North Sydney, NSW-------A medical accountant is an extremely challenging profession wherein accountants would be responsible for managing the accounts of a hospital or a medical firm. Their job would also be to prepare the balance sheets and the accounting statements for every financial year depending on the incomes and expenditures. They need to be comfortable with the computer and the other accounting software's such as Tally. Accountants are people whom we always look up to in case of any financial advice. They also help to determine the profit of the year and how well the company has fared when compared to the previous years. A medical accountant also has to adopt a root cause analysis to understand the problems in any financial statement. They need to understand and be fully aware of the laws, compliance measures and should also adhere to the same. The role of a medical accountant is not an easy one as they may have several roles and responsibilities.

One other aspect which they have to focus on is budgeting. Based on this year's statement, they help to judge and decide the budget for the forthcoming years. This should be in line with the company's goals as well. Since they are usually working with numbers, accountants should be proficient in calculations as a single mistake from them would lead to several problems. The health of any organisation depends purely on the financial statement and its numbers. They should also have good presentation skills as they may have to explain the numbers and statements to the senior management.

A medical accountant may also act as a consultant or a financial advisor for the company intimating them about the latest developments and advising them about hostile takeovers if needed. They help in the allocation of the budget and provide investment options to the companies. Developing short and long term goals and objectives of the company cannot be done without the advice of the accountant. The accountant may help in providing a clear insight on the position of the company in the market as well when compared to its other competitors. Money is valuable for every organisation and should not be spent carelessly. Even if it is spent, it is accounted for. The accountant helps in analysing in which areas cost cutting can be done and places where expenditure can be avoided.

Financial disputes and claims settlements are also handled by the accountants. They handle these in coalition with the other departments and hence, they need to have good interpersonal skills as well. Medical accountants charge heavily for their services as this role involves some level of experience and expertise. They need to have a degree in finance and chartered accountants are mostly preferred for this profession. They also need to undergo several internship programmes to understand how accounting and bookkeeping needs to be done. This also helps them to gain practical exposure towards the work. Each hospital or medical organisation may need to comply with the changing state laws. This task can be done best by the medical accountants.

Content Source : https://duncandovicoau.wordpress.com/2015/05/14/the-skills-roles-and-responsibilities-of-a-medical-accountant/

Company Overview :

Duncan Dovico is a firm of dedicated professionals who provide a complete range of accounting, taxation and audit services to individuals and businesses.