Medical specialists train for a long span, leaving only a limited window to optimise financial rewards. Our sector expertise maximises personal and enterprise opportunities.
Consultant CFO support
Our field-proven, tight-knit team deliver
bulletproof figures and management
reports in weeks so Consulting CFOs can demonstrate tangible results to Company Directors in record time.
Medical specialists train for a long span of their career, leaving a limited window to optimise financial rewards.
The long span of training years for Medical Specialists results in a limited window when they can reap financial rewards. Couple this with the unusually high compliance burden carried by their practices and you have a business area that requires specialist financial management if the Doctors are to optimise their due rewards.
The Accounting Department has worked with Specialist Medical Groups for over a decade. In that time we have continually finessed systems and processes to the point that we exceed best-practise standards. Every business we help is robust and delivering a strong ROI.
Having a breadth of current industry knowledge means we can benchmark costs and income against what we know to be best practice; wages, rent, cost of capital, income lag, fee-gap-management, insurance provider deals and more.
It would take years of focussed attention to create your own financial team capable of the service levels and outcomes we produce every day. In the time it took you’d have years of unrecoverable opportunities.
The Accounting Department is set-up, ready to plug-in and play. You can use us as a link in your accounting chain, or have the benefits of an end-to-end service, right up to specialist CFO consulting.
Doctors benefit from a second opinion.
Established Specialist Practices run the risk of sticking with outdated processes and legacy deals that impair their profitability. We offer a risk-free second opinion to improve the overall returns you’re getting.
What our medical clients say
Envision Medical Imaging
The team at The Accounting Department works for our business as if it were their own. We have used their know-how throughout our setup phase to develop long term accounting, payroll and financial reporting systems. David and his team have found ways to add value to our business through these systems, which save us time, effort and money each day. We have access to their knowledge at all times, without the cost burden of in-house bookkeepers.
Their service is exemplary, their diligence, accuracy and eye for detail are pitch-perfect, and we have found them a pleasure to deal with. The Accounting Department's team stand behind their integrity. They deliver what they say they will and they always deliver on time. They are highly professional, easy to contact and, best of all, if there is ever a problem, they take ownership of it and seem to contact us before we even know the problem exists.
I know firsthand of two other businesses that have used their services with the same experience as us.
I could not recommend them any more strongly. For our business, The Accounting Department has set us up to manage our finances and payroll electronically, saved us a lot of money through their systems analysis and process implementation, and given us the infrastructure for future safe financial growth.
Dr. Lawrence Dembo MBBS FRACP, Cardiologist, Envision Medical Imaging
Injury Prevention Plus
Processes have definitely improved since The Accounting Department came on board. Their accuracy and attention to detail is on the mark and they identify potholes and avert problems for my business before they arise. Everything occurs in the right time frames and they have been a really good sounding board for economic decisions.
As an independent start-up company I thought that I would be able to manage all financial processes myself but soon realised that I was making a mess of it. While trying to get my business off the ground, I was working in cohorts with my accountant and trying to do everything internally. I soon came to the realisation that managing my own books was very time consuming and stopped me from working on my actual business. As the business expanded and I began employing contractors and staff, I found the burden increased further and it was even more important to get the financial management right.
I recognised that I needed someone who really knew what they were doing. The Accounting Department had been referred to me so I decided to initially take on their payroll services. After six months of working with The Accounting Department, I decided to increase to the full range of accounting services as payroll was managed so easily, I wanted the same ease of financial management for everything.
The Accounting Department have been a really good sounding board for economic decisions. They have helped Injury Prevention Plus to grow, identified administrative issues and made sure we knew when to take action. The Accounting Department have been invaluable for employee relations and contracts and my business runs more efficiently (with fewer grey hairs developing!) as a result.
Michelle Strother-Hamilton, Owner, Injury Prevention Plus
Not many businesses can go from 15 to 150 or more employees in a week or two, so your business structure must include enterprise-scale accounting and payroll systems that are ready to just switch on. Creating and maintaining a department capable of that will take a lot of time that would be better spent building your business.
