Accountant For Audiologists & Hearing Clinics

Click HERE to view PDF

JTU Accounting Group - Specialising in advice for Audiologists and Hearing Testing Clinics.

As an audiologist, dealing with public health is challenging. Diagnosing and managing people’s balance disorders and conducting hearing tests as well as dispensing various types of hearing aids and other devices is an important service. It also requires empathy, particularly when counselling families through a diagnosis of hearing loss in infants.

It’s a demanding profession as you are trained in anatomy and physiology as well as cochlear implants, electrophysiology, acoustics, neurology, balance disorders and sign language. You also need to undertake continuing professional development and abide by a professional code of conduct.

Over the past two decades Jim Ulrich and his team have serviced the accounting, tax and financial needs of a number of health care professionals and over that time they have developed particular expertise with audiologists. In fact, they have guided audiology clients through the various stages of the business life cycle, from start-up right through to the sale of their practice.

Apart from providing advice and assistance with the usual compliance issues of GST, BAS, PAYG and superannuation, we’ll advise you on the most appropriate tax structure for your business. A number of our clients in health care have a self-managed superannuation fund (SMSF) built into their tax structure. If you want to know more about establishing a SMSF download our e-booklet, Thinking of Starting a SMSF from the resources section of our website.

STARTING AN AUDIOLOGY CLINIC

Having mentored hundreds of clients through the start-up phase of their business, we have earned a reputation as business start-up specialists. If you are looking to start a clinic or buy into an existing audiology practice, there are numerous issues to consider. These might include your business structure, tax registrations, insurances, software and of course, finance. As business advisors we can assist you in all of these areas plus provide advice on HR matters, payroll and the preparation of a business plan and cash flow budget.

Our team have a track record of getting businesses off to a flying start and offer you experience, technical tax knowledge and most importantly, an intimate understanding of the audiology profession. Like you, we listen to our clients and tailor solutions to their needs.

Starting a business is a bit like building a house and you need solid foundations. In a business sense these include the right tax structure, accounting software, insurances and marketing. Your choice of business structure is critical and there are a number of different options such as sole trader, partnership, company and trust. When it comes to selecting the most appropriate tax structure for your business we always recommend you ‘start with the end in mind' because Australian tax laws are complex and changing your business structure at some point in the future can trigger a capital gains tax event that could prove costly. Whenever we provide advice on business structures we always take into account issues like:

• Minimisation of Income Tax
• Maximize Asset Protection
• Allow for the admission of New Business Partners or Investors
• Comply with all Legal Requirements in your Industry
• Future entitlement to Discount Capital Gains Tax Concessions
• The Risk Profile of Your Industry

It's fair to say, for audiologists, your choice of tax structure is one of the most important business decisions you have to make in the start-up phase. Based on the relative importance of each of the above issues, you’ll probably find your business structure is some sort of a compromise.

Your choice of accounting software is another brick in your business foundations. Up to date, accurate financial records let you to make informed business decisions and the wrong choice of software can prove an administrative disaster. You need to match your business needs with your level of accounting skill otherwise you could end up producing ‘computerised shoebox’ records. This can cause frustration and extra fees which conflicts with our mission of helping you slash the cost of bookkeeping and tax compliance. Here at JTU Accounting Group, we want to be your accountants and business advisors, not an expensive bookkeeping service. You’ll find we support a range of software options but do have a preference for cloud based solutions like Xero, MYOB Essentials and QuickBooks Online because of their flexibility.

To build a house you also need the right tools and when 'constructing' your business we have developed a number of tools including a start-up expense checklist broken down into various categories including: 

-  medical equipment
-  professional advice and software
-  information technology costs
-  marketing and signage
-  vehicle costs

This checklist will help you identify all your potential establishment costs and these figures then filter through to our cash flow budget template and allow us to produce a projected profit and loss statement for your first year of trading. These reports can also tuck neatly into our business plan template that is designed to help you secure funding from external sources like a bank.

Our business start-up checklist is another useful tool and through our affiliate partners we can also assist you to obtain vehicle finance (chattel mortgage, CHP or lease) and get you fleet pricing on your new car that could save you thousands of dollars. Through another affiliate partner we can also help you source funds to finance your business purchase.

If you're starting an audiology practice you don't need to reinvent the wheel as we have all the tools and resources to help you get off to a flying start. We view the tax return as the start of the client process not the end and we can also do some financial modelling to quantify your likely financial outcomes.

MARKETING YOUR AUDIOLOGY CLINIC

For audiology practitioners, your marketing can be the difference between a good practice and a great practice. Traditionally, most audiologists have relied on their reputation and referrals to grow their business and while these ingredients remain important, you need to shift your marketing focus online. Increasingly local searches like ‘Audiologist Canterbury’ are driving traffic to your website and often your website is the first touch point with a potential new patient. As you know, you only get one chance to make a good first impression and your website is your 'online shopfront' and silent sales person working 24/7 to promote your clinic.

One of our biggest points of difference compared to other accounting firms is our marketing expertise. We can assist you with your branding (business name, logo and slogan), your corporate brochure and help you harness the power of social media to win more referrals. Over the past few years we have worked with dozens of clients to help them create affordable, quality lead generation websites that are responsive to smart phones and tablets. We can provide advice and guidance with your website content including video production and if your website lacks calls to action or lead magnets we'll help you build them. In addition, we'll introduce you to strategies like re-marketing and search engine optimization to drive more traffic to your website.

The marketing process begins with your branding and we have worked through the branding process with clients to make sure it resonates with their target market. Using some online resources and freelance services you can develop your logo and business stationery at a fraction of the cost you might expect. Our team offer you a range of accounting, taxation and business coaching services including:

• Start-Up Business Advice for Audiologists and Medical Practitioners
• Advice and Establishment of Your Business Structure
• Advice & Assistance with the Purchase or Sale of your Audiology Clinic
• Spreadsheets and Tools including a Start Up Expense Checklist
• Tax & Business Registrations including your ABN, TFN, GST, WorkCover etc.
• Preparation of a Business Plan, Cash Flow Forecast and Profit Projections
• Accounting Software Selection and Training - Bookkeeping, Invoicing, Payroll etc.
• Preparation of Finance Applications for Banking Institutions
• Advice Regarding your Commercial Lease and Location of your Audiology Clinic
• Preparation and Analysis of Financial Statements
• Bookkeeping and Payroll Services
• Income Tax Returns and Tax Planning Strategies
• Industry Benchmarking and KPI Management
• Marketing Advice including branding, brochures, website and social media strategies
• Wealth Creation Strategies, SMSF’s and Financial Planning Services
• Vehicle & Equipment Finance (Including access to Fleet Pricing on New Cars)
• Advice regarding Employee Relations and Workplace Laws
• Advice regarding Claiming your Motor Vehicle Costs
• Business & Risk Insurances
• Business Succession Planning

If you’re looking for an accounting firm who does more than just keep the score for their business clients, welcome to the JTU Accounting Group. As accountants and business advisors our focus is to help you grow your business, your profits and your wealth. 

We tailor solutions to your tax and financial needs and if you’re looking to get the right advice when starting, buying or developing your audiology clinic, contact us today. We invite you to book a FREE, one hour introductory consultation to discuss your business needs. You can expect practical business, tax, marketing and financial advice that could have a profound impact on your bottom line. To book a time, contact us today on (03) 9878 5444 or complete your details in the box at the top of this page. Let's get to work ON your clinic or practice so it is more profitable, valuable and saleable.

JTU Accounting Group - Accountants Who Think Outside the Box