© MEDIQ Financial Services - a Corporate Authorised Representative of Synchron AFS Licence No. 243313 for Investment, SMSF and Risk Insurance advice.
March 3rd, 2014
If you’re a doctor thinking of venturing out into private practice, you’ve probably racked your brains trying to figure out where and how you can minimise or eliminate operational costs so that you can stretch your funds as far as you can. One business aspect you should never consider doing yourself is accounting. Unless you have experience managing books, performing your practice’s accounting functions can only hurt you in the short and long term.
So just how important is it to have an accountant? The profession ranks among the most in demand in Australia today. News.com.au reports:
Pin heads and number crunches may have been the nerds at school, but they are now the top dogs in the jobs market.
There will be 21,400 new accountant jobs in the five years to 2017, Department of Employment figures show, and full timers will be earning an average of $72,800.
“Employers are looking for accountants to step outside the traditional finance function and be involved in ‘big picture’ business strategy,” says Hays Accountancy and Finance regional director Susan Drew said.
“Soft skills can be underestimated by candidates, but employers are increasingly looking for potential chief financial officers with leadership, management, and interpersonal skills – skills that can also determine the employee’s ability to fit into an existing team.”
There’s one reason why accountants are in high demand: Businesses need them. And make no mistake—unless you plan on rendering your services for free, your practice is a business. There’s no need for you to worry though—accountants for doctors are available.
You can opt to hire an accountant to handle all of your financial activity, or you can choose an approach that limits your accountant’s function, thereby reducing the expense. More specifically, you can hire an accountant in the early stages of your practice, and once it’s established, have him handle your annual reporting while having a bookkeeper manage your books on a regular basis.
When it comes to your practice’s finances, the most important thing you can do is realise when you need a professional’s help. Trusted accountants for doctors in Melbourne like MEDIQ Financial Services can help maintain the fiscal health of your practice.
(Source: Australia’s most wanted jobs: tech heads, health staff and plumbers, News.com.au, Jan. 4, 2014)