Accounting And Bookkeeping Services for Health & Medical Businesses

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Accounting & Bookkeeping Services for Health & Medical Businesses

Examine almost any successful Health & Medical business and you’ll find that Bookkeeping is the foundation of its success.

Lucent’s Bookkeeping Services Include:

  • Complete end-to-end bookkeeping solutions
  • BAS services and IAS Preparation and Lodgement
  • Data Entry and Bank Reconciliation
  • Payroll Processing and Superannuation
  • Accounts Payable and Receivable
  • Preparation of Management Reports
  • Software Set Up and Training
With this strong and robust foundation, you’ll have:
  • Accurate, reliable and on-time financial reporting
  • The information you need to manage cashflow
  • Clarity around your staff Superannuation and ATO commitments
  • No nasty surprises at tax time
  • Your weekends back

Let’s be clear – the traditional role of a ‘bookkeeper’ is pretty much redundant. Today’s business financial functions are led by tech-smart, cloud-savvy Accountants – who know how to harness the time and cost-saving benefits of technology.

As one of the leading accounting firms specialising in the Health & Medical industry, The professional team at Lucent are ahead of the pack with our accounting and bookkeeping services for allied health businesses such as Physiotherapy, Podiatry, Chiropractic, Dentistry, Maxio facial, Pilates and Yoga Studios, Optometrists, Physical Therapy, Exercise Physiologists, Dieticians, Orthodontics, Audiologists, Speech Therapy, and Pediatrics.

We go beyond mere data-processing, to deliver real-time, value-adding information and advice for Health & Medical businesses with expert bookkeeping and accounting services.

Our team of highly trained Xero Bookkeepers and Accountants with health and medical industry experience specialise in providing our clients with an outsourced finance department they can rely on.

At the end of the day – we give business owners and practice manager’s a competitive advantage. We enable them to make strategic decisions quickly. And we empower them with the financial facts that can often pay dividends. Let Lucent Advisory help with accounting, bookkeeping and BAS services for your health and medical business. Contact us today.

BAS Services — Business Activity Statement Services

Lucent Advisory provides comprehensive and trusted accounting and bookkeeping services, including the preparation and lodgement of quarterly Business Activity Statements. Our BAS services experts will ensure that your BAS statements are lodged accurately and on time to avoid any penalties.

Our end-to-end accounting services together with our health and medical industry experience and personalised approach will ensure that your BAS accurately reflects your business activity and meets all of your business’ relevant tax obligations.

By leaving the responsibility of your Business Activity Statements in our capable and trusted hands, you can get back to doing what you do best — running your business.

Speak to us about our BAS services and end-to-end accounting services and solutions for allied health businesses today.


What do bookkeeping services include?

Bookkeeping services involve the practice of recording and keeping track of business financial transactions. Bookkeepers then summarise these activities into financial reports which showcase the financial position of the business.

Besides maintaining financial records, bookkeeping services also include:

  • Reconciling transactions and bank statements
  • Accounts Payable and Receivable
  • Invoicing
  • Monitoring and reporting KPIs
  • Budgeting and cash flow analysis

What are the basic bookkeeping procedures?

Before you begin bookkeeping, your business must decide what method you are going to follow. When choosing, consider the volume of daily transactions your business has and the amount of revenue.

Single-entry bookkeeping is a straightforward method where one entry is made for each transaction – incoming revenue and outgoing expenses.

Double-entry bookkeeping follows the principle that every transaction affects at least two accounts, and they are recorded as debits and credits. In the double-entry system, the total credits must always equal the total debits. When this happens, your books are “balanced.”

The next step is choosing between a cash or accrual basis for your bookkeeping. This decision will depend on when your business recognises its revenue and expenses.

Both a cash and accrual basis can work with single- or double-entry bookkeeping. However, the single-entry method is typically for cash-based bookkeeping. Transactions are recorded as single entries which are either cash coming in or going out. The accrual basis works better with the double-entry bookkeeping system.

How much should I pay a bookkeeper?

Many bookkeepers charge an hourly rate however this pricing model can be dangerous if you don’t know how many hours they will take to complete the task. At Lucent we will provide you with a fixed price upfront so there are no nasty surprises.

How much will outsourced bookkeeping services cost me?

With packages starting from as little as $195 per month for up to 100 transactions outsourced services for health and medical bookkeeping don’t cost as much as you think!

Get in touch today for a quote that’s appropriate for the size and complexity of your allied health business. Everyone has different needs. A conversation is no obligation, so what have you got to lose to find out?

Contact us. We’d be happy to help you work out your service cost, and most importantly how much time and stress we can save you!

  • Introducing your Lucent Advisory Lead For Bookkeeping
  • Jack is our expert on service-based businesses.   He helps clients implement job management systems and processes and delivers accurate reporting for clients who deal with the challenge of managing labour time and work in progress fluctuations.  He also helps businesses manage their cash flow providing real-time advice and support when cash-flow is tight.

He has a strong background in accounts payable/accounts receivable systems, job management systems, payroll / HR systems, and more. Jack is always available and ready to help out his clients, giving them the confidence that they can always rely on him to act in their best interests.

