Common Bookkeeping Issues Medical Practices
Bookkeeping is often considered to be the least life and licence threatening of everything that you have to do. So it often gets left by the wayside.
As specialist medical practice bookkeepers, we’ve seen it all. So if anything below sounds familiar, it might be time to give us a call.
Incorrect allocations of the split between GST inclusive and GST exempt supplies leading to incorrect BAS lodgements.
Internal systems (such as Front Desk) not matching up to the bookkeeping software such as MYOB or Quickbooks.
Payroll issues where super is incorrectly handled when it comes to overtime hours and bonus structures.
Inadequate stocktakes where stock is incorrectly reported at year end having a negative effect on the tax position.
Insufficient reliable and regular bookkeeping reports which are required to allow you to effectively tax plan.
A lack of documentation to support a valid audit trail in case of investigation by the ATO.