Organisations outsource primarily to cut costs. However today, it is not only about cutting cost but also about reaping the benefits of strategic outsourcing such as accessing skilled expertise, reducing overhead, increasing efficiency and enabling business owners and managers to spend more time growing their business and less time on managing their business

Despite how easy and cost effective it is to use the Practice Accounts Software package, a number of our clients have found that it is far better use of their time, to have Practice Accounts manage the timely calculation and provision of payment statements for their Practitioners, which at times can be quite challenging and time consuming, largely due to patient processing irregularities in Best Practice

Other clients have elected to have Practice Accounts undertake all of the bookkeeping aspects of their practice and provide financial statements to their Tax Accountant each year. General financial reporting is also undertaken on an agreed basis.

In both outsourced options, the Practice Accounts software is included in the monthly management fee.

Due to our relationship with Best Practice and the fact that we have a combination of software development, hardware support and chartered accounting backgrounds, we believe that we are in a rather unique position to provide a ‘one-stop-shop’ for medical practices.

This is how our outsourced service currently operates:-

    Practitioner Payments

    • An email account is setup, as yourcentre@practiceaccounts.com.au
    • Copies of bank statements and other paperwork is scanned at your end and emailed to that address.   Alternatively, we can retrieve the documents from a dedicated folder on your server.
    • We go online to your server via a secure connection and import patient receipt records from Best Practice, reconcile bank accounts, calculate amounts to be paid to the Practitioners and the Practice, generate and distribute BAS statements to Practitioners and provide other Practitioner and Practice related reports. We can also provide an 'aba' payments files for uploading to the Practice Bank Account or setup payments for Practice authorisation.
    • We monitor the bankings in Best Practice and resolve any issues that may arise from time to time.
    • We provide reports to the Practice Manager and attend to all Practice and Practitioner related requests or queries.

     

    Full Accounting

    • Invoices, petty cash summaries, bank statements and other paperwork is forwarded as noted above.
    • We record all transactions, reconcile bank accounts, creditors and debtors ledgers.
    • We monitor the transactions and advise you of any concerns that we identify.
    • Wages hours are emailed to us.   We will make necessary entries, generate the pay slips and provide payment reports.
    • We reconcile the employee tax and superannuation payments and let you know the amounts and dates for them to be paid.
    • We reconcile and issue the PAYG Group Certificates at the end of each financial year and attend to employee queries.
    • We prepare and if required, lodge your ATO Business Activity Statements.
    • We produce financial statements for you on a regular basis.
    • We maintain a complete documentation file in the event of an ATO audit.
    • We liaise with the Practice Tax Agent and provide all requested financial information.
    • We attend to any reasonable requests for ad-hoc assistance with any accounting, HR and administrative matters.

     

    You will never find a more professional, simple and cost effective solution for your Practice for handling the GST, Income Tax and all of the day-to-day bookkeeping headaches.

    Contact us for more information - see how 'user-friendly' we really are - obligation-free - we do not pressure sell any of our services.

Practice Accounts - 'Utopia' for GP Practice Management