Medical Practice Management
Nov 13

Safeguard cash that enters the physician practice

Your practice size dictates how complex you make your cash-control polices, but there are common–sense rules that almost any office can implement. Generally accepted accounting principles call for a division of duties that ensures that no individual employee has control over a transaction from beginning to end.

Smaller practices with fewer staff have a difficult time following the division of duties principle, but you can still gain internal controls by working closely with your accountant and being involved in certain transactions yourself.

In fact, having your CPA audit and revise your internal controls as necessary may be money well spent. It demonstrates your awareness of what’s going on in your office, and without you having to hover over employees day in and day out.

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →