The Most Important Elements to Financial Planning in Healthcare

Important Elements to Planning in Healthcare
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Amid the chaos of the last two years, many people received another reminder of just how essential healthcare workers are to our society. Through the pandemic, we were also reminded of their amazing ability to work incredibly long hours, multitask, and collaborate to provide medical assistance to patients. 


With all of that said, one could imagine how difficult it is to juggle these everyday emergencies or appointments with daunting financial management tasks. At SD Associates, we provide planning for those healthcare professionals that streamlines integral tasks like accounting, planning, taxes, and more. Our focus is on your financial future so that you can focus on the medical challenges of today. Below, we’ve compiled three crucial elements of planning for healthcare organizations. 


Create Financial Timelines:

All of the best financial practices for healthcare organizations start with a planning phase. This process involves a deep dive into your own records, your projections, and your financial objectives. Professionals know that not everything will go exactly to plan, especially in the ever-evolving field of healthcare. In that case, it’s essential to consider inevitable roadblocks in the form of taxes, partnerships, and employees in your timeline. Pin-point a few critical missions that your company needs to continue financial growth, and strategize how you will reach them and how much it will cost to do so. 


Invest in Financial Tools: 

Healthcare institutions are renowned for consistently being at the forefront of technological innovations and advancements, yet many of them still use outdated payment and billing methods. By switching to modern point-of-sale systems and essentially “going paperless”, your healthcare organization can save money, more efficiently send billing information or appointment updates, and centralize time-consuming tasks related to patient information. 


Similarly, healthcare personnel are far too busy with patients or research to constantly worry about bookkeeping, payroll, and accounting. Partnering with business advisors to handle these essential tasks, and training your employees to master integral software like Quickbooks, is the key to streamlining financial operations. One of the principal elements of financial management in healthcare is working with a professional team that understands your unique organization and its specific financial goals. 


Accurate Budgeting: 

Healthcare institutions often have multiple verticals within their organization that all require adequate funding and resources. It can be a difficult task deciding which areas to invest more finances into to ultimately grow. A combination of short-term and long-term forecasting can provide a clearer perspective. 


As a healthcare provider, you want to ensure that you have state-of-the-art equipment for the sake of your employees and your patients. Yet, there is often internal conflict around spending or budgets for certain tools or hiring new staff. One of the best financial practices for healthcare organizations is establishing a budget that is flexible, responsible, and one that accurately addresses critical needs.


Partner with SD Associates to Reach Healthcare Finance Goals! 

SD Associates is a team of full-service, certified public accountants and business advisors who work directly with healthcare business owners or board members on their distinct goals. With so many different elements of financial management in healthcare, we’re a partner you can trust to properly perform budgeting, financial planning, tax, and accounting services. Our comprehensive strategies are designed to map out your company’s financial future, and we work intimately with you so that you can arrive there. Connect with us today to get started on your planning strategy! 


4 Things Real Estate Developers Need to Include in Their Financial Plan

Financial Plan for Real Estate Agents
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Due to beneficial returns, certain tax breaks, and the emergence of influential crowdfunding technology, real estate investments remain a fantastic addition to one’s personal portfolio. Developers, a role that traditionally represents an individual or small group of individuals, are known commonly for taking the route that most often leads to financial independence. 


In order to achieve consistent success as a developer, you’ll need a comprehensive financial real estate development plan that draws out all business objectives, ways to avoid or correct potential roadblocks, and how to generate mutually beneficial relationships with outside investors. As a CPA and business advisory firm, SD Associates has provided real estate financing advice to countless developers, ranging in investment experience and net worth. Below, we’ve identified four essential things that every developer needs to include in their financial real estate development plan. 


Conduct Thorough Research: 

As you could probably imagine, developers need to conduct a considerable amount of research on properties they are interested in purchasing. Most notably, the location of the property is incredibly important not only for resale purposes, but also due to charges for land, labor, materials, and more. In addition, another thing you’ll need to research is contractors. As you’re clearly looking to keep all of your project costs low, you might feel inclined to go with cheaper labor forces for construction phases. By looking through reviews, finding references, and comparing prices, you’ll be able to identify an appropriate, professional service for the right price that you can rely on.   


Create Realistic Cost Estimates: 

Before you pitch any investors or begin your crowdfunding campaign on the internet, you’ll need to prepare realistic expectations of total costs. Estimating a realistic property value can often be achieved through identifying the public sale price of neighboring properties, or from commercial spaces that share a similar size as yours. There are a plethora of transactions and contracts that you’ll need to consider throughout the project, including costs for labor, materials, fees, permits, and more.


Consider Debt, Equity, and Investors: 

A common misconception is that developers are majority investors or majority “owners” of properties. Relatively speaking, developers traditionally provide a minuscule amount of capital for the development. The large majority, typically around 90%, of capital is raised from high net worth investors or investment funds. In addition, almost every development project requires some sort of debt financing. With all of these moving parts, debt obligations, and equities, you can begin to see why hiring a professional for real estate finance advice can be so beneficial for choosing the appropriate funding option. 


Create a Timeline, Maintain Records: 

Inevitably, not everything will go exactly to plan during development. In fact, through every stage, there will more than likely be disruptions or times to shift gears. In any sense, creating a thorough timeline estimation will help you hold yourself accountable for intended deadlines or milestones. It will also help you organize dates on which certain investors or lending institutions should be paid, keep track of when vendors or contractors started and ended, and always be consistent with bank statements or loan applications. 


Trust SD Associates for Your Property Developer Finances

The complexities of loans, the jumble of investors with various stakes, and all of the regulatory contracts that go into property developer finances make it difficult to manage for even seasoned investors. If you’re starting a new real estate development project, we provide full-scale advisory services, concise estimates and reports, comprehensive tax services, and more to guide you through the intricate, complicated real estate journey. Connect with us today to partner with specialists that can help you traverse the day-to-day logistics of development investing.