integral part of managing your business finances. You are required to pay quarterly taxes based on your income bracket minus any expenses you had. 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. This is why it can be extremely helpful to talk to physical therapy practice financial advisers as they can keep you up-to-date with current tax laws.
Paying Your Employees On Time
Handling payroll is one of the biggest tasks a physical therapy practice accountant has. Your physical therapy practice financial advisers can help you determine the best way to pay your employees, such as direct deposits or checks.
We at Fusion CPA encourage our clients to consider using cutting-edge physical therapy accounting platforms. One feature that we love about high-tech platforms is their ability to automate your payroll and have funds directly deposited into your employee’s bank accounts. Our team of physical therapy practice CPAs understands high-level technical apps and software. Through our CFO advisory service, we can give you a professional view of your finances and help you set goals moving forward as you implement the best accounting services. We also offer physical therapy practice tax planning, payroll, and long-term decision-making strategy. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
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.