This involves the comprehensive management of a doctor’s financial transactions and records. It includes recording income and expenses, reconciling bank statements, and maintaining accurate financial data.

Bookkeeping is the foundational step of accounting. It involves recording daily financial transactions, categorizing expenses, and ensuring all financial data is organized and up-to-date. Accurate bookkeeping is crucial for generating reliable financial statements.

Managing payroll is crucial for private doctors with staff. This service involves calculating employee salaries, factoring in deductions and taxes, and ensuring timely and accurate salary payments.

Taxation services encompass managing tax-related matters. This includes calculating and filing income tax returns for the doctor and their practice, as well as addressing tax deductions, credits, and compliance with tax laws.

This involves preparing financial statements that provide a clear overview of the doctor’s financial health. These statements include the income statement (profit and loss statement), balance sheet, and cash flow statement. These reports offer insights into the financial performance and position of the practice.

Managing accounts payable involves tracking and managing payments to suppliers, vendors, and creditors. On the other hand, accounts receivable management involves invoicing patients, tracking payments, and ensuring timely collection of outstanding payments.

Each of these services plays a vital role in helping private doctors maintain financial transparency, meet legal and regulatory requirements, and make informed decisions about their practice’s finances. By outsourcing these services to professional accountants, private doctors can focus on their core medical activities while ensuring their financial matters are well taken care of.