To meet the economic challenges that confront physician practices, access to an accounting firm with CPA's that know your industry is a must. Our physician practice expertise has been developed over many years of providing accounting services to both group and individual practices. Our accounting services have been tailored to meet the ongoing and specialized needs of a physician practices in the Buffalo and Western New York area.
Business Consulting Services
Our consulting services cover many aspects of a medical practice, including:
- Establishing physician compensation structure
- Assisting with retirement and other employee benefit plans
- Evaluating practice acquisitions, affiliations, and dispositions
- Valuation of medical practices
- Review of financing alternatives for asset acquisitions
- CFO Consulting or Outsourcing
- Selecting the appropriate form of doing business
The CPA tax professionals at LVBW are expertly skilled in preparing your business and personal income tax returns in full compliance with the ever-changing federal and state tax laws.
Income tax planning for both the practice and the individual physicians is provided on an ongoing basis. We take a proactive approach to client service by anticipating impending issues, foreseeing planning opportunities, and developing effective solutions in time to realize their full benefit.
Retirement and Estate Planning
Our professionals can help ensure that your practice’s retirement plan is effective in achieving the retirement goals of the physicians. We review the plan design, employer and employee costs, and the use of third party administrators to cost effectively manage your plan for retirement.
Accumulation of wealth for retirement impacts your estate planning, as does an effective succession plan. We can assist you in implementing buy/sell agreements that accomplish your business and estate planning objectives.
We can provide bookkeeping services to medical practices on a monthly, quarterly or annual basis. Alternatively, we can train your bookkeeper to use computer programs to generate your monthly financial statements.
The following services are also offered:
- Budget development
- Analytical review of revenue, expenses and accounts receivable
- Review of your internal accounting control system
- Preparation of Financial Statements
Who earns what at the doctor's office?
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