Category: Finance

Finding The Right Financial Planner Being A Doctor

February 19, 2019 by Medvisor
Finance

What about finding and cross-examining the best financial advisers or certified financial planners for your special needs? Firstly, being a doctor you should think about your particular financial solution and objectives. Then interview certain apt financial planners, asking about certain investment viewpoint and fees. Also, ensure to do some background check on their amenability history. Then, set certain expectations for your liaison with your financial planner.

First and foremost, being a doctor you must understand that you should choose a financial planner who matches your exceptional financial situation. Most people are unaware of the fact that there are financial advisers who major in in retirees, business owners, doctors, teachers, socially responsible investing and thousand other niches. This is essential as the financial or investment planner possess developed experience operating with specific niche, then they’re all set to help you in that financial situation.

While interviewing financial planners, question them about their focus and experience assisting others like you. You should also confirm with the adviser about their investment attitude, to ensure it goes parallel with yours. Ask them to explain all their fees to you. Fees might encompass commissions, an asset based fee or a planning fee. There’s no right or wrong way to pay a financial planner, each way has positives and negatives, just understand the fees structure.

You should also conduct some background research on financial planners. At last, you should set both you and your planner’s expectations for your relationship. You should thereby understand that the planner cannot control or envisage the interest rates, stock markets or any other future events. The financial planner is available to create a plan to help you reach your financial goals. You should also ensure the planner understands your expectations, as in how frequently you want to be contacted or meet in person.

These particular steps can hereby help ensure that you discover an appropriate financial planner for your needs. If so, you are likely to be financially successful and happy!

FINANCIAL RESOLUTIONS FOR THE NEW YEAR

January 29, 2018 by Medvisor
Accountant, Finance

As the year begins a lot of people take a look at the things that they did wrong in the past years or things that they did not attempt to do at all hence they try to make things right in the new year. Those who did things wrong attempt to do them in a better way or at least promise to try to do so while those who did not attempt to do things that they ought to promise to attempt them.

All of these things are done in hopes that their lives will be better with the resolutions. Most resolutions are targeted at enhancing one’s health or spiritual life for religious people. But today we will show you some things that could serve as financial resolutions targeted at making your financial life better. Without further ado here we go!

Create a Budget

You probably may have tried this at some point in your life and couldn’t stick to it, well it’s not just you dear reader, it is, in fact, a very common thing for budgets to not be followed by individuals. One reason why this occurs is because people fail to realize that there are different ways to budget and not all ways work for all persons.

What you can do to help yourself is go through the internet in search of different budget samples and choose one that seems most suited for you or you could download an app to help you list out your priorities and create a budget. You may also speak to professionals from Medvisor Consultants and they can give you a tailor made budget which would be uniquely satisfying and very easy to follow.

Get Out of Debt

Debts are like heavy objects placed on our heads that we have to carry as we walk. Simply put you cannot walk far and as quick as you want financially if you have to keep walking around with debts. Personal loans, credit card loans etc. all have to be paid or at the very least put plans in place to ensure that the maximum that you can pay is being paid this year so that at the middle of the year or in the last quarter you would be free of this heavy load and the forward movement can proceed unhindered. This takes us to the next resolution.

Create an Emergency Fund

Once free from debt, enough should then be put in place as savings. Emergency funds are the funds that cannot be touched until there is no other available option. You should be able to have about 3-4months worth of funds to sustain your lifestyle in case anything happens that would stop your income for the said period of time. The importance of this fund cannot be overemphasized as one cannot be too cautious with emergencies.

These are very few of the numerous things you can do to improve your financial life, others include not wasting money and growing your superannuation fund. It is important to note that resolutions can only bring results when fully adhered to with discipline. You may need more professional advice so contact Medvisor Consultants today. At Medvisor we have Qualified GP Accountants who are very capable of handling finances for medical professionals as well as dental and medical business advisors. We also have Accountants for Doctors in Melbourne and Tax Agents for medical practitioners in Chelsea.

Debt Management and How you can help yourself?

