Medical Professionals Guide to Financial Prosperity

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Released: 2015

Pages: 80

This easy-to-read book is written by a Chartered Accountant with a sense of humour and a wealth of experience in dealing with business owners and managers. It is designed to assist a health practitioner in achieving financial prosperity. Who is a medical professional? Medical doctors, massage therapists, chiropractors, nurses, physiotherapists, psychologists, you get the idea! All health practitioners are interested in financial prosperity. In order to stay afloat, there are two challenges that health practitioners--like any business--must contend with: making money and staying out of trouble. This book on financial prosperity is intended to give you, the health practitioner, the tools you need to meet these challenges head on. While you will still require the services of an accountant, this book will help you learn the basics and ultimately save you money. You'll be better informed when you first meet with your accountant and know which questions to ask. As a self employed person it is up to you to learn what you need to know to run your practice you're just starting out or you've been at it for awhile, this book will give you a leg up, informing you of the tasks you need to perform as required by government and also the perks of being a self employed person when it comes to your taxes. You'll never have to say: "Gee, I wish someone had told me that sooner," again.

Staying Out of Trouble with the Government Saves You Money

Financial prosperity depends on staying out of trouble with the government. Being aware of your filing requirements for income tax returns, tax instalments, and employee related forms should enable you to pay the least amount of penalties and interest. Every practice wants to pay the minimum amount of income tax. Learn how to deduct all of your eligible expenses and you will have improved your chances of financial prosperity.

Find Out If Your Practice Should Be Incorporated

The decision about whether it is time for you to incorporate is only made once. The information in this chapter helps you to be sure that incorporation is appropriate for your personal situation.

Don't Get Ripped Off

Be aware of the risks in managing your practice and put the controls in place, as your practice grows, to reduce the risk to a level you find acceptable. Don't wait until you discover a theft to decide it is time to have some controls!

Financing

It takes money to grow a practice. This book will explain different types of financing. Find out if you should be looking for investors or lenders.

Financial Management

Learn why good bookkeeping will help save you money and time. Easily understand the financial stuff you need to know.

Have Enough Cash Flow

The recommendations from this chapter will improve the actual cash flow for your practice. Learn how to speed up the money coming into your business and slow down the money going out. Avoid making mistakes with your cash!