Categories
Business Trends

Ways to find a Good Tax Accountant

Ways to find a Good Tax Accountant

Letting an tax accountant take over your finances makes sense as their experience and knowledge can make your money go further. However, finding a good tax accountant can be tough as you are putting your finances and personal information into their hands, and trusting they will take care of you now, and in the future.

Tax Accountants can work for large businesses or for themselves, get yourself a good one and you should find they save you a lot of money in tax payments, as long as they know what they’re doing. They’ll also be able to assist with various other issues that are important and can’t really be ignored, such as tax, financial planning, business consulting, and more.

When searching for good tax accountants there are various ways you can narrow the field down.

First ask your friends and business associates if they have anyone they can recommend, if they have had the same person for years and are happy with their service then they might also work for you. Also look through the www.google.com  for businesses near you, or for convenience and speed, check online as most companies these days have a web presence and should list their areas of skills, expertise and professional services on their website.

Once you have a list of possibilities, contact them for further information and arrange an interview. Queries should be answered quickly and professionally, if they can’t do this then forget about them and move on. If the company is quite large then find out who will be assigned to you, it’s essential you get on well with your tax accountant as you need to tell them everything regarding your financial issues.

They also have to be aware of your life goals, this involves everything, from your business needs now and in the future to your personal goals and future plans. If your dream is to retire abroad then you need to let them know, being aware of your plans and hopes will mean they have a better understanding of you and can find ways to save you money and give advice based on this information. Someone who takes the time to get to know you will be more proficient at delivering a totally focused and customised service.

Always check out the tax accountant qualifications, they should have a recognised professional qualification, such as the American Institute of  Certified Public Accountants.

It’s advised you choose a firm that have been established for some years. If a company is new it can be more difficult to find out if they are reliable or ask for references. An advantage to choosing a bigger company is that you aren’t reliant on just 1 person, if there is a problem or that person has to be away for an extended period then your finances will still be dealt with.

You tax accountant should have some experience and knowledge in your area of work or interest. There are so many aspects, from self managed funds, investment advice, retirement planning, business management, strategic planning and so on, that it’s nearly impossible to find someone who is knowledgeable about everything. Everyone has different needs and it’s important you find someone who can assist you with yours.

For example, if you need a tax accountant to process your individual tax returns they should be able to ensure you get maximum tax benefits and explore other ways to save money. They are there to help you minimize your tax payments and advice you on other financial matters that will benefit you.

If the tax accountant you have chosen meets all your criteria, is agreeable, gives you advice and information in easy to understand terms, and is ready to answer all your questions, then you should consider signing up for their services.

Look for firms online that are committed to clients and can assist with business, tax and financial planning solutions. Whether you are an individual, a family business, or a small enterprise a good tax accountant can ensure you legally pay the lowest tax possible.

 

Categories
Medicare

Medicare Cost Report Preparation Strategies

Medicare Cost Report Preparation Strategies

Our Medicare Cost Report Preparation, Reimbursement & Cost Report Services Strategies for enhanced reimbursement. With the increasing pressure on hospital margins, it is imperative that providers obtain accurate reimbursement from Medicare and Medicaid as well as other third-party payors in order to file an accurate Medicare Cost Report.

You can benefit from our experience with Medicare Cost Report Preparation since the inception of Medicare for hospitals and health systems of all sizes and types, including critical access hospitals (CAHs). We have a team dedicated to Medicare Cost Report Preparation and defending them through reviews and appeals. Our Medicare Cost Report Preparation team keeps up with changes in Medicare Cost Reports and requirements to better serve you and includes members who have hands-on experience with reimbursement issues on both sides – Medicare and hospitals.

We have helped numerous clients increase their reimbursement by assisting them with conversion to special Medicare status such as sole community provider, regional referral center, and critical access hospital.

We’ve also assisted them with various Medicare prospective payment systems (PPS) reimbursement issues such as:

  • Wage index analysis
  • Disproportionate Share Hospital (DSH)
  • Medicare bad debt optimization

For academic medical centers, we’ve assisted in proper reporting for post acute transfer issues, graduate medical education (GME), independent medical examiners (IME), and organ transplant costs. On behalf of hospitals and health systems, VieraCPA also has negotiated with various third-party payors including state Medicaid programs.

As part of our Medicare Cost Reports preparation service, we provide a summary of observations and recommendations about the data provided for the cost report as well as opportunities to enhance reimbursement in the future. We’ll help you interpret the results of your Medicare Cost Reports so you know if you make or lose money on individual service lines.

