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Duties of a Medical Accountant

  • Posted 20th April 2015

Duties of a Medical Accountant

If you are a doctor, managing accounting and tax procedures and concentrating on your profession at the same time becomes nearly impossible. On top of that, you barely have knowledge on the rules and regulations of these subjects. That is why hiring an expert medical accountant is important for handling all of your accounts and tax matters. An accountant needs to perform a number of duties to manage the tax affairs and the financial aspect of your practice in the best way possible. • Be able to prepare annual financial reports and statements • Co-ordinate with the administrators for completing daily financial matters • Provide advise on tax planning, refund and benefits • Give information on finance statement and procedures • Assist in performing long-term tasks and setting up new practices • Prepare monthly, quarterly or yearly income tax report • Offer guidance in yearly closing statements and records • Apply proper business information for the assessing contractual agreements • Deal with an authorised body in behalf of you for account information, tax code and tax affairs • Monitor the expenditures, transactions and adjustments of refunds • Prepare the final reports of allotted endowments • Organise journal entries like distributed expenditures and adjusting allowance entries • Provide correct calculation of accounting assets, receivables, and revenues • Use accounting software system like Quickbooks, Xero for providing accurate reports If an accountant performs all these duties effectively, then you can choose and hand your tax affairs to him/her. So, whenever you are searching for expert medical accountants, keep all these points in mind to hire the best. Phoenix Tax Accountants is a firm of tax accountants offering different types of accounting and taxation services exclusively for the medical professionals in the UK. To know more, email us at info@phoenixtaxaccountancy.co.uk or contact 075 1807 5357.

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