Frequently Asked Questions
Why would my partners and I need the variety of business and personal financial services provided by one expert firm, MedPro CPA?
In short, communication, coordination, and return on your financial services investments. Your practice is a valuable source of personal income, investments, and wealth. Business operations, growth, strategy, and tax decisions impact your personal assets, tax, and financial planning. There is tremendous value and efficiency in having your practice’s trusted financial services firm also integrating and delivering on your personal financial plans.
How does MedPro CPA ensure a high level of client service?
We provide you with a dedicated client concierge who monitors the performance of all your services and proactively manages all communications. They will handle and respond to all your questions and requests within one business day, if not sooner.
What services are provided in MedPro’s monthly core services subscription?
Monthly accounting services via QuickBooks Online (QBO):
- Monthly journal entries, bank, and credit card reconciliations, fixed asset ledgers, monthly financial statements
- Access to your financials and key performance indicators 24/7 via MedPro’s secure, online client reporting platform
- Sales and Use tax filings (as needed)
- Outsourced payroll via a preferred service provider
- Firm representation for up to two virtual financial consultations per year
Annual tax services
- Annual federal income tax returns for your practice and business enterprises
- Mid-year tax review
- State and local tax filings
What is the advantage of a subscription plan for monthly accounting and annual tax services?
You know in advance the cost of your services today, based on their value, and avoid the unpredictability of agreements based on hourly rates. It also ensures regular, predictable billing, spreading out accounting and tax costs over the year like a salaried accountant, but at a fraction of the cost.
We also prioritize your returns if we get all your information by agreed upon due dates.
How do we participate in the quarterly board room meetings and what is the value provided?
For an additional monthly subscription, representatives from your practice may attend and contribute to a quarterly physician-best-practices round table. The size of these accountability groups will be kept manageable, and the topics facilitated by MedPro CPA / SmithWynd representatives and by physician participants. We will discuss key operational metrics for all practices, strategies, current challenges, and initiatives. Relevant topics might include clinic operations, financial management, revenue cycle management, practice growth, staffing matters, wealth management, tax strategies, organizational structures, asset protection, and many others.
What other services and special projects can MedPro and other SmithWynd companies deliver?
Wealth Management
- Personal financial planning
- Retirement plan design and consultation
- Exit planning
- Investment management
- Insurance and risk management
- Estate tax and asset protection planning
Business Transaction Support
- Business valuation consulting or opinion reports
- Investment property analysis and MOB consulting
- Commercial real estate
- Transaction advisor – M&A
- Sale of Business and Commercial Realty
- Due diligence and business acquisition assistance
Special Projects
- Entity structure/formation (consult)
- CPT / Payor revenue analysis
- Profit optimization analysis
- Expense analysis
- Physician compensation reconciliation
- Operating agreement (key tax provisions)
- Accounting system design/conversion
- Budgeting
- Practice expansion and provider additions analysis
- Equipment purchases and lease evaluations
- Financing arrangement analysis and support