ACCOUNTING SERVICES FOR DOCTORS


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accountingShould physicians and other high net worth, high income professionals hire an accountant / tax advisor?  The answer to that question depends to a great deal on the doctor answering the question; their definition of an accountant; their competence in managing their own taxes and financial reporting and their desire to do so.

Young Physicians, Residents and Fellows
At one end of the spectrum we find young physicians who have recently completed their residency or fellowship.  They have signed a lucrative employment contract but they are carrying a small mountain of medical education debt.  They have spent many years investing in their career.  They have left their training as excellent clinicians, well trained diagnosticians, marginal business persons and terrible financial planners.  And often these healthcare professionals in the greatest need of competent tax and business advice are the least likely to forge a long term relationship with a CPA or other accounting professional who can help them avoid unnecessary taxes and properly document their business and personal activities.  MD Preferred Services goes to great lengths to find accountants and tax advisors who enthusiastically accept young physicians as clients; understand their special needs; and are not deterred by their relatively low net worth due in large part to their medical education debt.  The preferred accountants in our national database all accept newly minted physicians.

Practicing Physicians
A surprisingly large number of established physicians, who should know better, continue to manage their own business records and tax planning.  These MD’s should ask themselves several telling questions.

•    How’s it going?  Would you objectively describe yourself as a sophisticated accounting professional on a par with your competence in your chosen medical specialty?
•    Is your current investing activity integrated into a comprehensive financial plan that will provide you with the life after work that you desire?
•    Do you enjoy managing your own bookkeeping and tax reporting?  Are you comfortable with the time you spend?
•    Do you accept advice from nonprofessionals, family, friends and colleagues?

For a successful practicing physician, access to an accounting and tax professional database populated with pre-screened CPA’s and accountants offering preferred financial services can dramatically reduce the due diligence process.  Even for those who are comfortable with managing their own bookkeeping and taxes, a professionally prepared, comprehensive tax plan can be prepared for a fair, flat or hourly rate by a preferred accounting professional.  Many physicians prefer a fee for service only accountant. Others need to have an accountant on retainer preparing their monthly business reports, payroll documents and records and many of the filing requirements under healthcare reform.   These services can also include how to budget student loan repayment, manage cash flow, amortize assets, file business incorporation documents, select appropriate insurance coverage, save effectively and work from a structured budget, even when to take social security benefits.

Many senior physicians approach retirement with no specific plans to alter their investments and savings plans.  There is indeed investing after retirement and in many ways it is even more vital to forge a trusting relationship with an accountant and tax planner experienced in working with doctors and medical practices.  

In every case, MD Preferred Services is committed to helping doctors and other medical professionals find preferred accountants offering a broad range of specialized financial services for doctors.  Our indexed accounting database is easy to use and is completely confidential in that any contact with a listed accountant will be initiated by the physician.  An MD advisor is the right prescription for physicians planning a secure future for themselves and their family.