Why Use Healthcare Accounting Firms
The healthcare industry has specific accounting and bookkeeping needs. So using a tailored approach for your business is best. Professional healthcare CPA firms, like Accountor CPA, can manage all financial demands and ensure your business books are accurate.
When you use our experts for your healthcare accounting needs, you will have:
- More control over your working time and expenses
- Minimal risks of embezzlement or fraud
- An accurate view of your current financial situation
- A better idea of your books and how to use them for future financial planning
- Less stress while meeting taxation and reporting deadlines
- Fewer mistakes resulting in eliminating fines or penalties
- No missed possible tax opportunities
Our Accountor CPA experts can handle healthcare bookkeeping, tax preparation, payroll, and more. As your healthcare accountant, we will have your books accurate and completed on time. This way, you can focus on your patients instead of your financials.
Some clients who can benefit from our certified accountants for healthcare include:
- Assisted living homes
- Dental offices
- Massage therapists
- Medical clinics
- Physiotherapy centers
- Public health centers
- Psychologists and therapists
- Oral surgeons
- Outpatient facilities
- Specialist offices
We recognize that healthcare is much more than hospitals and doctor offices. So, owners of wellness businesses in Canada can use Accountor CPA’s many healthcare accounting and finance services.
How Healthcare Accounting Differs and Its Notable Fundamentals
The accounting niche bases all financial tasks on standard principles. But, accounting in healthcare industry applications requires a different approach. Some items, like balance sheets, are similar, but we manage healthcare financials uniquely.
Some distinct elements of healthcare accounting services we specialize in are:
- Accrual accounting
- Cost accounting
- Multi-entity accounting
Accrual Accounting for Healthcare Professionals
Accrual accounting is standard for the healthcare industry. This approach recognizes revenue and expenses when they happen instead of with payments. Healthcare follows this accounting method, so we support you through every aspect.
Accountor CPA is one of Canada's top healthcare accounting firms. We follow the accrual accounting principles of this industry. This way, we provide a more accurate look at your business financials. Additionally, we distribute considerable expenses throughout the fiscal year for more accurate projections.
Cost Accounting in Healthcare
Our healthcare cost accounting method identifies the cost value of products and services. Patients or insurance companies may see higher charges from your organization without proper cost accounting methods. You may undercharge suppliers and third-party providers for their services.
Because healthcare cost accounting is challenging, use the experts from Accountor CPA. We will ensure that your business's books are always accurate and up-to-date. We will help you see the bigger financial picture to make better business decisions.
Multi-Entity Accounting and Bookkeeping for Healthcare Organizations
Healthcare bookkeeping services often need to cover multi-entities within an organization. Accountor CPA’s specialists are familiar with this industry's diverse needs.
We can easily handle your multi-entity accounting, including private contractors operating within your building. This way, your books remain accurate at all times. As a result, there is less chance of mistakes or duplicate accounting processes. Your business will save time and money by streamlining bookkeeping for the entire operation.
For example, a local chiropractic clinic may also have a massage therapist and an acupuncturist operating within the business as independent contractors. Each separate entity requires individual healthcare bookkeeping and financial reporting. These challenges are best for our expert CPAs.
Our accountants for healthcare organizations have the knowledge to manage these multi-entity dynamics. So, if you use Quickbooks for healthcare professionals but on-site contractors use Xero, Accountor CPA can handle it for you and these separate businesses. We provide simple bookkeeping solutions for all entities operating within the same building.
GAAP (Generally Accepted Accounting Principles) Compliance
Certified healthcare CPA firms must adhere to the industry's Generally Accepted Accounting Principles (GAAP). These standards are typical for healthcare businesses. Our helpful CPA specialists can successfully navigate them for you.
We assist you in maintaining GAAP compliance. Our team ensures accurate financial statements consistent with other healthcare businesses. This way, shareholders and investors have the required financial details. This information aids with projections in profitable business decisions for a successful future.
The experts at Accountor CPA follow these accounting and healthcare guidelines correctly. Your books will then reflect the business's current financial state that the industry recognizes and accepts as standard.
Accountor CPA understands the dynamic health industry and how your bookkeeping needs can change. Healthcare financial statements show variances when professionals perform services and receive payment later. These circumstances create challenges with financial reporting.
Sometimes a patient pays a percentage that their insurance doesn’t cover. Other times they aren’t able to make a full payment. So, having a way to show these adjustments is critical. Our professionals ensure that your books are accurate even with these variances.
We understand the challenges of healthcare invoicing. Our experts recognize the need for complete financial transparency. So, Accountor CPA knows how to properly allocate allowances to reflect these differences.
Accountor CPA: The Accountants for Healthcare Professionals In Canada
Accountor CPA is your best solution for accounting firms specializing in healthcare in Canada. Our knowledgeable CPAs work in the industry to tackle the many aspects of healthcare. We have extensive training, including patient invoicing, insurance claims, government regulations, and more.
You can stop searching for a “healthcare accountant near me” when you call Accountor CPA to handle your books. We have background experience with several proprietary accounting software programs. So you can trust that we will efficiently work with your existing system.
Besides, if you don’t have a current software program, we can recommend one best suited to your needs and budget. Here are some of these popular options in the healthcare industry.
Ideal For Business
Cloud-based, online, and desktop options
Small to medium
Desktop software for networks with cloud options
Small to medium
Desktop software, cloud-based, offers mobile app features, and API unity
Small to large
Small to large
Browser-based cloud platform
Non-profit and government agencies
What Makes Accountor CPA the Best Choice for Your Healthcare Accounting Needs
You are in good hands when you choose Accountor CPA to handle your healthcare accounting.
We continuously strive to offer the high-quality service you expect from industry professionals. Additionally, we keep up-to-date on all local, regional, and federal regulations. Therefore, you don’t have to worry about compliance issues or penalties with governing agencies.
We are more than your accountants for healthcare. Accountor CPA can help with realistic budgets and financial planning for the future. You can relax knowing that we find the best solution to your healthcare accounting needs. Our team uses scalable options for businesses of all sizes as an ideal approach to your finances.
Reach out to an Accountor CPA team member today. You will see how easy it is to transition your financial tasks to our professionals. We save you time and money with our essential services tailored to meet all your accounting objectives.
Submit an online request today, and we will gladly provide a complimentary discovery. This way, we can determine the most cost-effective solution for your healthcare business.
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