January 12, 2018 by Medvisor
Accountant, Finance

According to investorwords.com, Debt Management is defined as “A unique strategy developed to help a debtor manage their debt. This strategy is usually developed and implemented by an outside company or organization on behalf of the debtor, usually, because the debtor is unable to sufficiently manage their debt on their own, due to lack of knowledge or because they are overwhelmed by the amount of debt.”

By this definition, it is clear that this process usually involves employing someone to take care of the plan on how you can repay your overwhelming debts. When you find yourself in such situations then you need a highly qualified financial planner who may be able to double as an accountant.

There is no shame in finding yourself and your business in such situations as you would neither be the first or the last to join the group. There is shame however in letting it cost you your businesses by not taking the appropriate steps. Bad debt management can make you go bankrupt or cause your business to be seized by the right authorities. It is therefore important to employ the right person to get you out of the debt situation, but you should also take some steps on your own.

Below are ways that you can help yourself if you own a small business

REVISE OR REWORK YOUR BUDGET

Business budgets help one recognize the sources of income and more importantly, sources of fixed and variable expenditures. Your budget helps you set aside fixed regular payments to your landlord, workers, suppliers, etc.

Before tackling debt situations it is always pertinent for one to get a good grasp of his financial situation especially when he is behind on regular fixed payments be it monthly or yearly. This must have been due to unexpected changes in cash flow which may require one to visit an expert financial planner or advisor or accountant for proper adjustment to be made. There are NGOs out there that may offer free advice hence they could be sought at this stage.

REDUCE YOUR EXPENSES

Going to your financial statement to see what and what you spend on and which cost can be cut is a fast means of helping you get free from liabilities before taking other measures. Do a differentiation between the services or goods that are essential to daily operations of the business and those that are not.

Some subscriptions for services infrequently used and some workspaces that may be let out for rent to save cost on rent may be available. You can also choose to pay some bills up front for the year to get the available discounts and save some more costs.

INCREASE CUSTOMER SALES

In addition to cutting costs, this will also help you get out of debt fast. Look for ways to help improve cash flow, you can choose to give discounts on a certain amount of goods bought from you or give a discount on services to loyal customers. Also, follow up on receivables and you may give a discount on debts paid by customers up front. All of these would bring about a rise in revenue.

EMPLOY THE SERVICES OF A REPUTABLE DEBT MANAGEMENT OR RESTRUCTURING ORGANISATION

A reputable debt restructuring firm is a good alternative for you and your business because even though they may charge fees it is way less expensive than filing for bankruptcy. A firm like Medvisor Consultants will in no time get your business back on its feet if you trust us with the responsibility. Our arsenal of financial professionals in Melbourne includes business accountants, tax accountants, tax agents, business brokers and business planners. They are all readily available round the clock in Melbourne to uniquely solve your financial problems.

MEDVISOR is your best bet for exquisite financial solutions

December 19, 2017 by Medvisor
Finance

There is an unbelievably tremendous amount of change that occurs in the rules and regulations governing how medical and health care provision services should be run, the finance and tax calculations aspects are not left out of this changes. Amidst these changes, GPs have fared no better. Increased bureaucracy, extended opening hours, additional services and new regulation have resulted in increased working hours, all against a backdrop of escalating financial challenge. As such, it is imperative to use the financial tools available to you to make sound business decisions on which to grow the practice and secure your profit share.

Most accountants are not considered to be friends by their clients because of the way they handle their client’s affairs. But there are a few accountants who are not impersonal in handling client’s affairs, they understand the environment in which clients operate and they take a proactive step to engage the clients in a way that they can be well understood all through the year. These accountants due to their rareness are considered invaluable. Numbers, especially those included within accounts, often appear as a foreign language to many but the Medical Services teams in Medvisor Consultants can translate the numbers into a language that you will understand, enabling you to comprehend the financial dynamics of your practice.

You will know that you need the services of one of these priceless accountants when your answer to any of the following questions is not what you would like it to be.

Do you have a complete understanding of your financial statements?

Do you have questions on the impact of annual contract changes on your practice income?

Any confusion on how your profitability compares to your neighboring practices?

Have you been advised on how to minimize your tax liabilities?

Do you know which costs you incur are ‘allowable deductions’ for income tax calculation purposes?

