Podiatry Practice Accounting: Are You Overpaying?

Hello, Don here.

Let me ask you a question.

How much are you paying your accountant, and do you actually know what you're getting for that money?

In my practice, we're paying approximately $25,000 per year for accounting services. And to be fair, I don't always know exactly why we're paying that amount. We get the bill, and we pay it.

But here's the bigger question.

Is your accountant helping you make better business decisions, or are they simply preparing your taxes?

I recently spoke with Tomer, who provides accounting, tax, and fractional CFO services specifically for medical practices.

One thing that stood out to me was the difference between simply having an accountant and having someone who helps you strategically manage your practice.

Think about some of the decisions we make as podiatrists.

Should you buy that $80,000 shockwave device with cash or finance it?

Can you afford to hire another employee?

Does opening another office make financial sense?

Are your books organized properly if you eventually want to sell your practice?

These aren't just accounting questions. They're business questions.

And most of us weren't trained to answer them.

Tomer explained how his company uses a subscription model that allows physicians to select the services they need, including bookkeeping, taxes, and fractional CFO support.

He also shared an example of a practice owner who was preparing to sell her business. His team discovered problems with the structure of her business entities that needed to be addressed before the sale could move forward.

That got my attention.

Because sometimes the biggest financial problems in our practices are the ones we don't even know exist.

Key Takeaways

• Know what you're paying for. Understand which accounting services you're receiving and whether they match your practice's needs.

• Look beyond tax preparation. Financial forecasting and CFO support can help you evaluate equipment purchases, hiring, and expansion.

• Plan before you sell. Organized financial records and properly structured business entities matter when preparing your practice for a potential sale.

You don't have to become an accountant.

But you should have someone helping you understand the numbers behind your business.

P.S. If you'd like to learn more about the accounting services Tomer offers for medical practices, visit https://practicemastery.com/accounting.