Bookkeeping and Accounting for Naturopathic Doctors

As a naturopathic doctor, there are several tax deductions that are specific to your practice. Some of these include:

• Medical Equipment: This includes everything you use in your practice, from exam tables and diagnostic equipment to smaller items like stethoscopes and otoscopes.
• Supplies and Medication: Any supplies or medication you purchase for your patients are deductible. This could include everything from bandages and needles to the very specialized natural remedies.
• Office Space: If you rent or own an office for your practice, this is tax-deductible. This may also include utilities and maintenance costs.
• Continuing Education: The costs associated with seminars, classes, and other educational opportunities you attend to keep current in your field can be deducted.
• Professional Fees: This includes fees you pay for licensing, membership in professional organizations, and malpractice insurance.
• Office furniture and improving office space: Any capital expenses that are business related can be deducted over time through depreciation.

Bench Accounting can help you understand and organize these potential deductions to make your tax process quicker, easier, and more beneficial to you.

Managing the accounting for a naturopathic practice that involves selling both services and health products requires strategic organization. Start by keeping separate records for service and product sales, allowing you to see precisely where your income is coming from. This can also help identify which areas are most profitable, assisting with future business planning.

Remember to track all your expenses, both related to service provision and product purchases, to understand your outgoing cash flow. One essential aspect of managing accounting for this type of business is understanding the different tax implications for services and products, as they are typically treated differently under various tax codes.

Given the unique blend of services and retail, it can be beneficial to enlist the help of a professional bookkeeper. A bookkeeper familiar with the naturopathy industry could save your business money, ensure compliance, and provide valuable insights for growth. At Bench Accounting, we offer experienced bookkeepers who can manage your finances with precision and care.

To effectively manage insurance billing in your naturopathic clinic, you need to have clear and precise financial tracking. This includes:

• Tracking each patient interaction, from services rendered, which are billable, and the charge for each service.
• Recording insurance claims, including filed, pending, approved, and disapproved.
• Tracking payments received against invoices sent, identifying discrepancies and ensuring timely follow-up.
• Managing accounts receivable. This includes pursuing unpaid insurance claims and promptly responding to billing inquiries.
• Monitoring financial health through regular reporting and analysis to find inefficiencies and identify opportunities for improvement.

All of this requires thorough bookkeeping. We at Bench Accounting can provide comprehensive bookkeeping services to make managing your naturopathic clinic's finances less stressful and more effective.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.