October 27, 2020 · 1 min read
Accounting services for medical organizations
UHY Prostir has worked with medical organizations for many years, handling, within its engagements:
- full-scope bookkeeping;
- financial and tax reporting;
- budgeting;
- inventory accounting for medicines.
Our clients include medical and dental clinics, laboratories, diagnostic centers and others.
A medical facility operates under licensing conditions and its own internal rules and procedures — only then is its work both lawful and successful.
What makes accounting for medical organizations different
Accounting for medical organizations has its own specifics, which we know well from experience. In particular, it involves:
- making sure tax reliefs are applied correctly;
- compliance with licensing law;
- keeping records of clients (patients);
- accounting for medicines, which are subject to strict record-keeping.
As we provide these services, we pay close attention to the special VAT treatment of exempt and non-exempt transactions. Our manager (the chief accountant) uses software to track the shelf-life of medicines and alerts the client’s management before they expire.
