Accounting and Bookkeeping for Doctors and Physicians
Bookkeeping, payroll, and tax compliance built around how medical practices actually bill and get paid
Medical practices bill differently than most small businesses: revenue often depends on insurance and provincial health plan reimbursements that arrive weeks after a service is provided, and practices carry significant equipment that needs to be depreciated correctly over time. Bookkeeping that does not account for this timing and asset structure can misrepresent how the practice is actually doing financially.
Canada had close to 100,000 physicians as of 2024 (99,555, per the Canadian Institute for Health Information), and total clinical payments to physicians were $28.9 billion in 2020 to 2021. Keeping the accounting behind those payments accurate matters both for compliance and for understanding the practice’s real financial position.
We provide accounting and bookkeeping for doctors, physicians, and medical practices across Canada, a segment of our broader remote client base that also includes other healthcare professionals in Alberta, Manitoba, Saskatchewan, and Ontario.
What We Handle for Medical Practices
Bookkeeping and Payroll
Daily or monthly bookkeeping, bank reconciliations, and payroll for clinic staff, handled on the schedule your practice needs.
Tax Compliance and Remittances
Annual tax returns, corporate and sales tax remittances, and acting as your liaison with the CRA, so filings and deadlines are handled correctly.
Depreciation and Financial Planning
Depreciation accounting for medical equipment, budgeting, and financial consulting to support decisions about your practice.
Accounting Built for How Medical Practices Bill
Revenue is recorded when a service is performed and expenses when they are incurred, regardless of when payment actually arrives. This is useful for tracking billable services where insurance or provincial reimbursement creates a delay between the appointment and the payment.
Revenue is recorded when cash is actually received and expenses when they are paid. This avoids reporting tax on income the practice has not yet received, which can matter for cash flow planning.
We are certified in QuickBooks and Xero, and also work in Sage and FreshBooks, and can work with whichever system your practice already uses or help set one up.
Why Medical Practices Choose Ghumans
Familiar With Medical Billing
We work with the accrual and cash accounting approaches medical practices actually use, rather than applying a generic small-business template.
Equipment-Aware Bookkeeping
Depreciation on medical equipment handled correctly, so your books reflect what your practice is actually worth.
Remote Across Canada
Full support delivered remotely, whether your practice is in a major city or a smaller community, alongside our Fraser Valley in-person clients.
Frequently Asked Questions
Do you specialize in accounting for medical practices specifically?
Yes. We work with the accrual and cash accounting methods medical practices use, and handle depreciation for medical equipment, which general small-business bookkeeping does not typically account for.
What is the difference between accrual and cash accounting for a medical practice?
Accrual accounting records revenue when a service is performed and expenses when incurred, useful when insurance or provincial reimbursement delays payment. Cash accounting records revenue and expenses when money actually changes hands, which avoids being taxed on income not yet received.
Can you handle payroll for clinic staff?
Yes. We manage payroll for medical practice staff using software including QuickBooks, Xero, and Sage.
Do you work with practices outside British Columbia?
Yes. We support doctors and physicians remotely across Canada, alongside other healthcare professionals in Alberta, Manitoba, Saskatchewan, and Ontario.
Do you handle GST/HST and other sales tax remittances for medical practices?
Yes. Corporate and sales tax remittances are handled as part of our accounting services, along with acting as your liaison with the CRA.
Can you help with depreciation accounting for medical equipment?
Yes. We account for depreciation on medical equipment so your financial statements reflect the true value of your practice’s assets over time.