Healthcare
Enhance your practice’s financial health and streamline operations with our tailored Healthcare Accounting Services.
Compliance and regulatory expertise
Ensure consistent financial reporting and compliance with the support of our experienced team.
Cost Savings
Maximize savings and efficiency by entrusting your accounting needs to our specialized expertise.
Improved Financial Management
Empower your healthcare business with timely financial data and actionable insights to drive informed decisions.
Healthcare Accounting And Bookkeeping Outsourcing Services - AccounTaxBookkeepers
Healthcare is an essential and intricate sector, demanding precise management and accounting practices. Unlike other industries, the healthcare sector faces unique challenges in maintaining accurate financial records. With operational costs on the rise, it’s imperative to strike a balance between expenses and revenues. Outsourcing healthcare accounting offers a strategic solution to optimize profitability and efficiency in this dynamic industry.
n the healthcare industry, there is no room for compromise on service quality, as it directly impacts human lives. Therefore, maintaining high standards in every aspect, from staffing to equipment, is crucial.
Healthcare practitioners often dedicate a significant amount of time to ensuring accurate records and managing finances. Medical accounting presents its own set of unique challenges and requirements.
At AccounTax Bookkeepers, we specialize in maintaining a comprehensive healthcare accounting system. Our services help reduce operational costs, increase profits, save time, and enable you to manage your business more efficiently and effectively.
Inventory Management
Inventory management is crucial in the healthcare sector. The industry cannot afford to keep stock that is expired or nearing its expiry date. Healthcare inventory must meet high-quality standards at all times. Additionally, running out of stock is unacceptable, as the demand for supplies can be urgent and immediate.
Managing inventory in such a sensitive field is challenging, and that’s where a healthcare accounting service provider like AccounTax Bookkeepers becomes essential. It is important to monitor expiry dates and maintain optimal stock levels. Balancing sufficient medical supplies and other necessary inventory is critical, as holding excess stock can lead to waste due to expiration.
Effective inventory management enables precise estimation and control of stock requirements by accurately recording batch details and expiry dates. In the healthcare industry, it’s crucial to implement a first-in, first-out (FIFO) system to prevent losses from expired medications and the costs associated with their disposal. Additionally, it’s essential to track sample medications received and distributed to ensure proper handling.
We maintain separate, easily accessible stock rooms and use advanced medical accounting software with sophisticated inventory management features that provide precise stock-on-hand reports. Conducting frequent stock takes is also recommended to ensure the accuracy of your inventory records.
Our Healthcare Accounting Outsourcing Services
- Setting up charts of accounts that align with healthcare industry standards.
- Logging sales, cash revenue, and receipts from patients or customers.
- Recording rental income from medical equipment.
- Tracking transactions to calculate doctor-specific revenue and medication distribution.
- Documenting and monitoring the expenses of the medical care facility.
- Managing transactions related to patient insurance policies.
- Identifying and recording significant assets used for extensive treatments in the hospital.
- Reviewing and recording vendor invoices.
- Processing payments to vendors.
- Handling employee payroll and updating payroll records.
- Managing other tax-related reporting.
- Recording depreciation and making necessary adjusting entries.
- Entering bank transactions.
- Closing entries at the end of the month or year.
- Scanning and storing invoices.
- Processing and approving invoices.
- Allocating expenses.
- Approving online payments.
- Processing payments.
- Handling vendor inquiries.
- Recording customer payments.
- Reconciling revenue with the PMS/POS system on a monthly or quarterly basis and identifying any discrepancies.
- Reconciling merchant deposits using merchant statements and providing monthly collection reconciliations, identifying any over or under deposits.
- Managing customer aging.
- Overseeing collections management.
- Forecasting and reporting cash flow.
- Balance sheet.
- Income statement.
- Trial Balance.
- Cash flow statement.
- Bank reconciliation report.
- Detailed general ledger report.
- Fixed asset account management.
- MRO Regional distribution report
- Setting up payroll.
- Calculating payday amounts and processing direct deposits.
- Calculating payroll taxes and completing required forms.
- Handling 941, 1099, 940, 944, and quarterly state tax returns.
- Reconciling payroll with quarterly returns.
Who We Serve
Hospitals & Clinics
Medical Devices
Pharmaceuticals
Health Insurance
Nursing Care
