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 the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.