Prepared 26 September 2026 · Affordable Bookkeeper content team
Map how money reaches the practice
List payment terminals, bank accounts, billing reports and third-party receipts. Understand whether a deposit represents gross income or a settlement after fees and adjustments. A reconciliation process should connect the operational report to the amount in the accounting file.
Keep practitioner arrangements clear
Retain agreements and settlement statements in an organised location. The records should distinguish the practice’s own transactions from amounts connected with practitioners. The appropriate tax and accounting treatment depends on the actual arrangements, so changes should be reviewed before they are applied.
Separate payroll approvals from processing
Agree who approves timesheets, confirms rate changes and reviews the payroll summary. Set a cutoff for starters, leavers and adjustments. Where several managers contribute information, one clear approval record reduces the chance of conflicting instructions.
Review supplier and equipment records
Maintain a consistent process for medical supplies, laboratory accounts, rent and equipment. Keep finance agreements with the asset records. A recurring bank payment does not always describe the whole transaction, particularly where equipment is financed.
Use reports to ask better questions
Review income, operating costs, receivables and cash together. An increase in revenue can still leave a practice short of cash if collection slows or liabilities rise. A monthly discussion can focus on the few balances that require action rather than reading every line of a report.
Keep patient information out of general enquiries
Financial work should use the minimum necessary information. Agree which reports can be exported without unnecessary clinical details, who can access them and how documents will be transferred. General enquiry forms are for discussing the service, not sending patient records.
Related services
Official guidance: ATO: GST and health ↗
General information. The appropriate approach depends on your business and current requirements.
