AISMA accountant Sue Beaton looks at what steps GPs can take to maximise profitability

With so many GPs feeling the strain, there has never been a better time to ask whether your practice is operating as best as it can. In theory all GPs have the potential to earn well, but inevitably there are occasions when, for example, personality clashes among partners will sometimes lead to fall-outs that dent financial performance. There will be practices too where there simply isn’t as much profit to be made, perhaps because of local budget constraints, patient demographics or high staff costs due to geographical location. Read more

Accountant Bob Senior examines what the impact of the Government’s funding increase of 1.32% will be on practices.

There’s an element of the Government being disingenuous. The 3.4% increase recommended by the DDRB was for a whole raft of things – like organising the practice for commissioning – but the Government have chosen to interpret that report very selectively. Read more

Accountants are predicting a reduction in GP drawings of up to 4% next year, warning that the Government’s 1.32% practice funding uplift will fail to cover rising practice expenses – and accusing ministers of ignoring key evidence when making the award. Read more

Internal financial controls are systematic measures (such as reviews, checks and balances, methods and procedures) necessary to:

1. Conduct business in an orderly and efficient manner
2. Safeguard assets and resources
3. Deter and detect errors, fraud and theft
4. Ensure accuracy and completeness of accounting data
5. Produce reliable and timely financial and management information
6. Ensure adherence to policies and plans

Pauline Hogg explains more about key areas to monitor in a GP practice

It is vital practices pull together and partners delegate effectively. Bob Senior advises on the warning signs of problems in store

Tough times lie ahead and teamwork will be essential if practices are to ride out the storm. Dysfunctional practices, where GPs fail to delegate effectively or where partners fall out, will only make a bad situation worse. Read more

AISMA accountant Liz Densley assesses the true costs of employing a new member of staff

Clients often ask us how much it will cost to take on a member of staff. The simple answer is gross salary plus employer national insurance and pension contributions. However, calculating the real costs, actual and hidden, is a more complex matter. Read more

AISMA accountant Anthony Brand explains what business planning consists of, how to get consensus, running a SWOT analysis and pitfalls in strategic planning. Read more

Should locums be hired as employees or should they be self-employed? Unfortunately there is no black and white answer since each case will depend on its own facts. Luke Bennett considers the tax and superannuation issues. Read more

Raising finance to pay off a retiring partner for their stake in the practice is increasingly tricky. Accountant Bob Senior advises on the options. Read more

Accountant Luke Bennett runs through eight premises taxes that could impact on practice income and partner drawings

Whether a GP owns or rents premises, every partner should be familiar with the following eight taxes or costs arisng from a practice premises. Read more