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Accounting for Cosmetic & Plastic Surgeons

Australia has overtaken America for the number of cosmetic procedures performed per capita. With 500,000 cosmetic procedures performed in this country in the last year alone, the cosmetic, aesthetic and plastic surgery industry has boomed over the last decade, according to a recent report by the Australian College of Cosmetic Surgery (ACCS). 

During this time, Manel and her team of accountants have mentored a number of plastic surgeons through the various stages of their business life cycle from start-up right through to sale.

We understand that specialist plastic surgeons have had at least 12 years medical and surgical education plus 5 years of specialist post graduate training. It's a long road and you 'operate' in a high pressure environment given every surgical procedure carries some form of risk and potential complication.  

Of course, dealing with public health presents more challenges but your cosmetic and reconstructive surgery  changes lives. While some surgical procedures are minimally invasive, other surgical procedures can be extensive. Early morning surgery combined with patient rounds late in the day can be exhausting not to mention the preparatory work in the evenings.

You might also be on call for emergencies and you probably need to maintain rooms to consult with patients. Time is a precious commodity for surgeons and something has to give. Typically, it's your bookkeeping and business administration but that's where we can help.  Our stable of clients include a number of cosmetic and plastic surgeons and we provide assistance with the usual compliance issues of GST, BAS, PAYG and superannuation.

We’ll advise you on the most tax effective structure for your business and a number of our surgeons and specialists operate a service trust arrangement but when deciding on a business structure we always take into account factors like asset protection, the likely admission of new partners into the practice and the eligibility for future discount capital gains tax concessions. A number of our cosmetic and plastic surgeons also have a self managed superannuation fund as part of their tax structure.

We will help you select the most appropriate accounting software program for your medical practice taking into account your business needs (bookkeeping, payroll, invoicing etc.) and level of accounting skill. Where required we will train you or your staff to use the software because we find many medical practitioners buy sophisticated ‘double entry’ accounting programs that are beyond their needs and level of accounting skill. This leads to ‘computerised shoebox’ records and extra accounting costs which conflicts with our client brief of minimising the cost of compliance. We work with a number of different software programs but are strong advocates for cloud accounting programs like Xero.

Our services to plastic surgeons are both broad and deep and over the years we have helped clients with their commercial property lease and also source funding for new medical equipment and motor vehicles (chattel mortgage, lease etc.). Through an affiliate business partner we also give you access to fleet discounts on new cars that could potentially save you thousands of dollars.

STARTING YOUR OWN SURGERY 

There are numerous issues to consider when starting or buying into a medical clinic. As business start-up specialists we can assist you with everything from your branding to your business structure, commercial lease, corporate brochure, marketing, website and videos. We have developed a number of tools for new business owners including a comprehensive checklist of start-up expenses broken down into categories including leasehold improvements, IT costs, marketing and medical equipment. These figures then automatically feed through to a cash flow budget template to help you identify any start-up finance requirements. These figures then tuck neatly into your business plan.

That’s really just the beginning because as accountants we can prepare some ‘what if’ scenarios and financial modelling so you know your surgery's best and worst case financial scenarios. Preparing a cash flow budget and projecting your profit and loss is all part of our service offering.

MARKETING YOUR MEDICAL PRACTICE

While referrals obviously remain the most important source of new business for surgeons and specialists, you also need to focus on your online presence. Increasingly local searches on Google like 'Cosmetic Surgeon Sydney’ are driving significant traffic and leads to surgeon’s websites. In effect, your website is your silent salesperson open 24/7 and in many cases it is the first touch point with a potential new patient.

One of our biggest points of difference compared to traditional accounting firms is our marketing expertise. We can assist you with your branding (business name, logo and slogan) and help you harness the power of social media to win more referrals. In addition, we can show you how to attract the important five star online reviews that in turn can lift your page ranking on Google and the other search engines. Over the past few years we have worked with dozens of clients to help them create affordable, quality websites and if you need advice and assistance with your website content or video production we can assist you. We'll make sure your website is responsive to smart phones and tablets and we strive to give our clients a serious competitive edge by introducing them to some breakthrough marketing strategies.

The team of medical tax specialists  at PFG Accountants & Advisors offer cosmetic and plastic surgeons a range of accounting, taxation and business coaching services including:

• Start-Up Business Advice for Specialists and Surgeons
• Advice and Establishment of Your Business Structure
• Advice & Assistance with the Purchase or Sale of your Medical Practice
• Spreadsheets and Tools including a Start Up Expense Checklist
• Tax & Business Registrations including your ABN, TFN, GST, WorkCover etc.
• Preparation of a Business Plan, Cash Flow Forecasts and Profit Projections
• Accounting Software Selection and Training – Bookkeeping, Invoicing, Payroll etc.
• Preparation of Finance Applications for Banking Institutions
• Site Location and Advice Regarding your Commercial Lease
• Preparation and Analysis of Financial Statements
• Bookkeeping and Payroll Services
• Tax Planning Strategies
• Industry Benchmarking and KPI Management
• Marketing Advice including branding, brochures, website and social media strategies
• Website Advice and Assistance - Development, Content and SEO
• Wealth Creation Strategies, SMSF’s and Financial Planning Services
• Vehicle & Equipment Finance (Medical Equipment and Clinic Fit Out)
• Monitoring Labour Costs & Advice regarding Employee Relations and Workplace Laws
• Advice regarding Claiming Motor Vehicle Costs
• Business & Risk Insurances
• Business Succession Planning

We are so much more than just tax Accountants. We are business and profit builders who genuinely care about your business success. We service the accounting and taxation needs of a number of surgeons and specialists and if you’re looking to get your business off to a flying start or want to book your business in for a 'health check' contact us today.

Personal service is assured and we invite you to book a FREE, one hour introductory consultation to discuss your business needs. You can expect an hour of practical business, tax, marketing and financial advice that could have a profound effect on your future business profits. To book a time, contact us today on (02) 9791 1779 or complete your details in the box at the top right-hand side of this page.

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