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

The Winter 2013 issue of AISMA Doctor Newsline, the newsletter for GPs and practice managers published by  the Association of Independent Specialist Medical Accountants, has been published today.

With the possibility of early retirement tempting many GPs, AISMA expert Barry Rigby leads this issue with an overview of the issues affecting NHS Pension Scheme members and the options they should be considering.

AISMA committee member Chris Howe reflects on the income pressures many GP practices will be experiencing in 2013 due to increases in workload, creeping tax rates and increases in superannuation contributions.

Former primary care support services boss Paul Ham gives a run down of the financial dilemmas puzzling many GPs and offers answers to some common questions. Resident management expert Kathie Applebee highlights the rising levels of sickness absence and resignations among practice managers and explains how GPs can support stressed managers in their own practices.

Finally Alison Oliver, a solicitor specialising in GP partnership and contractual matters concludes her series of answers to the legal questions most commonly asked by GPs and practice managers.

AISMA Doctor Newsline is available exclusively to clients of AISMA accountants.

Doctors wishing to contact their local AISMA accountant can find details on the find an accountant page of this website.

GPs should start reducing their drawings by up to 10% in order to prepare immediately for a sharp dip in income from April, medical accountants have warned.

Accountants are advising practices to prepare early for the sweeping changes to the GP contract which are set to be imposed from April, with some predicting take-home pay could fall by as much as a fifth. Read more

Planning ahead is key to ensuring 2013 deadlines for tax, National Insurance and pensions are met. There are some significant changes afoot; not least the disappearance of primary care trusts on March 31 as CCGs start operating. April will also see a radical change to the way in which PAYE information has to be reported to HMRC which will require monthly submissions of consistently accurate employee information.

Sue Beaton explains the key financial deadlines Read more