Why Engage Healthcare Accounting Firms?

The healthcare sector comes with unique accounting and bookkeeping requirements, making it crucial to adopt a customized approach for your business. Partnering with a specialized healthcare CPA firm, like Ghumans, ensures that all financial responsibilities are handled efficiently and your books remain accurate.

By trusting our healthcare accounting professionals, you’ll benefit from:

• Greater control over your time and expenses
• Reduced risk of fraud or embezzlement
• A clear picture of your current financial status
• Improved financial planning based on precise bookkeeping
• Less stress when meeting tax and reporting deadlines
• Fewer errors, helping you avoid fines or penalties
• No missed tax-saving opportunities

At Ghumans, we take care of your healthcare bookkeeping, tax preparation, payroll, and more. We ensure your books are accurate and submitted on time so you can concentrate on caring for your patients instead of your finances.

Our certified accountants support a variety of healthcare professionals, including:

• Acupuncturists
• Assisted living facilities
• Chiropractors
• Dental practices
• Hospitals
• Laboratories
• Massage therapists
• Medical clinics
• Pharmacies
• Physiotherapy centers
• Public health centers
• Psychologists and therapists
• Optometrists
• Oral surgeons
• Outpatient clinics
• Specialist practices

We understand that healthcare encompasses much more than just hospitals and doctor’s offices. That’s why wellness business owners across Canada can take advantage of the wide range of healthcare accounting and financial services offered by Ghumans.

Why Engage Healthcare Accounting Firms?

The accounting field typically relies on standardized financial principles. However, healthcare accounting requires a more specialized approach. While some elements, like balance sheets, remain similar, the management of financials in the healthcare sector is distinct.

Here are key areas of healthcare accounting we specialize in:

Accrual Accounting

Accrual accounting is the standard in the healthcare industry, where revenue and expenses are recorded when they occur, not when payments are made. At Ghumans, we follow this method to provide a more accurate and timely picture of your financial health, spreading larger expenses across the fiscal year for better forecasting.

Cost Accounting in Healthcare

Cost accounting allows us to determine the cost of services and products in healthcare. Without proper cost accounting, businesses may overcharge patients or undercharge suppliers. At Ghumans, we specialize in healthcare cost accounting to keep your financial records up-to-date and accurate, ensuring you have the insights needed for informed decision-making.

Multi-Entity Accounting for Healthcare

Healthcare organizations often require accounting for multiple entities, such as contractors operating within the same facility. Ghumans’s expertise ensures that all entities are accurately accounted for, minimizing errors and streamlining processes. Whether you’re managing a chiropractic clinic with independent contractors like massage therapists and acupuncturists, or handling different financial systems like QuickBooks and Xero, we provide seamless multi-entity bookkeeping solutions.

GAAP Compliance

Healthcare accounting must adhere to Generally Accepted Accounting Principles (GAAP). Our CPA specialists ensure your financial statements are compliant with industry standards, providing the necessary data for shareholders and investors to make sound business decisions. Ghumans’s adherence to GAAP ensures that your books reflect a true and accurate view of your business’s financial position.

Allowances

Healthcare businesses often encounter payment delays or partial payments from patients. Managing these allowances is essential for maintaining accurate financial reporting. At Ghumans, we expertly manage these variances, ensuring your books remain accurate and transparent even in complex financial situations.

At Ghumans, we understand the specific challenges of healthcare accounting. Our tailored services ensure that your financial management is precise, compliant, and optimized for success in this dynamic industry.

Ghumans: Trusted Accounting Experts for Healthcare Professionals in Canada

Ghumans is the premier choice for healthcare-focused accounting firms in Canada. Our experienced CPAs specialize in the healthcare sector, expertly managing patient billing, insurance claims, regulatory compliance, and more.

When you choose Ghumans, there’s no need to continue searching for a “healthcare accountant near me.” Our team is well-versed in a variety of proprietary accounting software, ensuring seamless integration with your current system.

If you don’t have an existing software solution, we can recommend a platform tailored to your business needs and budget. Below are some popular options used in the healthcare industry.

Ghumans: Trusted Accounting Experts for Healthcare Professionals in Canada

When you choose Ghumans for your healthcare accounting, you’re placing your business in capable hands.

We are committed to delivering the top-tier service you deserve from industry experts. Our team stays informed on all relevant local, regional, and federal regulations, ensuring you remain fully compliant and avoid potential penalties.

At Ghumans, we go beyond basic accounting. We assist in creating practical budgets and future financial strategies, providing peace of mind that your accounting needs are in expert hands. Our scalable solutions are tailored to fit healthcare businesses of all sizes, offering an optimal approach to managing your finances.

Get in touch with an Ghumans representative today and experience a smooth transition of your financial responsibilities to our skilled professionals. We’ll help you save both time and money with our customized services that align with your specific goals.

Submit an online inquiry, and we’ll gladly offer a complimentary consultation to identify the most efficient and cost-effective solution for your healthcare business.