Small business owners in the health care industry who wish to delegate the company finances should look to CPAs and firms specializing in the health care industry. An accounting or CPA firm is generally knowledgeable of taxation and auditing; a specialized CPA knows how the law applies to your industry. A good specialized accounting firm can save you time and money.
Financial institutions offer a diversity of accounting knowledge, but not all firms can meet all business needs. Choosing to partner with a general financial institute or a specialized firm is another decision. When a small business specializes in health care, it's wise for that company to partner with a specialized CPA or accountant in the health care industry who understands government reimbursements, HIPAA compliance issues and the influence of The Sarbanes-Oxley Act.
Going with a CPA that specializes in health care industry ensures the following:
1. Your financial institution should be familiar with your business needs.
2. Healthcare-specific CPAs can offer qualified, industry-related advice for enhancing the financial success of your business.
3. Specialized accounting firms already possess the necessary tools to balance your books.
Make a list of services you need from health care CPAsThe services offered by CPAs and firms specializing in the health care industry differ, so figure out what you need. Some businesses just need someone to prepare federal taxes returns or generate financial reports; others need more complex services from their healthcare-specific certified public accountants.
Look at CPA firms for healthcare companies that have a great bedside mannerMeet with your prospective healthcare specialist CPAs and find out about their commitment to customer service. When you're ready to outsource your accounting, it's imperative that your firm has an open communication policy, prompt response time and informative customer service representatives.
Find healthcare CPAs that give you the online tools to track your accountIf you're actively involved in running your business, online resources are more than just a convenience. Too often, you'll only get a chance to check your account after normal business hours are long past. Many accountants for health care companies offer online accounting tools. Some CPAs in the health care industry offer information databases and web-based account tracking programs.
- An accountant is different from a health care CPA. Where accountants possess general accounting knowledge, CPAs are expected to meet certain educational requirements and adhere to a code of ethics.