Bookkeeping and Accounting for Podiatrists

As a podiatrist running your own clinic, there are several specific tax deductions you may be eligible for. These include:

• Professional Fees: Any fees you pay for professional memberships, licenses, or certifications can often be deducted.
• Medical Equipment: The purchase, rental, or maintenance cost of medical equipment necessary for your practice can potentially be deducted.
• Supplies and Materials: The cost of office supplies, medical supplies, or materials required for patient care are usually considered valid deductions.
• Home Office: If a portion of your home is used exclusively for your practice, you may qualify for a home office deduction.
• Continuing Education: Many expenses related to maintaining your expertise or enhancing your skills, through seminars, textbooks, or courses, can potentially be deducted.
• Employee Wages and Benefits: If you employ staff in your clinic, their wages and benefits are generally tax-deductible.

Every situation is unique, however, so for a complete understanding of the deductions that apply to your specific case, it is recommended to work with a professional bookkeeper familiar with the medical field, who can ensure you claim all the deductions you're entitled to.

A bookkeeper can be an indispensable resource when it comes to managing the financial aspects of your podiatry practice. They offer a wide array of services including managing accounts receivable and payable, payroll processing, bank and credit card reconciliations, and cash flow management. Furthermore, they can provide critical financial reporting, giving you a clear financial picture of your practice at any given moment. This can enable you to make informed business decisions.

Podiatry is a specialized medical field, and as such has several accounting considerations unique to the industry. Firstly, podiatrists often bill through insurance which means they require a thorough understanding of billing codes and insurance reimbursement procedures. Additionally, they may have significant equipment and supply expenses, requiring depreciation and maintenance tracking. Podiatrists also need to keep track of both patient payments and copayments.

Besides, podiatrists, like other medical professionals, need to understand the tax implications of their practice structure (sole proprietorship, partnership, corporation, etc.) and the potential deductions available, such as for office space or continuing education costs. There may also be accounting considerations around issues unique to the health industry, such as HIPAA compliance in the US. Therefore, podiatrists need bookkeepers with both a depth of general accounting knowledge and a familiarity with the specifics of their industry.

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.