• Posted 5th July 2015

Top Six Financial Management Tips for Doctors

Are you a doctor? If you are, you must have been a victim of a financial trouble at some point of time. This is the why we have come up with some useful tips for managing finance of doctors. Monitor your financial position When you don’t have a clue about your financial position, it is difficult for you to manage it. For this reason, you should know all the cash-flows of your practice on a daily basis that will help you to monitor your practice’s progress. Ensure your patients pay following the treatment When you are in a medical profession, you can run into major problems like late payments from the patients. So, you should make it clear to the patients that the payments should be followed by the treatment for reducing the risk of both late or non-payment. Meet the deadlines If you fail to file and pay necessary tax returns, you will be charged with penalties ranging from minor to major ones. Hence, you need to be aware of key tax dates to pay the required tax returns at right time. Keep updated accounting records Having updated accounting records will help you know your expenses, debts and creditors. So, when you don't have updated accounting records, you can make late payments to the suppliers and place yourself into risk of losing your money. Claiming expenses Certain expenses incurred wholly and exclusively for your practice can be claimed. This is why you need keep all the records that can support you to claim such expenses. Reduce debts Too many debts can seriously harm in running your practice. If it is not controlled properly, you may have difficulty in paying wages to your staffs, maintenance costs, insurance costs, etc. So, what you need to do is focus on controlling these debts first before moving on to anything else. As good financial management will help you to create financial stability, you must take all the above points into account to prevent any financial mishaps in the future. If you need any help to manage your finance, you can get in touch with our expert financial adviser today. For more information, you can email us at info@phoenixtaxaccountancy.co.uk or call us at 075 1807 5357.