Outsource Bookkeeping For Medicate, Doctors, Pharma Shops, Hospitals

Accounting and Bookkeeping Challenges in the Healthcare Industry

Healthcare Industry is a vital industry for any nation and it is no different for the US. US medical practices industry aims to provide the best service to its citizen and every organization is doing their bit to help achieve this. But while doing, so organizations end up neglecting its own business financial health. Organizations face challenges concerning accounting, bookkeeping, taxation and so forth, just like any other sector of different industries. Some of which are -

Specialisation

An in-house professional accountant might not have experience of medical practice accounting, but what they need to know is how to apply standard costing procedure of the industry. It is crucial for setting a rate for the products and services offered at the organization.  

Compliance

The healthcare industry attracts a lot of attention from the government and is closely inspected for any form of fault or error. It is essential to make sure your medical practice accounting and bookkeeping is compliant to all state as well as federal law and regulation.

Big data

The healthcare industry deals with voluminous data on a day to day basis. And it is no different for the US medical practices and healthcare industry. It is essential for every medical practice and health care business record these data without any error and missing out on any data.

Accounting & Bookkeeping Services by Whiz Consulting Customized to your Need

Whiz Consulting has been providing accounting and bookkeeping services for the US Healthcare Industry from an extended period now. We have worked closely with the healthcare industry, and we have provided accounting, bookkeeping, taxation and payroll processing services with the help of our professional accountants who have in-depth knowledge of the industry.

We provide customized professional medical bookkeeping services and accounting services in the healthcare industry as we understand that a great deal of attention to details is required in accounting in the medical field. With our service, you can streamline your finance for improved productivity and better client service.

Our team of professional accountants for the healthcare industry has worked for numerous sectors within the healthcare industry which includes Old Age Caring, Hospitals, Individual Physicians and much more. Right from voluminous data entry to the preparation the financial reports and then filing the same, we help the organizations with excellent service that match up to the intricate nature of the industry.

Accounting & Bookkeeping Services We offer for Healthcare Industry

Bookkeeping Service

We provide the following bookkeeping services –

  • Bank & CC Reconciliation
  • Accounts Receivable & Payable Management
  • Payroll Calculation & Tax Payments
  • Inventory Management & Reconciliation
  • Monthly Financial Statements
  • Financial Ratios Reporting
  • Cash/Revenue/Expenses Forecasting
  • KPI Reporting
  • Strategic Advice on Managing Revenues, Expenses & Cash Flows
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Accounts Payable

We make sure you never breach payment terms with your clients by preparing a daily, biweekly or weekly report for accounts payable and sending the same to you on time. Our outsourced accounting service covers scanning of invoices to make sure payment terms and other processes that adhere to your company policy. It will be our responsibility to make sure that things are exactly as they should be and make sure to inform you when they are not.

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Accounts Receivable

If you are not sure how much you ought to receive from your debtors, you cannot expect your business to sustain, let alone talk about growing. It is important to make sure you receive what the others owe you that too in a timely manner to keep that cash flow moving. It is our duty to ensure you receive money from your debtors on time. We ensure this by reminding you of the overdue payments or by contacting the clients directly on your behalf.

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Financial Reporting

With years of experience working with US clients, we know exactly what all is needed by the regulatory bodies or your in house CPA’s and we can produce the same for you like - Periodic Reports, Income Statement Analysis, Cash Flow Statement, Profit & Loss, Balance Sheet, Debtor Report, Bank Reconciliation Report, Financial Analysis Report, Ratio Analysis or any Ad-hoc Report that you might need like project-wise profitability etc. We can even get in touch with your CPA and make sure everything is there as and when he wants.

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Payrolls

We look after payrolls for our clients including - pay calculation, reimbursement, deduction, payslip generation, amount to be withheld for federal and states income tax, social security and Medicare contribution amount, payment of tax and tax return preparation. We will be happy to look after all or a part of them for you. Our online accounting service will help you by keeping a vigilant eye on the complete payroll activity for your business.

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Business Set-Up Assistance & Advisory

We help you out in structuring your business that is suggesting which business structure will suit you best among Sole Proprietorship, Partnership, Corporation (C Corp, S Corp, B Corp & Non-profit) and Limited Liability Company (LLC).

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TAX Filing

With the experienced Accountant and CPA in our team who has been serving US Clients form long period we can prepare and lodge your tax returns and also planning your tax liability in the most efficient way

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Why Hire Whiz Consulting for your Organization’s Accounting and Bookkeeping?

With accounting and bookkeeping function in place, you can seamlessly conduct your business while focusing entirely on the core function. Our accounting and bookkeeping for healthcare industry in US is available for every type of business irrespective of the size of the organization. Here is why you should choose us for your accounting and bookkeeping services –

Compliance

Our team is well familiar with the accounting principles along with all existing rules and regulations prevailing to the industry, which ensure that your organization does not commit non-compliance.

Experience

We have experience of over a decade in providing bookkeeping and accounting service. And additionally, we have the technical know-how of all the requirements specific to the healthcare industry.

Cost

A professional accountant with in-depth knowledge of Healthcare industry can be challenging to find, and also it is difficult to determine whether he/she is an expert or not. But more importantly, it is a costlier alternative to hiring our service. 

Business Growth

You can be assured that we will take care of your accounting, bookkeeping, taxation and payroll processing efficiently and effectively, so you can put all your efforts in the core function, helping you grow your business.

Consultation

With our service, we provide boundless phone and e-mail consultations with our experts. This enables us to solve any of your query or issue in record time.

Report

We provide consistent, detailed reports that are essential for business financial planning. We also offer reports customized to your requirement on periodic intervals requested by you.

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