Hearing about VAT but do not know if your practice should be VAT registered or not or perhaps you have registered but not getting appropriate VAT advice?

At Medvisor we adopt an interactive approach with our clients and it has proven to be effective over the years. We meet with our customers regularly at different occasions and make sure their financial situations are explained to them in a language that they can totally comprehend.

So if you are a doctor, dentist, GP in need of financial advice or accounting services including tax Services and you are in Melbourne Australia, then Medvisor Consultants is your best bet. We have professionals spanning a wide range of financial and accounting services. We have consultants who are highly qualified as GP accountants, Dental and Medical business advisors. They keenly handle finance for medical professionals. Our Melbourne accountants are already serving as accounts for doctors receiving positive feedback for their services and they are available to serve you as well. We are very confident about handling your tax as well, only if you trust us with it and you should. We have tax agents in Chelsea serving as tax agents for many Medical practitioners in the country. We offer experience, versatility and intelligence; these put us ahead of others in the business of providing financial advice and other accounting related services to medical professionals.

Financial Advice for new Doctors, Dentists and Medical Practitioners

November 22, 2017 by Medvisor
Accountant, Finance

Many junior medical officers & dentists start their careers with a base income of around $80,000. This then moves quickly through the hundred-thousand-dollar mark, and finally into the vicinity of several hundreds of thousands of dollars per year once specialist training is complete.

After collecting student loans and other debts to see yourself through the period of training, it seems easy to start repaying those debts and getting a house, your first choice of expenditure which will not be a bad choice, but there is a myriad of other financial decisions that could be made to make you more financially prosperous in the long term.

First advice is that you need to seek a specialist financial advisor for your medical practice in Melbourne. It’s easy to attend to your tax returns once a year at the closest or cheapest franchise accounting or advice firm that you can find. As a medical professional, your needs are a great deal more complex than the many hundreds of different professions that those firms see each year.

By engaging a specialist medical tax agent or specialist Financial Planner in Melbourne, you can ensure that appropriate tax planning can be put in in place for you, to work throughout the taxation year. When the bell rings for tax, it is simply too late to implement a strategy to contend with that burdensome letter from the ATO, the planning must be done in advance.

If you are consulting, contracting or setting up your own practice, it is also exceptionally important to set up the correct business structure from the outset.

Next, you have to think of how you can meet your financial commitments when you cannot work.

As a doctor or medical practitioner, you are familiar with how an accident or sudden illnesses can incapacitate someone for a short time or on a long-term basis. Therefore you have to take precautions.

In Australia, the take up of car insurance, house insurance, health insurance and even mobile phone insurance is astronomical. So many people sign up to protect these small material items, but don’t think about how they could afford to keep paying for these things if they were removed from the workforce; either temporarily or on a long-term basis.

The cost of personal insurances will be a tiny proportion of your income and in some cases can be tax deductible. There is a great deal of many important considerations in obtaining insurance for a medical professional. It is also important to seek specialist insurance advice from a qualified professional who knows the medical industry rather than buying an off-the-shelf product. As with the health insurance industry, no two policies are the same and you must ensure that the policy you buy will provide for your needs.

Lastly, you have to start thinking about superannuation right from the start even though your retirement is 30 or more years away. These decades are vital in compounding your interest at the end.

But if you work in a public medical organization and don’t have a ‘superannuation choice’, then you should contact a superannuation expert to help you with your review.

For more knowledge of the medical tax mechanism or generally more advice on how to become more financially prosperous as a medical practitioner, contact Medvisor Consultants because we are the best in the business in Melbourne. We want your finances healthy for as long as possible.

What information does a doctor need to know about his accounts?

November 10, 2017 by Medvisor
Accountant, Business, Finance

A doctor’s office is a service-based business in which patients pay for the doctor’s services, and occasionally pay for testing performed as well as medication administered in the doctor’s office. As such, a doctor’s office must maintain accounting records so patients and their insurance companies can be billed correctly for the services the doctor performed. In addition to payments rendered by patients, doctors must collect and record a variety of additional accounting figures, including overhead, equipment, medication and labor costs to ensure their practices are profitable.

