Accounting and Tax Services for General Practitioners Across Canada
Being a General Practitioner is hard enough without having to prepare for practice inspections, which are always an unexpected challenge. Patient care, provincial billing, staff salaries, rent, supplies and the ever-expanding administrative tasks come from a long list of competing priorities, leaving little time to know where your money really goes.
That's because the financial aspect of general practice is different. In 2024, 5.7 million Canadian adults reported no regular health care provider, and Canada is projected to require 49% more family physicians than it currently has.
This translates into opportunity and pressure for the GP.
Online Accountant makes it easy for general practitioners everywhere in Canada to transform their financial information into improved tax decision-making, cash flow management and business growth.
General Practice Is No Longer Just About Seeing Patients
These days, a GP practice may include provincial health-plan payments, private services, different practices, medical assistants, nurses, administrative staff, and increasingly digital workflows.
Many practices use technology like Accuro, OSCAR Pro, TELUS Health PS Suite, Med Access, and more EMR or practice-management tools to handle appointment scheduling, patient records and billing.
That workflow hides a business that is struggling financially.
The College of Family Physicians of Canada notes that family physicians have a high overhead, such as expenses for staff, rent, equipment, utilities, professional fees and medical supplies. Average overhead was about 27% of gross income in 2017, before inflation.
In Western Canada, and the country as a whole, higher operating costs, staffing issues, and evolving compensation packages may make it harder to tell whether the positive trend reflects higher revenue or higher profit.
We Look Beyond the Bank Balance
Your accounts should tell you more than what you got in and what you got out.
Online Accountant helps General Practitioners understand their practice profitability, overhead, compensation and tax exposure and cash flow before it becomes a costly financial problem.
This may involve finding out if you can afford adding another receptionist, or knowing the profitability of another practitioner, or making decisions about equipment purchases or how much money you're able to remove from the practice.
The Numbers General Practitioners Should Watch
We can assist you in tracking your KPIs that are important to your practice, such as:
The objective isn't better-looking reports. It's better decisions.
From Tax Compliance to Tax Strategy
Tax planning should not begin when your Accountant calls for your year-end paperwork.
Online Accountant can assist you all year round with:
The majority of the services offered by licensed physicians for medical purposes are exempt from GST/HST. But there are other supplies or activities which may have a different tax treatment to the practices, so it is important to maintain appropriate classification of the taxable and exempt activities.
Appropriate tax planning can also help avoid the unpleasantness of unforeseen instalment or year-end taxes.
Accounting Built for Growing GP Practices
Online Accountant is an ideal solution for:
Your accounting needs should scale with your practice, whether you are just starting your practice or expanding an existing clinic.
We integrate with Xero and QuickBooks, providing practices with flexible accounting options to complement their current EMR, billing and practice-management software.
Make Your Practice Work Harder for You
You joined to be a GP to help patients. Your accounting should enable you to make the business behind that care more profitable.
Your numbers don't have to be a year-end compliance item with Online Accountant; they can be tools for tax savings, cash-flow planning, smarter spending and sustainable growth.
Looking to maximize the return on your practice's investment? Call Online Accountant and get accounting done.
Contact Online Accountant