Accounting for Medical Practice
Focus on the health of your patients, while we focus on the health of your books
You pursued your medical, veterinary, or dental degree to promote the well-being of your patients and run a successful practice. Between juggling patients and managing your office, the last thing you need to be doing is spending hours pouring over your financial records and trying to make sense of the numbers.
That’s where the financial experts at Think Accounting come in.
Stay Focused on What Matters Most
We specialize in solving the unique challenges healthcare professionals face with fully-automated cloud accounting solutions that help you maintain profitability while keeping your backend financial processes strong and healthy.
Think Accounting’s in-depth knowledge of the many tax and accounting regulations specific to your industry help us deliver a solution completely customized to your needs. We employ the latest technology to streamline and integrate your entire billing, inventory, and payment systems to work together as a seamless whole, with robust reporting functionality available right at your fingertips.
Services included with a Think Accounting health & medical solution
Every accounting need is different. We’ll take an in-depth look at your organization, learn about your goals, and develop customized, best-fit cloud solutions to help your business get there.
- System setup, training and support
- Create customized bookkeeping workflows
- Cloud bookkeeping and accounting services
- Sales Tax returns across Canada
- Financial Statements
- Business tax returns
- Cash flow management
- Expense tracking
- Payroll processing
- Budgets and financial projections
Looking Towards Your Future
We work with sole practitioners, multi-professional specialty groups, private and public clinics, hospitals, and others in the healthcare field to deliver tools that help them make more informed business decisions.
Think Accounting also prepares business tax filings and individual income tax returns for medical professionals just like you, helping to ensure your prosperity and grow your personal wealth.
If your business is ailing from an accounting system that doesn’t meet your needs, talk to us. We have the prescription that will make running your business easier and more profitable.
THINK Approach
Discovery Call
We schedule a meeting or phone call to learn all about your business, ask pertinent questions, and listen to your needs.
Create a Customized Plan
After making a thorough assessment of your unique needs, we’ll begin developing a customized action plan with pricing clearly outlined.
Onboarding
We set up the systems and workflows, connect your solution to your accounting apps and connect you with a Think Accounting team member.
Kick-Off
With deadlines and deliverables clearly identified on our end so your business is always compliant with CRA. You’ll also receive ongoing proactive strategies from our experts.
Health & Medical Accounting Solutions in Toronto, Calgary, Vancouver and across Canada
Find out why more and more companies are using Think Accounting for tax-efficient accounting strategies and business advice that’s optimized for growth. Contact us today for a free consultation!
THINK FAQs
Do you provide customized accounting Services or Solutions based on the nature of business?
Absolutely. Each industry is unique and within each industry, each business is unique. For e.g. E-Commerce Accounting is very different from Creative Agency Accounting. We have separate processes in-house for different industries that we follow to deliver our services. We build our scope of work and deliver on that scope customized to your business, instead of using a cookie-cutter approach.
Do you provide Bookkeeping-only services (that is, if I already have a year-end accountant)?
In rare circumstances, yes. However, majority of the time, we provide a full-service package service that includes Bookkeeping, Financial Statements, Tax Returns, and, if applicable, Payroll.
Do you provide Year-End-only services (that is, if I already have a Bookkeeper)?
Yes, we do. We prefer that you have a professional bookkeeper taking care of your books and bank accounts are reconciled. If you as a business owner do your own bookkeeping, we will first need to review your bookkeeping before giving a fee quote for year-end scope of work.
Do you provide Audited or Reviewed financial statements?
No. We provide Compilation Engagement Financial Statements (previously called NTR or Notice To Reader). For your Audited or Reviewed Financial Statement needs, we are able to connect you with firms in our network.
Which Industries do you work with?
Although we work with most industries, we have specialized knowledge of clients in the E-Commerce, Startups, Medical and Creative Agencies space.
Do you provide Accounts Payable and Accounts Receivable Services?
We provide Accounts Payable services on a monthly frequency basis. We’ll setup a paperless workflow for you to provide all bills to be paid, and set up a payment platform for you. After that, we’ll follow a once-a-month process to schedule bills to be paid for the month.
We do not provide Accounts Receivable (Cash Collection) services.
Do you help with Advanced Tax Planning (Reorganization of Corporate Structure, Estate Planning, etc.)?
Absolutely! It’s one of the ways we add tremendous value to our clients. Our Advanced Tax Planning work is structured as follows:
- Discovery Call – To gather a high-level background and understand your goals and objectives.
- Phase 1 – To assemble all detailed background, tie the tax research to your specific situation, design the solution and steps for your reorganization, and present you with the solution(s).
- Phase 2 – Implementation of Phase 1, which incudes coordination with lawyers and business valuators. We summarize all of the work performed in a detailed Memo for you and your advisors.
