Updated July 27, 2015
Accounting Firm For Medical Practice Chicago Illinois
As medical accounting specialists in Chicago, we can say that one of the biggest problems in this field of accounting is Accounts Receivable.
Doctors, Dentists, Chiropractors and other Medical Professionals spend too much time billing and collecting money from insurance companies. the problem is that you never really know what you are going to receive. Just because you bill $150 for a medical procedure doesn’t mean that you are going to get that $150. Sometimes you get less. Sometimes nothing at all.
Under accrual methods of accounting, your sales are driven by deposits and accounts receivable. Your billing is considered income when it is billed rather than when it is received. How do we figure out what your sales are if we can’t even determine what your actual collectible accounts receivable is? This can be quite tricky and requires experience, and a thorough examination of your accounting history. You cannot take one position in a given year, and completely reverse it the following year when its time to file and pay an income tax return.
If you are having problems with your Accounting Firm For Medical Practice Chicago Illinois or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at
Chris@AccountingSolutionsltd.com
Additional Accounting Articles and information on my firm can be found at
www.AccountingSolutionsLtd.com
Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.