The Accounting Department has been managing the accounts, payroll, and finance requirements of leading Labour Hire firms for over a decade. We know how to make these businesses make money and stay robust through the inevitable ups and downs.
By focussing on this sector – we have developed specialist knowledge and systems that allow us to finesse business processes and cash flow to ensure those businesses are delivering optimal returns.
Our systems ensure that you have the information that helps get you get to the table with the big end of town and also in front of government agencies. Plus it helps you win those lucrative mid-tier deals.
We benchmark all business costs and charges against what we know to be current best practice – things like wages, rent, cost of capital, current contract rates and more. We compare multiple data benchmarks, and ensure our clients are working at optimised levels at all times.
Our well-honed cash-flow processes ensure you’ll have a business with reserves and an AAA reputation. You can be rest assured knowing all wages and entitlements are well managed, keeping your employees happy and loyal. This makes a big difference to your business potential, as securing a new employee can be ten times the cost of fostering a loyal one. Your employees get direct access to a payroll system that is branded with your company name, so they can check salary and entitlements, and even rosters if you like.
Imagine… all the administrative grunt work done for you; payroll and compliance taken care of, engaged staff and happy investors getting solid returns from a robust business. If you’d like to know more, we’re here to help.
How successful Labour Hire businesses can do better.
Established Labour Hire businesses run the risk of sticking with outdated processes and legacy deals that impair profitability. We offer a risk-free second opinion to improve the overall returns you are getting. Our optimisation service is risk free for you: we will find more profit than our fee or it’s free.
What our Labour hire clients say
Compass Health Pty Ltd
The Accounting Department (formerly trading as Book Builders Pty Ltd)
Consultant CFO Support
If an enterprise has called you in as a Consultant CFO, it’s likely the accounting and business systems are in dire need of an update before you can begin to provide full value. That process can take months, plus a lot of patience and diplomacy.
The Accounting Department is your instant, up-to-speed, crack team. You can cherry pick from our services to fix a problem area, or use us as an end-to-end service. All the work is taken care of, quickly and accurately, and you can get a solid handle on what’s really going on so that you can present timely reports to the Directors, with clear insights and advice.
If you haven’t had the joy of having everything done for you on a real-time, cloud based system, you at least need to know what you’re missing out on. Having all the information at your fingertips all the time is a game changer, lifting control and confidence to a new level. We can customise reporting software to help you cross-drill and demonstrate where the issues and the opportunities really are.
The Accounting Department began life as a support team for a Consulting CFO, and helping CFOs help business owners is still at the heart of what we do. For a confidential chat, please call David Payne directly.
What our Consultant CFO Support clients say
Compass Health Pty Ltd
When the time came to sell our business, the team at The Accounting Department helped us through the entire process. They prepared three-way forecasts, accounts and projections for the potential buyer. Because these numbers were provided by a third party, they were perceived by potential purchasers to be impartial and more reliable. From three years ago when the banks wouldn’t talk to us, all of a sudden the banks were taking us out to lunch and asking how they could help! This was based on all of the information that The Accounting Department had provided.
During the sale process, David and his team took care of any financial queries. This meant I didn’t have to answer many questions, or do much work myself while I still had a business to run! David and The Accounting Department team sat with our tax accountant and commercial lawyer to review the contract of sale. They pulled the contract apart and put it back together in a way that made it more beneficial for all parties involved. It gave us peace of mind knowing that we had very intelligent people looking after our sales process, giving us ideas to think about, and giving us an idea of the value of our business. The Accounting Department provided a set of pro forma accounts that stated how the business was being run at that time, so that if the numbers changed when the new owners took over, they could refer back to the pro forma account. This protected us from the new purchaser taking advantage of our lack of knowledge in finance and accounting.
In terms of selling another business I would have The Accounting Department involved 100% of the time to make sure we were getting the best possible deal. I know who will be doing the accounts for my next business!
Tony Metcalf, Former Director, Compass Health Pty Ltd