Medical professionals generally embark upon their careers for the purpose of helping people, rather than operating a business.
Despite that, medicals professionals who manage their own businesses must juggle both patient care and administrative responsibilities. Even professionals that work under hospitals or other medical facilities have to make many important decisions relating to finances.
It’s well-known medical professionals start their careers rather late and usually have substantial amounts of school debt. For this reason, it’s especially crucial for them to make wise financial choices that allow them to pay off their loans and save for retirement. Plus with their full schedules, very few medical professionals can dedicate their time to thorough financial planning.
That’s where the experts at Accounting Freedom can help!
CPA Services for Physicians & Other Medical Professionals
We specialize in providing financial, tax, and accounting services for medical professionals. Above all, we focus on the unique challenges of working within the medical field. For example, there are many tax and accounting regulations specific to the medical and healthcare industry. We make sure that with our expertise, you will not pay more in tax than is necessary under federal and state law. Whether you are starting a new business or planning to send your kids to college, our financial planning and strategies will be helpful to you and your family in the long run.
Continuing Challenges in Managing a Medical Practice
There are a lot of inconsistencies that affect not only operations but also individual earnings, reimbursements, and the profits of the overall practice. An increase in costs, new tax laws, reduced reimbursements, and health reform have been a challenge. Finding the best solutions to handle these can be difficult but also gives an opportunity.
To make sure your practice can take advantage of these opportunities, it’s necessary to partner with an accounting firm that has industry experience. Not only is it important to hire a firm that understands traditional tax and accounting needs. In addition, it is just as crucial that they understand the management, operational, and other matters specific to medical practices. Accounting Freedom works with several businesses in the medical industry across the greater regions of Chicago, IL and Milwaukee, WI.
Our medical accounting services include:
- Small Business Accountant for Monthly Accounting & Bookkeeping
- Tax Preparation and Planning
- Outsourced Bill Pay Services
- Business Loan Assistance
- Personal Financial Advisor for Retirement Planning
- Succession Planning
Medical Accounting Services Complimentary Consultation
More often than not, medical professionals fail to sufficiently strategize for their financial future. As a result, they and end up making costly mistakes. Now is the time to start planning so you don’t have to worry about your finances when you approach retirement: contact Accounting Freedom today. We’ll be happy to tell you more about our background in preparing financial solutions for medical professionals. Setup an in-person meeting at one of our locations in Chicago IL ( Accountant in Mundelein) or Milwaukee WI (Accountant in Grafton).