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Bookkeeping For Physicians
With over 9+ years of experience, we are a trusted partner for accounting and bookkeeping services in the US. Whether you’re a startup, a small business, or an established enterprise, our services can meet the unique needs of your industry. Our deep understanding of US regulations and best practices can empower your financial journey and drive you toward long-lasting success!
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Explore Our End-To-End Bookkeeping Services
Federal & State Tax return Filing
A licensed CPA to review and file your tax returns with IRS.
Monthly Financial Statement
Your monthly financial statements help you gauge on your cash flow and plan for the consecutive month better.
Accounts Receivable Management
We manage the amount that you are yet to receive from your vendors/you haven't yet received
Accounts Payable Management
We also remind of the amount left to pay to your purchasers, invoices, contracts and receiving reports.
Reconciliations
Bank , Credit Card , Payment Gateway & Control Account Reconciliations
Cash Flow, Budgeting and Forecasting
Budgeting is a very important aspect of the accounting process of the business.
Bookkeeping for Doctors and Physicians
- Looking for a reliable bookkeeping service to streamline your healthcare practice and simplify the bookkeeping process for your business?
- Look no further than Meru Accounting’s convenient online bookkeeping solution. With our services, you can save valuable time, reduce stress, and significantly improve patient satisfaction. Furthermore, by implementing reliable accounting and bookkeeping practices, you can ensure the accuracy and timeliness of your financial records. We will explore the advantages of online bookkeeping tailored explicitly for healthcare professionals while offering valuable guidance on selecting the ideal system to suit your unique requirements.
- Accounting for Physicians includes financial involvement with the patients regarding payment received for the services, testing, and other medication administration, etc. For that, we must maintain the books of accounts so that they can solidly show the cost, inventories, and profit. Through this, we can learn about taking the necessary steps to grow in this profession.
- The first step to managing this is to ensure the books of accounts are correctly updated. Also, all the income from patients, overheads, equipment, medication, labour cost, etc., is recorded in books of accounts. Through this, the other books of reports can be maintained too. It would also help in preparing books of accounts as per the legal terms and complying with norms.                                      Â
The Benefits of Effective Bookkeeping for Healthcare Professionals
In addition to the primary reasons mentioned earlier, effective bookkeeping for healthcare professionals also offers several hidden benefits:
Enhanced Patient Care
- Accurate bookkeeping allows healthcare professionals to focus on patient care by providing a clear financial picture of their practice. With proper financial management, they can allocate resources efficiently, invest in necessary equipment and technology, and maintain a financially sound practice. This, in turn, enables them to deliver high-quality patient care and improve patient outcomes.
Improved Cash Flow Management
- Timely and accurate bookkeeping helps healthcare professionals manage their cash flow effectively. They can track revenue streams, identify potential cash flow gaps, and take proactive measures to address them. Maintaining a steady cash flow ensures that they can meet their financial obligations promptly, such as paying staff salaries, rent, utilities, and suppliers, which contributes to the smooth operation of the practice.
Better Negotiation With Payers And Suppliers
- Solid bookkeeping records provide healthcare professionals with valuable financial data to negotiate contracts with insurance companies, suppliers, and vendors. By demonstrating the financial stability and profitability of their practice, they can negotiate favourable reimbursement rates and pricing terms. This can result in increased revenue and cost savings, ultimately benefiting the financial health of the practice.
Effective Budgeting And Planning
- Bookkeeping data is a foundation for budgeting and long-term financial planning. Healthcare professionals can analyse historical financial information, identify trends, and project future revenue and expenses. This allows them to create realistic budgets, set financial goals, and develop strategic plans for growth and expansion
Mitigation Of Financial Risks
- Proper bookkeeping helps healthcare professionals identify and mitigate financial risks in their practice. By regularly reviewing financial statements and monitoring key performance indicators, they can detect potential issues such as declining revenue, increasing expenses, or irregularities in billing and collections. Early identification of such risks enables proactive measures to address them and prevent financial instability or fraud.