State Statutes require applicants to show anticipated provider revenue and expenditures, the basis for financing anticipated cash-flow requirements of the provider, and an applicant’s access to contingency financing. All schedules must be prepared in accordance with generally accepted accounting principles (GAAP). CPA Firms must compile, examine, or apply agreed-upon procedures to prospective financial statements, including summaries of significant assumptions and accounting policies. An applicant will have demonstrated Proof of Financial Ability to Operate by completing schedules 1-7 in conformity with the below instructions and GAAP, all relevant rules and statutes, and projections that show assets, credit, and projected revenues meet or exceed projected liabilities and expenses and Independent evidence of sufficient funds for starting a Home Health Care Agency, working capital & contingencies.

Categories
Tax

13 Tips to Finding the Right Tax Preparer Miami Team

13 Tips to Finding the Right Tax Preparer Miami Team

How do you find an Income Tax Preparer Miami Team that is right for you? First, income Tax Preparer Miami are not all the same.

First, not all Tax Preparer Miami are the same.

I previously wrote an article about this last year titled: “Tax Preparer Miami – Are they really all created equal”, and you may be as surprised as other readers about just how much tax return preparation can vary.
In fact, I calculated the average savings I typically find from annual tax savings, reducing professional fees and audit assessments. In total, the average savings are:
– $23,750 Annual tax savings
– $5,000 Audit defense savings
– $10,000 Reduced audit assessment savings
– $50,000 Reduced legal fees
– $3,000 Reduced tax return preparation Miami (average) fees
This is a total average potential savings of $91,750! Your tax preparer does make a difference! How much more could you do with these savings?
Second, the right tax preparer for you depends on what is important to you. Take a minute to answer this question:

WHAT MAKES YOUR INCOME TAX PREPARER MIAMI SUCCESSFUL?

How you answer this question will impact what type of Tax Preparer Miami team you need. I’ve asked these questions to clients, prospects and colleagues. I have compiled the most popular answers and what it means to you as you find the Income tax preparer Miami for your team.

ANSWER #1: Paying the least amount of tax legally
Your Income Tax Preparer Miami team needs to:
– Know the tax law very well and know how to be creative legally.
– Ask you a lot of questions about your situation in order to understand your situation and goals.
– Have a review process where at least one other person reviews your return solely for the purpose of how to reduce your taxes legally.
HERE ARE SEVEN (7) QUESTIONS YOU SHOULD ASK YOUR INCOME TAX PREPARER MIAMI TEAM TO DETERMINE IF IT’S A GOOD FIT:
Q1: Can you tell me about the other (your industry) you service?
A: Your Tax Preparer Miami needs to know how the tax law applies to your situation. Having other clients in your industry or with similar investments indicates that the tax preparer is likely to be familiar with the tax laws that impact you.
Q2: Who will be working on my income tax return?
A: It’s very common (and a good business practice) for income tax preparers in Miami to have staff prepare your tax return. You want to make sure the other people working on your return have the same level of expertise.
Q3: What is your tax return review process?
A: Tax Preparer Miami who are focused on reducing your taxes will have this built into their review process. Usually it involves having another experienced tax preparer review the return solely for the purpose of finding ways to reduce your taxes.
Q4: What would you have done differently on my past tax return?

A: Show the income tax preparer Miami you are interviewing your prior year tax return. Creative income Tax Preparer Miami will be able to give you at least one idea of what you can do to reduce your taxes by looking at your tax return for just a few minutes. If it’s creativity you are after, this is a great question to ask! But don’t expect the income tax preparer Miami to give you all the details right then and there – that’s why you pay them!
Q5: How much can you save me in taxes?
A: While it’s difficult for any income Tax Preparer Miami to answer this in just a few minutes of looking at your past tax return, it is possible for them to know if they can save you taxes after spending 30 minutes with you.

Q6: What deadlines do you impose on clients?
A: This may seem like an odd question for minimizing your taxes but it has a direct impact. If your income tax preparer in Miami allows you to provide your information a week before the tax return is due, it’s very unlikely that the income tax preparer Miami will have the time to focus on your return to truly minimize your taxes. Income Tax preparers in Miami that want to reduce your taxes want your tax return information early and will communicate that to you.
Q7: What recent tax law changes should I be aware of?  A: To minimize your taxes, your tax preparer needs to know the tax law inside and out, which includes the latest changes? Your tax preparer needs to be able to answer this question without hesitation.
ANSWER #2: Minimizing tax return preparation fees your tax preparer needs to:
– Focus on the tax work and recommend someone else for the non-tax work (such as bookkeeping).
– Request tax information in a certain format.
– Require you to input your information online.

