May – Here we go again because death and taxes are inevitable.
Back to Step 1 – Cycle recommences; annual financial statements and tax return information submitted to Health and Life after 30th JuneX1.
If you are undergoing a restructure, setting up a new practice or experiencing a growth phase, the process takes 18 months so you may be experiencing higher than average bills.
To mitigate this for accounting clients only we have a free quarterly feedback and mentoring service with either your Chair/Managing Principal or CEO/Practice Manager.
This is normal and we would have budgeted for this assuming all things have gone to plan.
Implementation Timetable
High Performance Pathway – Practice Traffic Light Reporting Cycle
| Item No. | When | What Next? | Frequency | Who* | Solutions Hyperlink |
|---|---|---|---|---|---|
| 1. | February/April | Personal Financial Planning | Annually | You | Read on… How Much Do I Need to Retire? |
| This process will assist in personal cash flow and tax planning by providing 5 year & 12 month business and personal financial projections | Read on… High Performance Practice Traffic Light Reporting Lifecycle | ||||
| 2. | May | Tax Planning | Annually | Health and Life | Read on… Budget Planner May – Business and Tax planning for the following financial year |
| 3. | September/October | Financial Statements & Management Accounting Letter | Annually | Health and Life | October – Responding to management accounting letter. |
| 4. | September/October | Tax Returns | Annually | Health and Life | September/OctoberSubmitting responses to the annual tax return checklist for each entity. |
| 5. | October/November | The Good Bad & Ugly Report | Annually or Bi Annually | Health and Life | Read on… The Good, Bad and Ugly report A free practice coaching session |
| Includes benchmarking | Stipulates best practice benchmarks and 12 to 18 month strategy recommendations | ||||
| 6. | October/November | Business Coaching | Semi-Annually | Health and Life – No Charge | Read on …The Good, Bad and Ugly report |
| Only if The Good Bad & Ugly Report completed. 12 month strategy discussed with the Board**. | Read on… High Performance Management Planning | ||||
| 7. | October/ November | 12 Month Operating Plan | Annually | Your Practice | Read on…Operating Plan |
| Board agrees to key strategic recommendations | Read on... High Performance Management Planning | ||||
| 8. | November | 12 Month Operating Budget (based on Operating Plan) | Annually | Your Practice | Read on… Operating Plan |
| Based on agreed strategic objectives. Important if profitability and cash problems or significant change exist. | Read on… High Performance Management Planning | ||||
| 9. | January | The 3 year Strategic Plan | Tri-Annually or when significant change is required | Your Practice | Read on… Strategic PlanRead on… High Performance Management Planning |
| 10. | October to February | Management Accounting Letter Report | Annually | Health and Life | May – Here we go again because death and taxes are inevitable. |
| Deadline to respond to accounting systems report. The earlier completed will reduce accounting fees. |
Statutory Compliance Mandatory
*Health & Life can assist in the initial set up
** Board means a meeting of practice owners. No Board exists for a single owner operator.
For more insights visit our blog.
About me: David Dahm BA (Acc.), CA., FCPA, CTA, FFin, CPM, FAAPM, FAIM, FGLF.
Chartered Accountant, Chartered Tax Adviser, Registered Tax Agent, Former AGPAL Surveyor 10 years of service
David Dahm is CEO and founder of the national medical and healthcare chartered accounting firm Health and Life and global Founder and CEO of the not for profit project the International Healthcare Standards and Ethics Board (www.ihseb.org)
After a serious work related car accident in 1989, and nine operations later I continue to be a patient and provider advocate. I enter my third decade as a national Chartered Accountant for Medical and Healthcare practices in Australia. I am a former 10-year Australian General Practice Accreditation surveyor. I come from a medico family. I have served on the AAPM national Board and was the inaugural national Chair of the Certified Practice Manager CPM post nominal. I continue to provide accounting tax and practice management advice to many practices all over Australia.
You know who you are and I thank you for this real honour and privilege to serve you and your community through you. Note, I am not a lawyer please seek appropriate legal and accounting advice. This information is for general information and discussion only.
