We'll keep in touch consistently with financial updates tailored to your physiotherapy practice. Got urgent queries demanding prompt attention? We promise to respond within one business day or less.
Our platform is designed to streamline data inputs from the most recognized providers, reducing errors commonly encountered by physiotherapists. We collaborate with prominent partners like Gusto, Stripe, Shopify, and Square—ensuring your financial records are consistently precise.
Say goodbye to towering stacks of paperwork and tedious manual record-keeping—we automate data from all your linked accounts directly. Get insights from one single, central dashboard, enabling you to effortlessly comprehend the financial well-being of your physiotherapy practice and make informed strategic decisions.
DR. BUKKY KOLAWOLE
As a physiotherapist, there are several specific expenses that you can claim as tax deductions. These typically include:
- Business insurance
- License fees and regulatory body dues
- Professional development courses, seminars or conferences
- Costs associated with running your clinic - rent, utilities, cleaning, etc.
- Purchase and maintenance of office equipment and supplies
- Purchase and upkeep of physiotherapy specific equipment
- Any staffing or subcontracting costs
- Marketing and advertising expenses
- Travel expenses if visiting clients at their homes or other locations
Please note that this list isn't exhaustive and specific eligibility can vary. It’s always a good idea to consult a tax professional or a knowledgeable bookkeeper to ensure you’re making the most of your deductions.
A professional bookkeeper can greatly assist in managing income from diverse sources such as private consultations and health insurance providers. Bookkeepers are adept at accurately recording all financial transactions, separating them into different income streams, and ensuring all income is correctly accounted for. This results in a clear and precise understanding of your financial health, and helps you plan and forecast future business decisions. In terms of dealing specifically with income from health insurance providers, a bookkeeper can ensure these transactions are correctly lodged, traceable, and reconciled, therefore providing peace of mind that all regulatory requirements are being met.
Physiotherapy practices that offer both in-person and telehealth services may have several unique accounting considerations. These include:
- Income diversification: Revenue streams could be segregated based on in-person and telehealth services, often resulting in varied pricing structures.
- Medical billing and coding compliance: Telehealth services often fall under a different set of billing and coding guidelines compared to standard in-person treatments. Thus, proper accounting documentation is necessary for insurance reimbursement and audit trail.
- Expenses segregation: Expenses related to technology for telehealth services (like software, hardware, and data management) and in-person services (like clinic upkeep and supplies) have to be tracked separately for effective cost control and profitability analysis.
- Income recognition: The method of income recognition might differ, especially if prepayment is required for telehealth services. It is critical in forecasting and budgeting.
All these considerations can impact a physiotherapy practice's financial health and require a comprehensive understanding of both healthcare and accounting regulations. Bench Accounting's specialized bookkeeping services aim to provide this understanding, delivering efficient and compliant accounting solutions suitable for the multifaceted nature of modern physiotherapy practices.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.