SPECIALIST ACCOUNTANTS FOR THE MEDICAL SECTOR
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Understanding Business Operating Performance the Correct Way...
Onyx have developed financial strategies to help support growing businesses in the following medical sectors:
- Doctors, Surgeons and Medical Practices
- Dentists and Dental Practices
- Locum Pharmacists and Pharmacies
- Optometrists and Opticians
We help to ensure the implementation and delivery of consistent and robust financial reports that not only provide you with performance updates but also with controls that help to support you and your business. Understanding and measuring Gross Profit, Net Profit and associated margins, getting clarity on breakeven points required to hit profit targets are common in successful and growing businesses in this sector.
Is your business earning good profits, but should it be earning more..? We enable business owners and practice management teams to make considered decisions with clarity gained through easily understood and explained management accounts and financial reporting.
For those considering acquisition we ensure that financial performance is correctly benchmarked against similar practices, and that the correct amount of capital is in place to fund growth aspirations.
For practices operating Primary Care Trust contracts, we will advise on the correct technical accounting and process balancing required to identify and optimise areas of profitability, while also identifying those hidden “pockets of costs” that may lie masked by the false overall impression of financial well-being.
R & D Brochure
Many companies are conducting qualifying R&D activities for R&D tax relief purposes in this sector on a daily basis, without even realising it. What may seem as typical day-to-day challenges in the office and field may qualify.
Management Accounts Pack
It is important for businesses that are growing, or at a size where control is required to be up to date with both your business performance and the financial position your business is in. We have created a Management Accounts Demo pack which allows you to explore the level of reporting we can provide.
Trust and Availability
We understand working in the medical industry can have its pressures. At Onyx you can be sound in the knowledge that you have a dedicated team to cater to your every need. Each Onyx team is headed up by a qualified accountant and they are supported by a Client Manager and an Accounts Assistant. This allows you to have peace of mind that your work will be completed accurately and on time.
Finding a medical industry accountant that understands your specific compliance needs is very important. Reporting for external stakeholders such as banks are now more important than ever. We can help you by making sure accounts are prepared in the correct format, statutory books and other company secretarial records are kept up-to-date and that all statutory returns are prepared. We will ensure that VAT compliance, HMRC and national insurance registration, and appropriate tax returns are correctly filed. Our experienced team will relieve you of the regulatory burden giving you more time to concentrate on your core business. For more info please visit our Compliance Services page.
Budgeting and Reporting
Onyx can provide monthly or quarterly reporting packages tailored to your business which will allow you to better measure your profit margins and identify losses or poor performance at that specific point in time which will give you a higher level of financial control and visibility of the long-term cash needs of the business.
These reporting methods will give you the confidence to invest in any new growth plans such new sites, hiring extra staff or buying equipment, and will also avoid any hidden scares at the end of the year.
To read more about our reporting packages please see our Management Accounts page.
Payroll Services – Running a payroll can be time consuming, complicated and divert resources from the core activities of your business.
We ensure that the regulations set out by HMRC are being complied with whilst maximizing tax saving opportunities. We offer cost-effective solutions and provide an end-to-end payroll service, whatever the size or complexity of your business.
For more info please visit our dedicated Payroll Bureau Services page.
No matter the size of your business we will help you to understand the tax implications of your actions, therefore you can plan ahead and conduct your affairs in a tax efficient way. We will ensure you are making the most of any tax saving opportunities such as Capital Allowance claims, Research and Development tax credits, and support in grant funding applications.
We can also look into your personal investment portfolio’s which will naturally come with tax implications and ensure you fully understand every aspect and again. As a result we can see where savings can be made.
Bookkeeping and Software
Ensuring you are following the correct bookkeeping practices will have a huge positive impact on your business. Having the correct software to record your transactions is very important, especially when you have multiple business locations or multiple functions, having the right processes is important. We offer software training on a range of bookkeeping packages. Most importantly our team are available to help support you and give training sessions at your convenience.
We are accredited partners with: Xero, Dext, Sage, Quickbooks and Kashflow. As experienced catering accountants we are able to provide the complete service, whatever the size or complexity of your business, or simply provide support when needed. For more information on the different package options please see our Accountancy Software Training Services page.