NSW, sydney, April 24, 2014- ------Medical practitioners need expert hands to handle their financial matters when they remain busy dealing with their patients. The job of a Medical Accountants is to keep the books of accounts straight and updated and maintain income-expenditure statement and prepare the ledgers for cash records. He can only understand the financial condition of a clinic and the tax obligations of the doctor. The job is somewhat different from that of a business accountant, but still the basics of accounting principles guide medical accounting.

Doctors of high caliber and wide reputation need accountants for themselves as the cash inflow as well as the expenditure for import and purchase of gadgets and equipments need proper monitoring and periodic reviews. A clinic runs for almost eighteen hours a day and sometimes round the clock if it has in-house treatment facilities. Construction and set-up of a clinic or a chamber involves a lot of money and require a lot of governmental clearances, licenses, drug permissions and import sanctions. Most of these jobs and processes are finance specific and the authorities demand audited statements of accounts and tax receipts. Medical practice is not a business in the real sense of the term but does not yet fall short of a commercial activity.

The job of a doctor is to heal his patients and he has to be engaged in diagnosing and detecting diseases and planning their care. It is basically an academic and a humanitarian job. It draws respect and accolades as a service to the mankind by a second god. So a doctor or surgeon cannot handle mundane affairs like a cash register, banking, payment of license fees and taxes, and getting the accounts audited by an authorized chartered accountant. He badly needs a Medical Accounting Services for doing exactly these financial jobs that need education, training and specialization.

An accountant in charge of a doctor's clinic or several chambers must have the requisite qualification of an accountant. He needs to know in addition the laws and regulations governing the medical profession. In most cases the tax laws are less relaxed when computing the tax liabilities of a doctor. He is entitled to certain reliefs and deductions on personal taxes. Even the stringent controls are waived and customs and import duties on medical equipments are reduced for a doctor. In case of personal taxes a doctor enjoys certain privileges as the whole income is not considered as profit.

It is wise for a busy doctor to appoint an accountant for him to protect his financial interests and save him from unforeseen complicacies which may distract him from his profession. The accountant can also advise him on the financial viability of his practice at a certain place or the need for upgrading the facilities in a chamber to increase footfalls. A Medical Accountant saves much more than he is paid and gives stability to the practice of a doctor.

Don't even think twice before contacting a recruiting agency for a good medical accounting software for yourself and treat your patients with extreme peace of mind.

Duncan Dovico is an expert of the accounting, taxation and audit services in the Sydney. Click here or follow on : Google+

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