Accounting Services for Psychologists in Melbourne
Simplify Your Finances, Focus on Your Patients
At Bookkept, we understand the unique financial challenges faced by psychologists. Our specialised accounting services allow you to concentrate on providing essential mental health care while we manage your financial health.
Tailored Accounting Solutions for Psychology Practices Melbourne, Victoria
Bookkept offers a comprehensive range of accounting services designed specifically for psychologists and mental health professionals in Melbourne. From daily bookkeeping to strategic financial planning, we ensure your practice remains financially sound and compliant.
Streamlined Bookkeeping for Busy Practitioners
Managing your practice's finances shouldn't distract you from patient care. Our bookkeeping services are designed to keep your financial records accurate and up-to-date.
- Income and expense tracking
- Bank reconciliations
- Accounts payable and receivable
- Payroll management
- Financial reporting
With Bookkept handling your bookkeeping, you'll have more time to focus on your patients. Our efficient systems ensure your financial data is always organised and easily accessible when you need it.
Tax Optimisation for Psychology Practices
Navigating the tax landscape can be complex for mental health professionals. We help you make the most of available deductions and credits:
- Claiming home office expenses
- Maximising deductions for continuing education
- Managing GST obligations effectively
- Structuring your practice for tax efficiency
- Planning for quarterly tax instalments
Our proactive approach to tax planning helps you minimise your tax liability while staying fully compliant with ATO regulations. We keep you informed about tax law changes that might affect your practice.
Plans to suit your business accounting & bookkeeping needs
We don’t believe in a cookie cutter approach when it comes to billing.Our clients prefer certainty so we tailor a monthly package with defined accounting services and agree upfront. Here are some examples of what we do for our clients –
Chris - The Contractor
Emma - The Cafe Owner
Mick - The Well-Established Firm
Financial Planning and Business Advisory
Your psychology practice is more than just a healthcare service—it's a business that requires strategic financial management.
We assist you in creating financial plans that align with your professional goals. This includes budgeting, cash flow forecasting, and profit improvement strategies.
Our team provides valuable insights on practice management, helping you make informed decisions about growth, equipment purchases, or hiring additional staff.
We also offer guidance on superannuation and retirement planning, ensuring your financial future is secure.
Medicare and Health Fund Reconciliations
Dealing with Medicare and various health funds can be time-consuming and complex. Bookkept simplifies this process for you.
We perform regular reconciliations of Medicare and health fund payments, ensuring you receive all the income you're entitled to.
Our team helps you set up efficient systems for tracking and following up on unpaid claims. We also assist in resolving any discrepancies or issues with payments.
By streamlining these processes, we help improve your cash flow and reduce administrative burden.
What our clients are saying
FAQ About Our Service
How can Bookkept help me transition from employee to private practice?
We guide you through the financial aspects of setting up your practice, including business structure selection, ABN and tax registrations, and initial budgeting. We'll help you establish robust financial systems from the start.
What tax deductions are specific to psychologists?
Psychologists can claim various deductions, including professional development costs, insurance premiums, and subscriptions to professional bodies. We'll ensure you claim all eligible expenses to maximise your tax return.
How often should I review my practice's financial performance?
We recommend monthly reviews of your key financial indicators. This allows for timely adjustments to your business strategy. We provide regular reports and insights to keep you informed about your practice's financial health.
Can Bookkept help with practice management software selection?
Yes, we can advise on suitable practice management and accounting software options. We consider factors like your practice size, budget, and specific needs to recommend the most appropriate solutions.
How do I handle GST for mixed supply services (GST-free and GST-applicable)?
Managing GST for mixed supplies can be tricky. We'll help you set up systems to accurately track and report on GST-free and GST-applicable services, ensuring correct GST treatment and reporting.
Get In Touch Today
Get in touch by filling out the form below or simply call (03) 8568 3506!