Is your physician customer’s convoluted approach to accounting hurting your business? Perhaps. Without a healthy business behind the clinic, there’s frustratingly little you can do to help a doc treat more patients. As part of TrackableMed’s Growth-Driven Practice Series for 2021, Matt Garrett of TGG Accounting administered a dose of harsh truth to practice owners: Accounting for small businesses is black and white—stop overthinking it. As we discuss some of the eye-opening stats Matt presented, you’ll discover why “accrual accounting is the only accounting,” the shocking prevalence of small-business theft (plus the best ways to guard against it), and three hard-and-fast rules that simplify accounting across the board.
In this episode, you’ll learn:
- How cash-based accounting leads to inaccuracies that come back to bite a business
- The truth behind Matt’s mantra, “Creative accountants go to jail”
- How someone siphoned $1 million from a practice by exploiting negligent accounting
- Why it’s best for most practice owners to use two separate sets of books
- How fixing broken practice accounting allows docs to do more of what they love.
Plus, we explore popular misconceptions that unnecessarily complicate accounting for physicians.