Setting up a new medical practice involves numerous steps, and our comprehensive checklist will help ensure you don’t miss any critical details.
Define Your Vision
Strategic Profile
Market Research
Marketing Plan
Organization Chart
Financial Plan
Tax Plan
ACC Levies
Finance
Business Structure
Tax Registrations
Premises
Trade Name
Business Bank Accounts
Hire Staff
Information Systems
Insurance
ACC Provider Registration
Contracts
Disaster Plan
Before delving into details, decide the type of business you want:
Answer three fundamental questions:
Ensure there’s enough demand for your services. This might involve specialized research.
Steps include:
Even for a small practice, an organization chart clarifies roles and responsibilities.
Essential for assessing feasibility and identifying financing needs. It includes:
Plan for income tax and GST. Allocate funds to cover tax obligations.
Structure ACC levies for staff and personal income. Consider ACC Cover Plus Extra for better management.
Decide between equity and debt financing. Each has its pros and cons.
Choose a structure to limit personal liability. Options include:
Register for necessary taxes. Consult with your accountant for optimal setups.
Considerations include cost, size, location, and lease terms.
Secure your trade name through:
Separate business and personal finances. Open appropriate accounts.
Decide between employees and contractors. Ensure proper agreements are in place.
Set up cloud-based systems for:
Consider insurance for:
Register as a health provider with ACC if applicable.
Establish clear terms for trade and other contracts.
Prepare a plan to ensure continuity in case of a disaster.
We specialize in accounting for medical professionals. Contact us today to discuss setting up your practice and ensure your success from the start.
Your Outside Team
Need a bit of assistance with your business? Contact an Outside Accounting team member today and learn more about our fixed fees. You won’t regret it.
Aside from business consultation, we are business accountants Wellington who offer accounting, bookkeeping, payroll services designed to help you achieve greater financial success.
You can click here to speak to a business, accounting and bookkeeping firm. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
Address: Level 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand
Mail: PO Box 24-457, Wellington 6142
Phone: 04 889 2975
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