Improved Professional Relationships
- Many Bookkeeping solutions can integrate with medical billing systems, streamlining the flow of financial data between billing and bookkeeping processes. This integration minimises manual data entry, reduces errors, and improves efficiency.
An Overview of Bookkeeping for Doctors and Physicians in the US
Bookkeeping for doctors and physicians in the US involves using digital tools and software to manage financial transactions, records, and reporting specific to their medical practices. Here is an overview of online bookkeeping for doctors and physicians in the US:
Income Tracking
Bookkeeping software helps track revenue from various sources, such as patient consultations, insurance reimbursements, and ancillary services. It allows doctors and physicians to categorise and record income accurately.
Expense Management
Bookkeeping enables tracking and categorising expenses related to running a medical practice. This includes rent, utilities, medical supplies, equipment, staff salaries, professional fees, and marketing expenses.
Accounts Payable And Receivable
Doctors and physicians can use online bookkeeping platforms to manage accounts payable, including tracking and paying vendors and suppliers. Additionally, they can track accounts receivable, such as outstanding patient invoices, insurance claims, and payment collections.
Financial Reporting
Online Bookkeeping software generates financial reports, including profit and loss statements, balance sheets, cash flow statements, and customised reports. These reports provide a comprehensive overview of the financial health and performance of the medical practice.
Tax Compliance
Online Bookkeeping helps doctors and physicians comply with tax regulations specific to the healthcare industry. It enables accurate tracking of deductible expenses, facilitates proper documentation for tax filings, and ensures adherence to IRS guidelines.
Integration With Medical Billing Systems
Many Bookkeeping solutions can integrate with medical billing systems, streamlining the flow of financial data between billing and bookkeeping processes. This integration minimises manual data entry, reduces errors, and improves efficiency.
HIPAA Compliance
Healthcare providers must maintain patient confidentiality and adhere to the Health Insurance Portability and Accountability Act (HIPAA). Online bookkeeping platforms designed for medical practices often include features and security measures to ensure HIPAA compliance
Collaboration And Accessibility
Online bookkeeping allows doctors, physicians, and their accounting professionals to collaborate remotely and access financial records from anywhere with an Internet connection. This facilitates real-time collaboration, improves communication, and ensures up-to-date financial information.
Data Security
Data Security Reputable online bookkeeping platforms prioritise data security and implement measures such as encryption, secure data storage, regular backups, and access controls to protect sensitive financial information
Welcome To Meru Accounting: Your Financial Health Partner In The Healthcare Industry
- Meru Accounting is dedicated to providing specialised accounting services tailored to the unique needs of the healthcare industry in the United States. We understand the complex financial challenges faced by healthcare providers, practitioners, and organisations, and we are here to support you every step of the way. With our expertise, experience, and commitment to excellence, we help healthcare professionals and organisations achieve financial success while delivering exceptional patient care.
Why Choose Meru Accounting?
Healthcare Industry Specialists
We specialise in serving the healthcare sector, working with hospitals, clinics, medical practices, dental practices, long-term care facilities, and other healthcare organisations. Our team is well-versed in the specific accounting and financial considerations of the industry, enabling us to provide tailored solutions.
Comprehensive Accounting Services
We offer a wide range of accounting services to meet the diverse needs of healthcare providers. From bookkeeping, financial reporting, and payroll management to tax planning, compliance, and reimbursement analysis, our services are designed to streamline your financial operations.
Revenue Cycle Management
Maximising revenue and managing the revenue cycle efficiently is crucial for healthcare organisations. Our experts can assist with billing, coding, claims processing, accounts receivable management, and reimbursement optimisation to enhance financial performance.
Regulatory Compliance
Staying compliant with complex healthcare regulations and reporting requirements is essential. We stay up-to-date with the latest regulatory changes, including HIPAA and healthcare industry-specific guidelines, ensuring that your financial processes adhere to all necessary regulations.
Cost Management And Analysis
Healthcare costs can be significant, and controlling expenses is vital for financial sustainability. We help you analyse costs, identify opportunities for savings, and implement effective cost-management strategies to improve your bottom line
Practice Management Consulting
Practice Management Consulting: Our team provides valuable insights and recommendations to optimise your practice’s financial and operational performance. We can assist with practice setup, workflow analysis, revenue enhancement strategies, and technology implementation to drive efficiency and profitability.
