Alongside the many different specialities,those in the medical industry can also work in a variety of different environments and income structures, which is why it is crucial to choose the right accountant for medical professionals.
This can make organising your financials more difficult and you may simply not have the time to explore every option to determine the best way in which to work financially.
Trying to learn vast amounts of accounting knowledge and specifically tailoring it to your situation to maximise your earnings is very time-consuming. Although, this could help save you money in the long term and is worth investigating, it is safer to employ a dedicated accountant for medical professionals. Doctors can own and work in GP surgeries, hospitals and work as locum doctors on a contract basis. This means that there are differences in how income is earned, and in the way taxes are filed and paid. Although some earning structures may improve pay, they may also come with additional obligations in terms of tax returns and accounting administration. Furthermore, it may be possible to work under a business structure such as a limited company to more effectively improve your earnings.
We have put together this short guide about things medical professionals could consider to help maximise earnings and potentially reduce financial related administration and stress.
Things to consider when choosing an accountant for medical professionals
Firstly, a good, knowledgeable and specialist accountant for medical professionals will be an asset regardless of the way you generate your income as a doctor. This is because even if you can complete and assess your financials on a regular basis, it is unlikely that you will have the same level of expertise, experience and knowledge in accounting as a professional. This means an accountant is likely to be able to help you complete your returns and also continually advise on the best revenue generating method in which to operate and they can ensure you are utilising all of your allowances, and are conducting your financials in an efficient manner. So, what do you need to consider when choosing an accountant?
Are they knowledgeable in the medical field?
You really need someone who knows your field. Any accountant might be able to generally help with your financials but a deeper understanding about your specialist industry can ensure that upcoming changes to legislation can be more appropriately planned for and that there is an understanding of regulations specific to your sector. An accountant that has a deeper understanding in your field will also likely have experience working with individuals in similar situations and are therefore more likely to have carefully thought through the most efficient way for you to draw income.
Do they work with other medical professionals?
Leading on from knowledge in the medical field is whether your accountant or accountancy firm have experience in your field – have they worked with other medical professionals? If they have worked with other medical professionals then they are more likely to understand any job specific information that might be useful for helping maximise income. For example, self-employed or contracting doctors may be able to claim for different expenses to IT contractors depending on their circumstances.
Are they competitively priced?
The price of the accountant or accountancy firm needs to be relative to your earnings and the value that they provide. It is no good spending large amounts of money for accountants that have excellent reputations unless they can actually help you specifically. However, a good accountant could help pay for themselves many times over. There may be a number of accounting professionals with similar fees so it is therefore useful to assess what services you are offered within a price. It is crucial to ensure that the accountant or accountancy firm have experience helping medical professionals and understand the environment in which you operate. This will help confirm that you are receiving great value.
Where to go from here
You may find there is an abundance of accountants to choose from and you may receive many recommendations from friends and family. However, it is clearly important to choose someone who understand your specific needs and that you can trust. Gorilla accounting offers great value and specifically employ accountants for medical professionals. Why don’t you give us a call and we can discuss your options and show you that we understand the medical industry, meaning we can help you become financially efficient. Call us on 0330 024 0406 to find out more.