Accounting for Doctors and Medical Professionals

Proudly Providing Accounting Services for Medical Professionals

Are you a doctor, dentist, surgeon or other medical professional looking for a professional accountant that you can trust? At Gallo LLP, we understand that patient care comes first — that’s why our team of dedicated experts provide professional financial advice, that’s easy to follow and frees you up from those daunting administrative tasks, so you can focus on what you know best – helping others with their medical needs. Gallo LLP is here to help you explore all your accounting options as a medical professional, from tax benefits and write offs to incorporation and holding companies!

Learn more about our professional accounting services for medical professionals today.

Some of the Medical Professionals We Serve

  • Physicians (Doctors)
  • Surgeons
  • Pharmacists
  • Dentists
  • Psychologists
  • Anesthesiologists
  • Nurses
  • Pediatricians
  • Obstetricians and Gynecologists (OB/GYNs)
  • Oncologists
  • Cardiologists
  • Neurologists
  • Radiologists

Accounting for Doctors

Accounting for doctors encompasses a range of financial activities tailored to meet the unique needs of medical professionals. Whether operating as sole practitioners, partners in a group practice, or employed by healthcare institutions, doctors must maintain meticulous financial records and comply with regulatory requirements.

Top Tax and Accounting Services for Doctors

Effective financial planning is essential for doctors to achieve their personal and professional goals. Accountants specializing in medical practices assist doctors in creating comprehensive financial plans, including budgeting for practice expenses, managing debt, and saving for retirement.

Tax planning is a critical aspect of accounting for doctors, both personally and professionally. CPAs at Gallo LLP help doctors minimize their tax liabilities through strategic planning and ensure compliance with tax regulations, including deductions for medical expenses, retirement contributions, and business expenses.

Accurate bookkeeping is fundamental for doctors to track revenue, expenses, and cash flow within their practices. Accounting professionals can implement efficient bookkeeping systems tailored to medical practices, streamlining financial processes and facilitating informed decision-making.

Doctors rely on financial analysis to assess the performance of their practices and identify areas for improvement. Our accountants can generate financial reports, such as profit and loss statements and balance sheets, and analyze key performance indicators to evaluate practice profitability and efficiency.

In addition to traditional accounting services, doctors may benefit from practice management consulting to optimize the operational and financial aspects of their practices. Consultants offer insights into revenue cycle management, billing and coding practices, and workflow optimization, enhancing practice efficiency and profitability.

Accountants proficient in medical accounting provide representation services to doctors in dealings with federal and provincial tax authorities, ensuring that doctors’ interests are protected and their tax matters are handled with expertise and diligence. With in-depth knowledge of tax laws and regulations, these professionals advocate on behalf of doctors, resolving disputes and facilitating compliance to mitigate potential financial risks.

CPAs can advise doctors on the optimal business structure for their practices, whether as sole proprietorships, partnerships, corporations, or limited liability companies, considering factors such as liability protection, tax implications, and operational flexibility.

Accountants specializing in healthcare assist doctors in navigating the complexities of GST/HST compliance, ensuring accurate reporting and timely submission of returns to regulatory authorities. By providing guidance on GST/HST regulations, exemptions, and input tax credits, accountants help doctors optimize their tax obligations and minimize the risk of non-compliance.

Retirement planning is crucial for doctors to secure their financial futures. Tax and accounting professionals help doctors navigate retirement savings options, such as RSPs, TFSAs, and pension plans to achieve their retirement goals.

Doctors rely on accurate financial statements to assess the financial health of their practices and make informed decisions. Accounting firms prepare comprehensive financial statements, including income statements, balance sheets, and cash flow statements, tailored to medical practices. We perform audits, reviews, and compilations.

Accounting for Medical Professionals

Gallo LLP boasts extensive experience in medical accounting, catering to the diverse needs of healthcare professionals across various specialties. With a proven track record of excellence, our team collaborates seamlessly with doctors, nurses, pharmacists, physical therapists, and a myriad of other medical professionals. 

As a team of experienced CPAs, our expertise in medical accounting extends beyond traditional financial management to encompass specialized services tailored to the unique requirements of the healthcare industry. From navigating complex tax regulations to restructuring your business entity, Gallo LLP’s dedicated team ensures that medical professionals receive comprehensive financial support, allowing them to focus on delivering exceptional patient care. Through close collaboration and personalized attention, we seek to empower medical professionals to achieve their financial goals and thrive in today’s dynamic healthcare landscape.

Communication Matters

At Gallo LLP we understand timely communication from your financial experts is key, our 411 Commitment ensures you get the advice and solutions you are looking for

Work with Gallo LLP

Gallo LLP will provide all your accounting needs as a medical professional. We want to ensure comprehensive financial management that will give you peace of mind that your accounting is taken care of!. Our seasoned team of experts navigates the complexities of medical accounting with precision and dedication, allowing you to focus on your job while we do ours. Contact us today to experience the expertise and personalized service that Gallo LLP offers to support your success in the medical field.

Speak with our team