Thus the doctor needs to be acquainted with the following types of information needed as listed below;

Patient Information

Since the office of the doctor is the business, then the patients are seen as the customers of the business, therefore information on the customer is always good to have. Along with personal details such as name and contact, the social security number or its equivalent of the customer should be collected with employer information. The reason for this is that after billing the visits and the customers do not pay, payments can be received by other means.

The staff of the business should also ensure that the insurance details of every customer are collected and recorded, including the insurance company’s billing address and co-pay information, so the proper co-pay can be collected at the time of the visit. This insurance information should be updated often (at least once every year). This is because health insurance policies are renewed yearly, so if the customer changes plan or companies, then the billing information and co-pay amounts may change as well.

General Accounting Information

Medical practices also need to record general accounting information about the practice, including operating costs and expenses. These costs include bills for telephone services, rents, electricity bills, cost of equipment and the very important cost of labor. Since workers need to be paid regularly and on time, these costs have to be checked to ensure that there is more money flowing into the business than is flowing out. This ultimately avoids running the business at a loss. Doctors usually like to focus on attending to medical needs hence it is advised that the services of a professional accountant for doctors be employed.

Collaboration with Other Practices

It is not uncommon to see doctors collaborating with other practices such as test labs. This collaboration would afford the customer to be charged less when referred to such labs for tests by a collaborating doctor. Sometimes the patients do not have to pay at all at the labs. This is why it is important to keep records of the visits and records of how many times patients have been referred by the doctor. Such records would help keep tabs of what to pay to the medical laboratories at the end of the month or the year. The records will also help bill the visits properly to the customer and their insurance company.

Medvisor Consultants have GP accountants that are highly qualified to handle your medical office. Being armed with the required skill, experience, intelligence and updated legislative regulations, they can handle all forms of complexities in the business.

Smart Tax Payment and Auditing are vital for true success

September 28, 2017 by Medvisor
Accountant, Business, Finance

An audit as explained by Wikipedia is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of organizations to ascertain how far the financial statement, as well as non-financial disclosure, present a true and fair view of the concern. Such a fancy definition for a process meant to detect discrepancies. ‘Audire’ is the Latin word for ‘hear’ which is what British auditors did back when book-keeping was manual. They listened as the accounts are read out loud for them while they determine whether or not the organization’s personnel were being fraudulent or negligent.

Although this is very challenging when the records or account being read is a very large one, auditing has become very useful over time. Clearly, like everything else since the medieval period, the process has evolved and become more efficient.

There are different types of auditing such as financial statement auditing, information technology audit, internal audit, and so on. The document focuses more on financial audit. It is done to confirm the reliability and validity of information as well as provide an assessment of a system’s internal control. As a result of this action, a third party can express his or her opinion about the individual, organization or system in question. The opinion given will depend on the evidence obtained from the audit. An audit can also be an eye-opener for stakeholders by giving them a better evaluation, thereby prompting the improvement of the effectiveness of risk management, control and governance process over the subject matter. If you are still not clear about the entire process, talk to a business planner, financial advisor or a financial planner in Melbourne. Your accounts have to be vetted to save you from trouble of the law and from business collapse.

Robert Kiyosaki is a multimillionaire and a real estate mogul who is also an author of bestsellers of business books. He wrote that in his quest for financial freedom he learned that true winning comes from deals that required him to pay the lowest amount in taxes or made his income totally free from tax. Tax as we know it is customary being the mandatory financial charge or some other form of levy imposed upon an individual or a legal entity (your business) by a governmental organization in order to fund public expenditures. It is a crime almost in every part of the world to fail to pay tax or evade it or resist it.

These taxes may be direct or indirect and may be paid in cash or kind. It is however smart to avoid taxes as much as is legally possible. Having to not pay more than you ought to, is good for your business as anything more is an unnecessary loss. You can get such good deals as Mr. Kiyosaki did by employing the services of good business brokers in Melbourne. Your business definitely needs the input of tax accountants and tax agents in Melbourne from Medvisor Consultants to legally cut down that loss from tax payments and steer your business in the right path for success.

