Guide to practice accounts

Knowing what all figures mean is crucial if the GP partners and practice manager are to run the practice as a successful business.

This eight-part guide aims to demystify the various components of the accounts so that you can use them as a financial management tool to identify, for example, why income, expenses and overall profit are up or down or if partners’ monthly drawings are too high and much more besides.

You can also read the guide on Medeconomics via the links below:

• What is included in a set of accounts
• The income and expenditure account
• The balance sheet
• Working capital
• Analysis of income and expenditure
• How profit is allocated to the partners
• Making the figures meaningful
• Using the accounts as a financial planning tool