Professional Accounting for Doctors and Physicians
Expert accounting services for medical practices, clinics, and doctors across Canada. From bookkeeping to tax planning, we ensure your financial health so you can focus on your patients.
Specialized Financial Care for Medical Professionals
Operating a busy medical practice can be stressful if you have to worry about the books. TaxBuddy Canada specialists handle your financials so you can focus on your patients. We provide customized accounting services for doctors offices, physician clinics, and public health centers.
Challenges Facing Medical Practices
Strict Reporting Guidelines
The medical industry follows specific guidelines for handling financial documents and reporting that must be strictly adhered to.
Complex Revenue Streams
Managing billable services, insurance reimbursements, and private payments requires tracking multiple revenue sources.
Time Constraints
Doctors and physicians are often too busy with patient care to manage complex financial and administrative tasks.
Our Medical Accounting Solutions
Industry-Specific Compliance
We follow all provincial and federal reporting guidelines to ensure your practice remains compliant.
Depreciation Accounting
We handle the distinct accounting elements like depreciation for expensive medical equipment.
Billable Time Management
We take charge of tracking your billable time and expenses, simplifying your administrative burden.
Why Choose Us for Your Practice?
Efficient & Affordable
Streamlined processes that save you time and money.
Risk Reduction
Minimize the risk of errors, fraud, and embezzlement.
Tax Optimization
Expert tax planning to minimize liabilities and maximize returns.
Tech-Savvy
Proficient in QuickBooks, Xero, and other medical accounting software.
Recommended Software
We work with all major industry-standard software platforms to ensure your data is accurate, secure, and accessible.
QuickBooks
Industry-standard accounting software tailored for medical practices.
Xero
Cloud-based accounting software perfect for modern clinics.
Jane App
All-in-one health and wellness practice management platform.
Accrual vs. Cash Accounting
Understanding the difference between accrual and cash accounting is vital for medical practices:
| Method | Purpose | Approach |
|---|---|---|
| Accrual Bookkeeping | Tracking billable services like insurance reimbursements. | Revenue reported when service performed; expenses when incurred. |
| Cash Accounting | Avoid paying taxes on unreceived revenue. | Revenue recognized only when cash is received. |
We can help you determine the best method for your specific practice needs.
Depreciation Accounting
Medical practices often require significant investment in equipment. Proper depreciation accounting is essential to:
- accurately reflect asset value over time.
- maximize tax deductions for wear and tear.
- plan for future capital expenditures.
Our CPAs ensure all your medical assets are tracked and depreciated correctly according to CRA guidelines.
What Our Clients Say
"I have hired this firm for a number of years to do my somewhat complex taxes and every year I have been treated with respect, received fully comprehensive service and the utmost professionalism. It's nice to find someone you trust when it comes to your taxes!"
Kathleen Lazar
Google Reviews
"As a business owner, it feels great to know that TaxBuddy Canada has all of my needs covered. They are professionals through and through. My bookkeeper sends me monthly reports so I know exactly where I stand."
Charles Taylor
Google Reviews
"They are a great investment to my business by being very professional and full of great innovative ideas. They are down to earth and easy to work with and very efficient."
Alexey
Google Reviews