Just like other businesses, running a successful chiropractic facility can be overwhelming. You may really want to focus on attending to your patient’s needs but administrative-related responsibilities are demanding.
When the discussion shifts to your administrative tasks, you wouldn’t want to downplay the importance of accounting. Otherwise, you’d be setting yourself up for failure. Remember, chiropractic accounting goes beyond daily bookkeeping tasks. It also includes:
Effective Tax Planning and Strategies
While filing your returns in time saves you from penalties (unwanted expenses), tax planning reduces the amount of tax you pay. As a result, you can save big and make more profits. At Cooper Norman, we understand that the tax environment is as dynamic as your business.
So, we ensure we are using the latest regulations in order to offer the best services. You can rely on our expertise to help you identify tax strategies best suited for your business. Our interests are to:
- Minimize tax liabilities
- Maximize cash flow
- Optimize financial opportunities for you
Often, payroll issues are easy to handle if the business is still young. As you continue to expand, it can be an overwhelming task. Besides, errors and omissions can happen, which means dedicating your valuable time to rectifying the mistakes.
You can take the burden off your shoulders by leaving your payroll worries to us. Rest assured, we’ll manage it for you in the most cost-effective way. That means more time for your valued patients and a growing bank balance.
Chiropractic accounting also involves checking your books and updating them every month. It’s a vital aspect of your practice since it shows the direction your business is taking. Here’s what monthly accounting means for a chiropractor:
- Tracking business revenue
- Expense management/minimization
- General data integration/cleanup
- KPIs – Dashboards
Similarly, monthly chiropractic accounting can be an uphill task. So, it’s advisable to involve experts to help you maintain proper records for better business performance.
Strategic planning is essential whether you’re just starting or running an established business. It’s worth mentioning that your strategies can make or break your business. That said, it’s best to give major decisions careful thought.
When it comes to chiropractic accounting, you’ll be faced with critical questions. Would it make business sense if you moved to a new building? What would work best for you between buying and leasing a building? Is a business loan really necessary and, when is the best time to find financing?
While you might take a long time trying to figure out the best course of action, expert chiropractic accountants can quickly help you make smart decisions. At Cooper Norman, we take pride in giving you undivided attention. Your business is our business.
Also known as financial forecasting in accounting circles, a budget forecast can help you make intelligent decisions. The tool to use here is the profit and loss statement (the income, earnings, or operation statement).
The document often reveals your sales, expenses and income. Knowledgeable chiropractic accountants often interpret the figures and tell you what to expect in a week, month, quarter or year. Also, the statement can be used to forecast slow business seasons.
Moreover, it’s an essential tool when segregating the profitable and the non-profitable aspects of your practice. Put simply, your P&L statement reveals trends in your business. That’s why most lenders request to inspect it to determine your creditworthiness.
Our team of high-profile accountants understands that business can be pretty dynamic. If caught unprepared, the shock can knock you off balance. You can rely on Cooper Norman for advice about the best software for your practice. In addition, we’ll help with tailor-made solutions to reduce business costs.
On top of that, we’ll help you keep an up-to-date cash-flow statement and balance sheet. Those two documents are vital in chiropractic accounting and go hand in hand with the P&L. Aside from long-term debt, a cash flow statement and balance sheet reveal your current and fixed assets as well as short-term liabilities.
Other Services Offered at Cooper Norman
We’ve been in the industry for over 50 years. The many years of practicing have allowed us to deliver valuable accounting solutions to different healthcare clients. Our menu of services includes full-time and part-time chiropractic accounting services. Feel free to contact us for the above mentioned services and the following:
- Lender Negotiations
- Sales and Use Tax
- Accounts Payable Management
- Accounts Receivable Management
- Capital Expenditure planning
- Multi-state licensing
- Historical accounting
- Inventory analysis
- Budget development and analysis
- Capital expenditure planning
Further, you can count on us for all your audit and assurance services. We deliver exemplary traditional as well as painless specialty services. Here’s what we offer:
- Compilation, review, and audit engagements
- Employee benefit plan audits
- Service organization controls (SOC)
- Financial statement preparation
- Overhead rate audit
- FAR compliance
- Internal controls
- Merger & acquisition due diligence
Why Choose Us
When looking for a firm to handle your accounting department, Cooper Norman is the right choice.
Our team consists of skilled professionals who have years of experience providing chiropractic accounting. We understand the challenges your industry faces and can help you achieve financial success within your practice.
We are also familiar with your day-to-day operations and will ensure proper financial flow within your facility. We offer personalized services to suit every size of practice. Take the next step to being able to focus on what you are good at and reach out to our team today.