Medical PracticeDoes your current accountancy meet your medical practice requirements?

At SFB we have a wealth of experience of the medical and healthcare sector. We act for many GP practices across Coventry, Nuneaton, Leicester and Hinckley, throughout Warwickshire, East Midlands, West Midlands and the wider area, providing tailored accounting advice and solutions that meet their specific needs.

At SFB we understand the challenges the medical profession faces. As well as providing high standards of patient care, medical practitioners must run efficient, cost-effective businesses that meet Government rules and regulations.

As such, our accounting professionals urge doctors and practice managers to get closer to the figures and become more business minded. This is crucial for survival in a changing practice environment.

It is no longer sufficient for practice owners to have the right medical qualifications and experience. Business skills, in particular financial management skills are essential to survive and prosper in times when traditional income streams are under pressure.

SFB’s specialist accounting and tax services for medical practitioners include:

  • Annual accounts including Partnership accounts. This includes financial records, financial statements and forecasting. We also provide auditing services for those practices that require it, and of course bookkeeping services and payroll services.
  • Budgeting and cashflow forecasts. In today’s fund-holding world, where the partners of medical practices are, essentially, small business owners, our outsourced accounting services provide all.
  • Tax returns for the business and individual partners. Our tax professionals can ensure that your practice’s business tax affairs are always in good order and also undertake detailed tax planning for practices.
  • VAT services. VAT is one of the most complex tax regimes in the country. Our team of professional accountants are highly experienced in all things VAT to ensure your practice is fully VAT compliant.
  • Advice on practice mergers and acquisitions. This area has seen increasing activity in recent years and our business advisers are here to help collaborating closely with your legal advisers. The area of advice on mergers and acquisitions is closely linked to business development.
  • Advice on succession and retirement planning. Our team of succession planning experts are here when needed to help and advise when you decide you are not far off retirement and wish to make sure there is a robust succession plan in place for your medical practice. The aim is to ensure things happen as smoothly as possible with no impact on patient care.
  • Specialist help for NHS related finances. Finally, but not least, we know how detailed the NHS’s requirements are financial control and reporting and also how often the requirements change. We are here to make sense of it when you need it so you can focus on running your practice for the benefit of your patients.

The medical profession requires tailor-made support. Our dedicated accountancy services team can fully review your practice accounts and provide recommendations on improvements to make your business more efficient and profitable, from audit and tax services to forensic accounting via personal financial planning and everything in between, .

Contact SFB on 03333 444 171 or email to arrange your FREE consultation to discuss which of our accountancy services you need and how we can help your medical practice achieve its goals.