Making a Plan That Improves Your Bottom Line
The new tax law most likely will not improve your bottom line, however, a common-sense plan will.
We have been assisting many medical practices with their tax and financial needs and we can’t help but notice the state of financial practices within many of our new medical clients.
We almost religiously upgrade our lifestyles – technology, cars, homes, etc. Why do we upgrade? We do it because of status, better functionality, faster service and modern design. What about your practice?
Are your finance strategies effective and are they appropriate to your current structure and needs? As most physicians, you probably have the same CPA for 10 plus years and there is absolutely nothing wrong with that. We choose our trusted advisors such as accountants, lawyers and financial planners carefully and we build trust and loyalty over time that translates into a long-term relationship.
As the famous Heraclitus quote suggests – “the only thing that is constant is change.” Our life situations change, our business models change and our needs change. With that, consulting services need to adapt as well.
In today’s world, the CPA profession has evolved from a stereo-typical “bean-counter” to a tactical force in many company’s strategic planning and business decisions. The times are long gone when a CPA’s role was only to insure you are compliant, your bills are paid, your receivables are collected and your payroll is processed timely. Today’s CPA has extensive knowledge of business processes and provides assistance on your practice’s performance, succession planning and tax strategies for you as a business owner.
Here are some points to consider when assessing your current status:
- Do you still cut manual checks?
- Has your CPA talked to you about a budget?
- Has your CPA talked to you about operational cost savings opportunities?
- Does your CPA review your business insurance contracts, banking and merchant services at least annually?
- Do you meet with your CPA at least quarterly?
- Does your CPA provide you a bench mark analysis in your practice specialty?
- Is your CPA up to date with current technology?
- Have you discussed succession planning with your CPA?
- Have you opened multiple offices over the last 5 years?
- Do you have new partners?
CPA Solutions is focused on medical practices and has extensive experience in creating efficiencies by identifying collections issues, recognizing costs savings in IT services, telephone expenses, bank fees, merchant services, business insurance and other operating costs. CPA Solutions also assists with bank or private placement financing, partner buy-ins and buy-outs as well as practice valuations and mergers and acquisitions.
We have offices in downtown Orlando, Avalon Park and Celebration to conveniently serve our clients. If you are looking for an experienced proactive approach to improving your bottom line please contact us at 407.650.9088 or firstname.lastname@example.org.