Accounting

Effective financial management is essential for running a medical practice smoothly and ensuring its long-term sustainability. For medical practitioners in South Africa, financial record-keeping and reporting are especially critical due to the complex regulatory and compliance requirements in the healthcare industry.   1. Organized Record-Keeping System  The foundation of any solid…

While the primary reason for setting up your practice is patient care, managing the financial aspects of a medical practice is equally vital to ensure the long term viability of your practice. You need strong administrative skills, financial management, as well as systems and processes to run it successfully.  Cash…

What is XBRL? XBRL stands for eXtensible Business Reporting Language. It is a technology standard for the electronic communication of business and financial data, increasingly adopted worldwide. XBRL offers significant benefits in the preparation, analysis, and communication of business information. It ensures cost savings, greater efficiency, and improved accuracy and…

Business combinations are integral to corporate growth strategies, enabling companies to expand their operations, diversify their portfolios, and increase market share. In the realm of financial reporting, adhering to International Financial Reporting Standards (IFRS) 3 is essential for accurately accounting for these transactions. Core Principles of IFRS 3 At the…

My name is Constance Kawelenga and I am a registered Chartered Accountant and Auditor, and today we’re going to talk about your accounting and billing systems. The Significance of Billing Systems Your billing system should serve as an essential tool in managing your practice’s finances. It should provide you with…