Business Valuation And Mergers
If you are considering a practice merger, acquisition, or partnership, our valuation experts can assess the financial worth and viability of potential opportunities. We guide you through the financial aspects of such transactions, ensuring informed decision-making.
Technology Integration
We leverage the latest accounting software and technology solutions to streamline your financial processes, enhance accuracy, and improve efficiency. Our team can integrate your accounting systems with electronic health records (EHR) and other healthcare management software for seamless data flow
Partner with Meru Accounting Today
- Trust your financial health to a dedicated partner that understands the unique demands of the healthcare industry. At Meru Accounting, we are committed to your success, enabling you to focus on providing quality patient care. Our expertise, personalised approach, and unwavering support make us the ideal financial partner for healthcare professionals and organisations.
- Contact us today to schedule a consultation and discover how our tailored accounting services can empower your healthcare practice or organisation to thrive in a complex and evolving industry. Together, we can achieve financial stability and excellence in patient care.
How Can Meru Accounting Help You With Healthcare Accounting?
- Meru Accounting is a team of experienced accountants specialising in providing accounting services to various industries, including healthcare. Our team understands the unique challenges of accounting for the healthcare industry and is dedicated to helping our clients navigate these challenges.
- Meru Accounting can help you with healthcare accounting by ensuring compliance with regulations. Healthcare regulations are constantly changing, so it’s essential to stay up-to-date on any new requirements. Our team stays informed on regulatory changes so we can ensure your financial statements comply with all relevant laws and guidelines.
Another way we can assist you is by providing accurate financial reporting. In the healthcare industry, financial reporting needs to be precise as there may be significant consequences if errors occur. Meru Accounting has experience in preparing detailed reports explicitly tailored to the unique needs of the healthcare industry.
- Additionally, our firm offers customised solutions that cater to your specific business needs. We understand that every organisation operates differently; therefore, we tailor our approach based on your business structure and goals.
Partnering with Meru Accounting will enable you to focus on delivering exceptional patient care while leaving your financial management responsibilities in capable hands.
Conclusion
Healthcare accounting is a vital aspect of the healthcare industry that cannot be overlooked. It requires specialised knowledge and expertise to manage efficiently. With Meru Accounting, you can rest assured that your healthcare organisation’s finances are in good hands. Our team of experienced accountants has an in-depth understanding of the complexities involved in healthcare accounting and can help you navigate through them seamlessly.
We offer customised solutions tailored to meet your specific needs while ensuring compliance with all regulations governing the industry. By partnering with us, you can focus on providing quality patient care while we take care of your financials. Contact us today to learn more about our services and how we can assist you in achieving financial stability for your healthcare organisation.
Hiring Virtual Accountant With Meru Accounting
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
Help you with switching from your traditional software to Xero and Quickbooks.
- Cost-saving.
- Access to skilled and experienced professionals.
- Better management of books of accounts.
- Decreased chances of errors.
- Improve business efficiency.
-  De-burdens in-office employee’s dependency.
- Â Better turnaround time.
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
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Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software
Our experts are always all ears to listen to your queries regarding bookkeeping and accounting or our services. You can contact us anytime by visiting: Contact Us page.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:Â
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
Meru Accounting work on some of the best accounting software’s like:
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.
To book for trial, call us on our numbers or Please fill out the form here.
Our Work Information
We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
We can provide to you once we move ahead in our interview.
We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
Individual Business Owners
Yes, Owner of the business can prepare sign and lodge the tax return on his own. Its not mandatory that the Tax return needs to be signed by an EA or CPA.
No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.
Meru Accounting has its operational centre in India and hence the prices are quite less as compared to US based CPA’s and Enrolled Agents.
Meru Accounting has a team of Tax experts. Each Tax expert prepares around 300-400 Tax returns every year for various CPA’s in United States and Individual Businesses like yours. Due to this vast Experience and Robust Quality Check processes in place we can ensure you about correct Tax planning for your firm.
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