In the world of medicine, doctors play a crucial role in keeping our communities healthy. Amidst their life-saving work, one aspect that often requires careful attention is managing their finances. This is where a reliable accountant specializing in working with doctors becomes invaluable. Finding the right accountant who understands the specific needs and nuances of healthcare providers can make a significant difference in a physician's financial well-being. So, how can doctors find the perfect accountant to partner with? Let's explore some key strategies and considerations in this guide.
Research Extensively
When starting the search for an accountant, it's essential to conduct thorough research.
We recommend starting with recommendations from colleagues or some of the financial resource websites like Reddit, The White Coat Investor or Physician on Fire.
Once you have a list, it's important to think about needs. We have developed a small list to help you navigate your needs. Your answers will help you define the kind of help and value a physician like you can receive from an accountant.
Are you a 1099 Physician or do you get paid as a W2 employee?
Do you have or are you interested in creating an S-corp for your MD work?
Do you need help with the bookkeeping and/or payroll for your medical practice?
Do you want to implement and contribute to a retirement plan to defer taxes?
Are you interested in paying a little more to implement and optimize a tax strategy throughout the year?
Do you have investments in Real Estate or in Partnerships?
An accountant who specializes in physician finance and taxes will understand the challenges and opportunities associated with an MD's finances. Specifically that these are high-margin businesses from a tax point of view and so there is a need to implement tax strategies that require planning and coordination BEFORE filing. If an accountant doesn't have defined fee and service package for tax planning, they may not be able to maximize your tax deductions and deferrals.
Evaluate Credentials and Experience
Once you have a list of potential accountants, it's crucial to evaluate their credentials and experience. Look for CPAs (Certified Public Accountants) with relevant qualifications and a strong track record of working with high-earning professionals. Consider factors such as the accountant's years of experience, client testimonials, and success stories within the healthcare sector.
Too Much Experience?
Conversely, consider that CPAs with over 20-30+ years of experience may be looking to retire in the next few years. Unfortunately, many accounting firms are being purchased by private equity firms who often increase fees and provide lower quality service. If so, be sure to ask them about their succession strategy to ensure that quality services and fair prices can be sustained after they move on.
Seek Personalized Services
Working with an accountant who offers personalized services can significantly benefit doctors. Opt for an accountant who takes the time to understand your financial goals, challenges, and long-term aspirations. It's also important to ask if they outsource any of their work and if they would be your primary contact or if it's someone on their team, be sure to meet them get a feel for their experience and qualifications.
A personalized approach ensures that the accountant can offer tailored financial strategies, proactive advice, and support that aligns with your individual circumstances. Often times, your financial and estate planning will need to coordinate with your tax planning. Ask the accountant if they have a protocol for collaborating with another professional and if it would be an additional cost (we have a protocol and a price for this service).
Emphasize Communication and Accessibility
Effective communication is key to a successful accountant-doctor relationship. Look for an accountant who communicates clearly, promptly, and proactively. Accessibility is also essential, especially during critical times such as tax season or financial planning periods. Ensure that your accountant is readily available to address your queries, provide updates on financial matters, and offer guidance when needed. A responsive accountant can give you peace of mind knowing that your finances are in good hands.
Consider Technology and Security
In today's digital age, technological tools can streamline financial processes and enhance efficiency. When selecting an accountant, inquire about their use of technology and innovative solutions. Accountants utilizing cutting-edge software can offer insights in real-time, facilitate secure document sharing (with security measures in place to protect your sensitive data), and provide data-driven analysis to support your financial decisions. Embracing technology demonstrates a commitment to staying current and leveraging advancements for the benefit of their clients.
Conclusion
Finding a good accountant for doctors is a critical step towards achieving financial stability and peace of mind. By conducting thorough research, evaluating credentials, seeking personalized services, emphasizing communication and accessibility, and considering technological innovation, doctors can identify the perfect accountant to manage their finances effectively. Remember, the right accountant will not only navigate the complexities of medical finances but also act as a valuable partner in your financial success.
If you're interested in speaking with us - call us at 323-577-9897 or schedule a discovery call to see if we'd be a good fit to help you.
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