He’s been working in the finance industry for over 6 years now and he loves it! He started off as an assistant accountant at Lucent Advisory, learning from Fraser Barry, one of the most client-focused people around.  Jack loves the challenge his current role brings across a variety of industries and their different processes and reporting requirements. He is a person who has learned how to adapt to the ever-changing and fast-paced realm of business.

Request a quote or learn more by contacting us today.
Please fill out the bookkeeping inquiry form below.

Manage your Practice’s performance in less than an hour a month

Lucent Advisory is fortunate to collaborate with businesses from every industry, when it comes to professional services we work mostly with multi-talented Practice Managers.

When we consider all the different hats a Practice Manager wears, one of the most challenging is understanding and reporting on the financial performance and position of the practice and what improvements can be made – right now and in the future.

So how can a Practice Manager do this, especially if you don’t have an accounting qualification and years’ of training to fall back on?

The trick is, to develop a narrow focus on the specific drivers of profit and cash flow in your business, and then hone-in and manage these.

I still see Practice Managers and a lot of business owner’s and CEO’s alike, trawling through pages and pages of profit and loss statements and balance sheets trying to work out what the heck is going on. Are we making money? Are we paying too much in wages? Should we take on another PA, associate or specialist?

How much cash can I take out of the business without leaving it short for BAS and wages?

The truth is, your pages and pages of P&L and Balance Sheets are just more “noise”.

You won’t find the answers to these important questions anywhere in them and that is why so many practice managers and owners feel like they are literally “in the dark” when it comes to the financial management of their practice. Because the truth is, you do need an accounting qualification to be able to read a Profit and Loss and Balance Sheet and understand what these reports are telling you about the performance of your business or practice. If that wasn’t the case, why would accounting be a profession?

I had some blood tests recently and my doctor after explaining the results to me, printed me off a copy to take with me. When I got home I took one look at it and filed it away in my filing cabinet. It had a column of names on there like ALP, GGT, AST, ALT and then numbers next to them. Unfortunately, without a degree in medicine, I had no hope of understanding what it all meant. It was literally just letters and numbers on a piece of paper. And I’m pretty sure this is what a P&L and Balance Sheet probably looks like to a lot of practice owner’s as well.

Had this report had terms I would understand like Liver function or Kidney function, along with a benchmark of what a person of my age should be scoring and perhaps a chart of how my results have changed over my life so far, I might have stood a chance of understanding it and knowing what areas of my health I need to address.The same applies to a business. There are certain performance indicators, we call them KPI’s, that if monitored and improved, will most certainly lead to a healthier, more profitable business, you just need to understand what they are and how to measure and manage them.

In a service based practice your people are typically your number one cost so understanding the return you are making on their time is critical to the practice’s financial success.

Some professions have fixed pricing models so managing labour costs becomes crucial. We see a lot of practices unknowingly overpaying their staff with excessive amounts of overtime, TOIL and other allowances that they don’t necessarily need to pay or that aren’t being well managed. Contracts are often out of date, notice periods are not in line with the NES and so on.

Understanding the profit % return on your workforce is far more important than the actual amount in dollars. Practices that only look at the dollar cost of their labour bill in isolation are not going to make effective decisions. For example we had a client whose labour costs had increased compared to the same quarter the previous year and this was really concerning the practice owner until we pointed out that actually their revenue had increased over this period too and in fact as a % of revenue their labour costs had actually come down which meant they had generated more revenue and profit with comparatively less staff!

We have a practice of therapists who now track the average hourly rate recovered on each of their practitioners so not only can they now pinpoint which practitioners are performing well and which aren’t, they can also use this to incentivise and reward the high performing ones and their staff retention has now massively improved.

One of the first things I will do with a new client is to help them implement a KPI dashboard report with all the KPI’s that they need to monitor on one page. We will set a benchmark or target for each KPI so they can monitor how the practice is tracking against those targets each month or quarter. By doing so in less than an hour a month, you can pinpoint the specific areas of your practice that are not performing as expected and you can focus your efforts on the right problems and take advantage of opportunities you may not have seen before too.

Information is power and having a KPI dashboard report in your practice will save you hours of trawling through pages and pages of financial reports that don’t make sense. You can pinpoint within minutes where your business is on or off track, giving you the power to act immediately.

The Lucent Advisory team can take you through the digital transformation process, help to train your staff and establish the KPIs your business needs to thrive. Get in touch with Jack and the Accounting team today to start the discussion.

Rachael Turner, Managing Director

Need accurate and reliable data at your fingertips to report with confidence to your practice owner?

Need to realise greater efficiencies, now!?

Learn how to gain an unfair advantage and whip your practice operations into shape, fast.

We can show you how to trust your financial data and report with confidence without having to hire an expensive full-service internal Finance and HR team.

Download our free report

The 3 Secrets Every Practice Manager Needs To Know To Report With Clarity And Avoid Nasty, Nasty Surprises (That Could Derail You).

Or short on time to read it? You can watch the webinar replay instead.

On this replay, Managing Director, Rachael Turner will show you how to trust your financial data and report with confidence without having to hire an expensive full-service internal Finance and HR team. This webinar recording is customised for Practice Managers of Health and Medical businesses.

Access the webinar replay now

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