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SD Associates, P.C. CPAs
Healthcare Accountants in Merion Station
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Healthcare Accountants in Merion Station
As a top healthcare accountant in Merion Station, SD Associates, P.C. is dedicated to providing professional and cost-effective accounting services to healthcare organizations of all sizes. Our team of experienced accountants will personalize their services to fit your unique needs and goals.
Understanding the unique challenges that healthcare organizations face, we at SD Associates, P.C. endeavor to provide solutions that are both efficient and effective. Our CPA firm has worked with numerous medical practices in over three decades of business, giving us a comprehensive understanding of the healthcare industry. We are well-acquainted with healthcare-specific regulations and can assist you in navigating the ever-evolving landscape of healthcare accounting. Whether you are a pediatrician, chiropractor, or director of an assisted living facility, our healthcare accountants have the experience and knowledge to provide customized financial solutions.
The practice of accruing accounting involves recording financial transactions based on when they happen, rather than when payment is made. In healthcare accounting, this could involve recording revenue when treatments are provided, instead of waiting for payment. This method assists in ensuring that revenues and expenses are accurately reported in the accounting period they occur in, resulting in a more precise financial picture.
However, this method can also be more time-consuming, as it requires detailed tracking of every transaction and its associated revenue or expense. It requires thorough attention to detail and excellent organization skills.
The practice of cash basis accounting entails recording a financial transaction only when cash is received or paid out. This approach typically requires less effort, as it concentrates on tracking payments only rather than the specifics of each purchase or sale.
This method can lead to inaccuracies in reporting, since revenue may be recorded too late or expenses too early if payment isn’t received or made immediately. Medical practices that use cash basis accounting may also miss out on tax deductions and other benefits associated with accrual accounting. It should also be noted that cash basis accounting is not acceptable under GAAP regulations, so this method may not be right for your business if you wish to follow these principles.
The most suitable accounting method for your medical practice is determined by its size, complexity, and goals. Accrual accounting is frequently the best choice for larger practices that need to keep a detailed record of transactions and anticipate their financial requirements in the long term. Due to its ease, smaller practices may prefer cash basis accounting.
At SD Associates, P.C., our experienced healthcare accountants can guide you in determining the optimal accounting method for your practice. Our team is devoted to delivering personalized services and aiding you in accurately evaluating and managing your finances.
Financial reporting for medical practices has unique requirements that necessitate special attention. At SD Associates, P.C., we comprehend the specialized requirements of medical accounting and employ medical-specific software systems to provide our clients with the most accurate and efficient reports possible. Our team offers comprehensive yet readable financial reports that are customized to meet the particular needs of your practice.
A depreciating asset is an asset that decreases in value over time. It is critical for medical practices to track and appropriately categorize all depreciating assets to reflect their value accurately on the balance sheet. Our accountants at SD Associates, P.C. can track and compute depreciation for medical practices of any size, ensuring that your books are up-to-date with accurate values for all depreciating assets.
Medical practices receive numerous payments from insurance companies and Medicare, each with its timeline. Keeping track of these credit balances can be a major challenge for most practices. Our accountants have the expertise to guarantee that all credit balances are correctly tracked and reported, providing our clients with organization and information about their finances.
The Health Insurance Portability and Accountability Act (HIPAA) mandates that medical practices keep patient records confidential at all times. As healthcare accountants, we recognize the significance of confidentiality and take additional precautions to ensure the security of our clients’ sensitive information. Patient data is always handled in compliance with HIPAA regulations, giving our clients a sense of security.
Why should my medical practice work with a professional accountant?
A professional healthcare accountant can help with your practice’s day-to-day financial operations and provide you with specialized knowledge in areas such as tax compliance, reporting and audit preparation. Working with an experienced accountant can also give you greater insight into the performance of your practice, allowing you to make more informed decisions about its future.
Are medical practices subject to income tax?
Not only are medical practices subject to income tax, they also have stricter reporting requirements than other businesses. It is essential to work with an experienced accountant who understands the complexities of healthcare accounting, such as filing for credits and deductions. Our certified professionals can help you stay on top of your tax obligations and maximize the financial health of your practice.
What deductions can physicians claim?
It is possible for physicians to claim deductions for expenses related to their medical practice, such as medications and office supplies. Additionally, physicians may be able to deduct certain employee benefits, advertising costs, insurance premiums and other business operating expenses. Our experienced team of Merion Station healthcare accountants can help you maximize your deductions and ensure you are in compliance with all applicable laws.
Why would a medical practice be audited?
The IRS may audit your medical practice for a variety of reasons, including failing to accurately report income or deductions, neglecting to pay taxes in a timely manner, and not filing returns. It is important to have an experienced accountant on your side who understands the complexities of healthcare accounting and can help you prepare for and navigate through an audit if necessary.
Our team of highly experienced healthcare accountants at SD Associates, P.C. in Merion Station is dedicated to helping you attain financial success. We provide a comprehensive range of services, including tax compliance, audit preparation, and reporting assistance. Contact us at (215) 517-5600 today for more information on how we can help your medical practice prosper.
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