HERE ARE TWO (2) QUESTIONS YOU SHOULD ASK YOUR TAX PREPARER MIAMI REGARDING MINIMIZING RETURN PREPARATION FEES TO DETERMINE IF IT’S A GOOD FIT:

Q1: What can I do to reduce my tax return preparation fees?
A: To minimize your tax return preparation fees, your tax preparer always needs to have your fees in mind. Ask your tax preparer what you can do to reduce your fees. If you don’t get at least 2 suggestions, your tax preparer probably isn’t thinking about how to keep your fees low.
Common suggestions include:
– Have someone other than the tax preparer do your bookkeeping. I am always skeptical when a tax preparer does the bookkeeping. First, they either charge an arm and leg or if they reduce their rates to accommodate you, it means they don’t spend their time entirely on tax issues, which could indicate their tax skills aren’t up to par.
– Organize your information. Don’t bring your tax preparer a shoebox! A tax preparer that is really focused on keeping your fees down will have forms, spreadsheets and other tools available for you to use to organize your tax return information.
– Enter your information online. Many tax preparers now require clients to input their information online. Accurately entered information can help reduce fees. Caution: Information that is entered inaccurately can increase your fees!
Q2: What is your fee structure?
A: Your tax preparer needs to be able to answer this question with confidence. Any wavering could indicate that the tax preparer knows the fees are too high for you but just doesn’t want to tell you. Unfortunately in these situations, you find out too late!
ANSWER #3: Reducing audit risk your tax preparer needs to:
– Know the tax law very well and how to properly report your activity.
– Understand the IRS’s current “hot buttons” or “red flags.”
– Offer an audit defense plan.

HERE ARE FOUR (4) QUESTIONS YOU SHOULD ASK YOUR TAX PREPARER MIAMI IN REGARDS TO REDUCING AUDIT RISK TO DETERMINE IF IT’S A GOOD FIT:

Q1: How many audits have you been through and what triggered the audit?
A: The most important part of this question is what triggered the audit. If it was triggered by how something was reported, then that may be something the tax preparer had control over (and may be a bad sign for you).
Q2: What was the outcome of the audits you have been through?
A: A return can be randomly selected for audit or selected because of a certain activity (even though it was reported correctly). So it’s important to understand the outcome of the audits. Was additional tax assessed or were there no changes? Additional tax may indicate that something was not reported properly.
Q3: Do you offer an audit defense plan?
A: Tax preparers that are confident in their work will offer an “insurance” program that covers their professional fees to handle your audit if your return is selected for audit.
Q4: What is your tax return review process?
A: Although tax returns can be selected randomly for audit, many are selected due to how items are reported on the tax return. Tax preparers who are focused on reducing audit risk will have a review process that includes another tax preparer reviewing your return solely for accuracy of reporting.
Be selective with the tax preparer you put on your team. The average savings I find for my clients is over $90,000! Your tax preparer makes a difference!

 

Categories
Medicare

Proof of Financial Ability to Operate

Healthcare Accounting Specialist Explains Proof of Financial Ability to Operate

As you may know, part of the process to complete the Health Care Licensing Application, the Florida Agency for Health Care Administration (AHCA) and the Florida Statutes requires that each applicant to establish AHCA Proof of Financial Ability to Operate and to show per Healthcare accounting requirements the anticipated provider revenue and expenditures, the basis for financing anticipated cash-flow requirements of the provider, and an applicant’s access to contingency financing. To establish AHCA proof of financial ability to operate, information is provided in detailed forms and schedules which include the monthly projected summary of revenue and expenses, the monthly projected cash flow statements for 24 months and the two annual balance sheets and detailed footnotes that include summaries of significant assumptions, accounting policies and other informative disclosures as required by Generally Accepted Accounting Principles (GAAP). Typical Excel based spreadsheets may be cumbersome to design for this purpose.  Because of the special requirements to produce monthly income statements and cash flows for 24 months, customized projection software is needed to meet the reporting requirements. Subsequent to approval, certain Medicare providers will have to file an annual Medicare Cost Reports.

To show AHCA proof of financial ability to operate per Healthcare accounting requirements the forms and schedules must accompany any initial or change of ownership (CHOW) application for the following types of health care providers.

