Physician Accounting Fails: 3 Rules to Pass Along to Your Physician Customers
Is your physician customer’s convoluted approach to accounting hurting your business? Perhaps.
Without a healthy business behind the clinic, there’s frustratingly little you can do to help a doc treat more patients.
As part of TrackableMed’s Growth-Driven Practice Series for 2021, Matt Garrett of TGG Accounting administered a dose of harsh truth to practice owners: Accounting for small businesses is black and white—stop overthinking it. As we discuss some of the eye-opening stats Matt presented, you’ll discover why “accrual accounting is the only accounting,” the shocking prevalence of small business theft (plus the best ways to guard against it), and three hard-and-fast rules to simplify accounting across the board.
In this episode, you’ll learn:
- How cash-based accounting leads to inaccuracies that come back to bite a business
- The truth behind Matt’s mantra, “Creative accountants go to jail”
- How someone siphoned $1 million from a practice by exploiting negligent accounting
- Why it’s best for most practice owners to use two separate sets of books
- How fixing broken medical practice accounting allows docs to do more of what they love
Plus, we explore popular misconceptions that unnecessarily complicate accounting for physicians
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