Specialized Accounting Services for Chiropractors in Newfoundland
As a chiropractor in Newfoundland, you dedicate yourself to the health and wellness of your community. KevinCPAs is dedicated to the financial health and wellness of your practice. We understand the business model of a chiropractic clinic—from patient billing and insurance direct deposits to managing overhead. Let us provide the financial clarity and strategic advice you need to build a thriving, sustainable practice in St. John’s or across NL.
Financial Pain Points for Chiropractors We Relieve
Chiropractors face specific business challenges that require a specialized approach.
Insurance Billings & Reconciliations
Managing the complexity of billing multiple insurance providers and reconciling those payments with patient accounts.
Overhead Management:
Controlling costs for rent, utilities, supplies, and support staff in your clinic.
Patient Payment Systems
Setting up efficient processes for direct billing, patient co-pays, and tracking accounts receivable.
Our Chiropractic-Focused Accounting Services
Clinic Bookkeeping & Financial Reporting
We set up efficient systems to track all your revenue streams (cash, debit, credit, insurance payments) and expenses. We provide you with easy-to-understand profit and loss statements and balance sheets so you always know your clinic's financial position.
Tax Strategy for Chiropractic Professionals
We develop tax-efficient strategies for your practice, whether you're a sole proprietor, in a partnership, or incorporated. We ensure you claim all eligible deductions, from adjusting tables and supplies to professional development and association dues.
Payroll & HST Management
We handle payroll for your massage therapists and administrative staff, and we manage your HST filings, ensuring you correctly account for the mix of taxable and exempt (e.g., WSIB, DVA) services you provide.
Business & Growth Advisory
We act as your part-time CFO, providing advice on practice valuation, adding associate DCs, expanding to a new location, or planning for your eventual succession or retirement.
FAQs for Newfoundland Chiropractors
Most basic chiropractic treatment services are HST-exempt. However, other products and services you sell, such orthotics, pillows, or certain massage therapy services, may be taxable. We help you correctly categorize your revenue to ensure proper HST reporting.
Most start as sole proprietorships, but many incorporate as they grow. Incorporation can offer tax advantages, liability protection, and better retirement planning options. We can discuss the pros and cons of each structure for your specific practice.
We implement a cloud-based accounting system that gives you real-time visibility into your income and expenses. We also help you create a cash flow budget, projecting your future income and expenses to avoid surprises and plan for investments.
At a minimum, you should be reviewing a monthly Profit & Loss statement to track revenue and expenses against your budget, and an Accounts Receivable Aging report to see which patient or insurance balances are outstanding. We provide and explain these key reports.