Financial auditing is a blind spot for many practices, which can lead to unnoticed financial misstatements or compliance violations. Regular, detailed financial audits are indispensable for operational transparency and to instill trust among stakeholders.
What You Get
Comprehensive Audit Report
This is a detailed report summarizing your financial bookkeeping practices, pinpointing discrepancies, and providing actionable improvement recommendations.
Reconciliation and Revenue Recognition Analysis
Provide specific details on reconciliation practices and revenue recognition to ensure they align with accounting standards and practice activities.
Vendor Payment Review
This is a report on vendor payments and practices, including thorough verification of vendor contact information and payment-to-invoice matching.
Expense Management Insights
In-depth expense reports outlining spending patterns, identifying unnecessary expenditures, and highlighting opportunities for cost savings.
Financial Statements Compilation
A complete set of financial statements, including cash flow, balance sheet, profit, and loss, meticulously prepared for accuracy and clarity.
Trend Analysis
A graphical representation of financial trends that provides a visual and straightforward understanding of the practice's economic trajectory.
Follow-Up Actions and Education
Guidance on implementing improvements, plus staff training to reinforce best practices in fiscal management.
What We Do
Review of Accounting Books
Ensuring accurate recording of income, expenses, assets, and liabilities in their respective accounts.
Reconciliation Review
Verification that book entries match bank and credit card statements, analysis of reconciliation frequency, and thorough review of reconciliation adjustments, including cleared versus uncleared transactions.
Vendor Audit
Accuracy checks on vendor entries, address verifications, payment-to-invoice matching, and year-over-year vendor activity analysis.
Trend Analysis
In-depth examination of financial trends, including net and gross profit, expenses, and cash flow over time, alongside quick and current ratio analysis.
User Access Audit
Evaluation of user logins and activities to ensure appropriate access and security.
Why You Need This
Maintaining financial integrity is crucial for medical practices to survive.
Financial errors and compliance gaps can occur despite best efforts, especially when healthcare providers must divide attention between patient care and practice management.
Our Financial Audit service delivers thorough scrutiny, ensuring your practice's financial statements accurately reflect your fiscal status, empowering you to make strategic decisions confidently.