Contact Medvisor Consultants for a business accountant in Melbourne today. You cannot find better business accountants in Melbourne anywhere else.

Business Accountant: A Key to Achieve Financial Stability

August 24, 2017 by Medvisor
Accountant, Business, Finance

So, you are a business owner too? I am sure, that one thing as a business owner you DO NOT enjoy is accounting/book keeping and, just like most of them out there, you end up doing it on weekends or late at nights. Yet you carry on because you have an attitude of DO IT YOURSELF (DIY). In your opinion, seeking the services of an accountant is a luxury you can’t afford. Well, let us assure you here that, us as a tax accountant are not as expensive as others yet, when it comes to quality, we sure take pride in our services.
Yes, you do save some bucks here and there by doing the accounts yourself but, by doing so, you might face the following potential downsides too:

  • The tax breaks get missed out by failing to claim valid expenses
  • The tax bill gets underestimated
  • The tax returns and other compliance paperwork is filed late, resulting in fines
  • The books may end up with mistakes that take hours to fix

These mistakes/omissions may result in huge loss of time and money and at times, that loss could be much greater than hiring a professional. As a business owner, you are flooded with tasks and the list never ends. It becomes difficult to manage the accounts alongside. So, an accountant can help you in bringing desirable results you want by taking away that time consuming and brain consuming hassle so that, you may use those resources back into your business.

Need to Get an Accountant

An accountant helps the business owner in maintaining proper accounting or bookkeeping records.
There are so much a Business Accountant in Melbourne can do for your business. Some of the key areas where the accountant would help your business are listed as below:

1. Clean up your books once and for all

Very often, when the business owners get time, they do the bookkeeping on their own. This results in:

  • Late completion of books
  • Data-entry errors
  • Some of a few documents get lost (like a proof for purchase of expenses)

An accountant will cleanse such records on time hence, ensuring that the records are accurate and, that they are backed up with appropriate documentation. An accountant would also set up software to prepare easier and faster record of future incomes and expenses.

2. Do your tax really well- and on time

An accountant would help you as the business owner in resolving the problem of late payments that at times keep increasing as a result of accrual of interest and penalties. Hence, a reliable accountant as we are would set the pins well in advance to ensure that the tax filing is smooth and stress-free.
In addition, an accountant also reduces the amount of tax a business owner needs to pay. If a business owner engage an accountant in the start-up of the year and ask for tax planning services, then the accountant, obviously a good one, should come up with a strategy to retain more money in the business.

3. Improve Your Invoicing Cash Flow

The invoicing system is central to the health of your business. This factor sounds very basic as it alone undermines a lot of businesses.
A business accountant should assist in setting up an automated invoicing system using which, the business owner should be able to:

  • Send the invoices instantly
  • Check which bill is paid and which one is not paid
  • Give the customers a choice of multiple payment methods

A good Business Accountants should also provide advice on the invoice payment terms to reduce the time spent on waiting for the credit to come in.
Medvisor Consultants for sure will be your best bet if you are willing to hire a good Business Accountants in Melbourne who would keep a good control on tax obligations, identify savings, and helps you to grow your business. Contact us today for more insights!

A Brief on Accountancy for Medical GP Practices

August 11, 2017 by Medvisor
Accountant, Business, Finance

Running a successful medical practice is highly demanding. With ever changing tax legislation, the medical profession is one of the most complex forms in terms of accountancy. Therefore, it becomes vital to consult a GP Accountant for medical practices, as they have in-depth knowledge of this sector.

Most of GP Accountants are self-employed and run their own practices or are a part of a larger group. This means that they are rewarded substantially through profit share, including dividends from practice companies and service trusts, salary payments and fringe benefits.

With time, this has changed. More GP Accountants now choose to work in practice as an employee, and their reward comes in the form of salary, superannuation contributions and fringe benefits.

Role of GP Accountants

The role of GP accountants has been described as below:

  • They always take care of your investments and never agree to anyone to make decisions.
  • They never allow anyone to access your bank/investment account details, including passwords or similar electronic keys.
  • They select only one method to accumulate cash for investing.
  • They achieve tax efficiency by emphasizing on tax-efficient growth of assets that should never be sold.

GP Accountants provide the following services:

  1. Structuring advice
  2. There are many ways to structure a medical practice, each with its advantages and disadvantages. For the participating doctors and specialist, structuring advice from a legal and accounting perspective is essential. It is a common ground among advisors that although doctors are highly equipped to treat people, they are not necessarily experts in accounting, therefore these needs to be regulated by an expert.

  3. Cash Flow Management
  4. GP Accountants help in improving cash flow with customizable information views and forecast the capabilities that let predict, monitor and manage cash inflows and outflows. Some of the core tasks that they perform are:

    • Understand cash flow trends
    • Predict anticipated cash flow
    • View cash flow information in the way they want
    • Connect financial information across the business
  5. Bank and Equipment Financing
  6. Features of GP Accountants specialist are as follows:

    • Select from a range of equipment finance options
    • Flexible terms and repayment options
    • Consolidate the finance for all your practice assets into one finance agreement

  7. Budget Setting and Forecasting

Accountants for medical practices can make their business successful through proper planning implementation. This can be done through setting benchmarks and through financial forecasting and budgeting. This is one of the core areas of expertise. GP Accountants provide ample warnings, when it comes to predicting cash flow shortfalls, and even identifying investment opportunities.

Summing Up

It is important that GP Accountants have extensive knowledge in accountancy standards, because without them the medical practices cannot run properly. Their keen concern is to provide their clients with a high level of care and service. So, it is advisable for the medical professionals to seek their advice.
Are you seeking GP Accountants for medical practices? At Medvisor Consultants, we offer a wide range of accountancy services to the medical practitioners. We provide information on time that is specific and tailored to your needs on a regular basis. Visit the website for more insights!

Is Your Hobby Income Deductible As Tax?

July 17, 2017 by Medvisor
Accountant, Business, Finance

Ever wondered if your hobby income could be deductible as tax? This is some important information you need to know. Hobby is anything extra we do in our spare time. We all have certain hobbies, and some of us are so involved in it that it becomes difficult to distinguish if it’s a mere hobby, or business.

It’s important to understand the differences between a hobby and a business for tax, insurance and legal purposes.

Some key questions to consider include:

  • Is the activity being undertaken for commercial reasons?
  • Do you regularly and repeatedly undertake your activity?
  • Is your main intention, purpose or prospect to make a profit?
  • Is your activity planned, organized and carried out in a businesslike manner?

Although contingent to your individual circumstances, if your answer to most of these questions is yes, then you are likely to be running a business. To get an answer specific to your circumstances, you can:

  • Talk to an accountant or a business advisor who can help you decide whether you are running a hobby or a business.
  • Get a cloistered ruling from the ATO, which will provide an answer that protects you from the penalties and interest.

What do I need to do if it’s a hobby?

If your activity is a hobby, then you will have to meet a certain provisions to transact with a business. When making a purchase, a business generally collects the seller’s Australian Business Number (ABN), otherwise it must hold back 49% of the payment for tax purposes.

Since you are not in business, and hence not entitled for an ABN, you need to provide evidence that it is a hobby or the payer will hold 49% of your payment.

Income-earning hobbies can sometimes grow into businesses, thus it is important to monitor any change in income or practices so that you are mindful of your obligations before they transpire.

What do I need to do if it’s a business?

When running a business you are required to declare your income to the ATO in your annual return. So, check the tax return for assistance on where to declare this income. Also, find out more about what income you need to include and what all you can exclude.

In addition to this, once your hobby becomes a business, you may need additional permits and licenses to your type of business. For instance, if you are running a home-based business, you may need the approval of the council to operate from your home, which is dependent on the type of the business.

You can also visit the Australian Business and Licenses Informative Service (ABLIS) to find out more about the permits and the licenses required for your activity.

Summing Up:

Irrespective of being a hobby or a business, you will either way be required to hire an accountant to keep up with the taxation obligations. At Medvisors, we are expert accountants in Melbourne, astute with the correct business advices for businesses, whether it is a hobby or a business. Feel free to contact us for any information on identifying your deductibles or any other accountancy needs!

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