•  Adult Day Care Centers

•  Assisted Living Facilities

•  Health Care Clinics

•  Home Health Agencies

•  Home Medical Equipment

•  Hospice

•  Intermediate Care Facilities for the Developmentally Disabled

•  Prescribed Pediatric Extended Care Center

•  Skilled Nursing Facilities

All schedules must be prepared in accordance with generally accepted accounting principles (GAAP). A Certified Public Accountant (CPA) must compile, examine, or apply agreed-upon procedures to prospective financial statements, including summaries of significant assumptions and Healthcare accounting policies. Such a requirement is usually not required for the annual Medicare Cost Reports

To establish AHCA proof of financial ability to operate each applicant can select the type of financial statement to be given to the Provider.  As mentioned above, the three choices are :

1.  Compiled

2.  Agreed-upon procedures

3.  Examined

To establish AHCA proof of financial ability to operate and to learn more about your financial statement options and Healthcare accounting requirements:

Before you select the level of service from the CPA , the following will serve as a brief analysis of each option.

1.  Compile – A compilation engagement is the lowest level of service that an accountant can perform on prospective financial presentations that is intended for third parties. Despite it being the lowest level of service, it is a very common deliverable provided by a CPA and often a cost effective solution for many companies, when required or accepted by third parties and acceptable healthcare accounting practices utilized. Compilation procedures includes assembling, to the extent necessary, the prospective financial information based on the responsible party’s assumptions. Performing the required compilation procedures, including reading the prospective financial statements with their summaries of significant assumptions and healthcare accounting policies, and considering whether the prospective financial statements appear to be (1) presented in conformity with American Institute of Certified Public Accountants(AICPA) guidelines and (2) not obviously inappropriate. The compilation procedures are not performed for the purpose of providing any assurance on the presentation or on the underlying assumptions. The accountant may prepare the financial statements or then reads them when they are prepared by the Company’s management  to make sure that they appear appropriate in form and content. Because the accountant does not perform any other procedures, the accountant does not obtain any assurance that the financial statements are free of material misstatement. A compilation report is issued by the CPA.

2.  Agreed-upon procedures – With an agreed-upon procedures engagement the accountant is engaged by a client to perform specific procedures and report findings. The accountant does not perform an examination or provide an opinion. Rather, the accountant reports only procedures and findings. In this type of an engagement, the accountant performs whatever procedures the users of the prospective statements specify. It is a flexible form of engagement; the procedures may be as extensive or cursory as the specified parties want, but should include more than a mere reading of the prospective financial statements. The service may be lower than a compilation, between a compilation and an examination, or as high as an examination.

3.  Examined – An examination engagement is a professional service that involves extensive corroborative procedures, resulting in the CPA’s expression of positive assurance about the presentation and the underlying assumptions. It is similar to an audit of historical financial statements and is the highest level of service that CPA’s can provide on prospective financial statements. The examination involves (a) evaluating the preparation of the prospective financial statements,(b) evaluating the support underlying the assumptions,(c) evaluating the presentation of the prospective financial statements for conformity with AICPA presentation guidelines, and (d) issuing an examination report.

Some additional insight factors to consider when choosing the levels of service

In an examination engagement an opinion is given by the CPA and it states that (i) the prospective financial statements are presented in conformity with AICPA guidelines and (ii) the assumptions provide a reasonable basis for the responsible party’s projection, the assumptions provide a reasonable basis for the responsible party’s projection given the hypothetical assumptions. Because an examination is an extensive service, it is more expensive to provide than the other two alternatives. Examinations are typically performed when the prospective presentation is associated with a decision involving a large amount of money or when a regulatory agency (such as a securities commission or health care authority) requires it.

Notwithstanding the statutory requirement for either a compilation, or agreed-upon procedures or examination to establish the AHCA proof of financial ability to operate, you may want to consult with your counsel and the healthcare accounting authority before hiring the accountant to prepare the Florida AHCA Proof of Financial Ability application.

We can help you with …..

•Due diligence on acquisitions of Home Health Agencies  that are  primarily Medicare based.

•To provide the AHCA proof of financial ability to operate, we can assist  you with the Florida AHCA Proof of Financial Ability application including assistance with compiled prospective(projected) financial statements that are required to be completed by a Certified Public Accountant for Home Health Agencies that are primarily Medicare based. We have developed specialized projection software that was customized to meet the AHCA requirement(s) for a Medicare based Home Health Agency that shows the monthly projected summary of revenue and expenses and the monthly projected cash flow statements for 24 months and the two annual balance sheets.

•Setting up accounting systems with QuickBooks and related training after obtaining your license from the State of Florida.

We have prepared dozens of projections  over the years in various industries and recently successfully assisted a Medicare based Home Health Agency and HME   in completing and filing a AHCA proof of financial ability to operate (CHOW) and to attain a license from The Florida Agency for Healthcare Administration (AHCA) by completion of the  Proof of Financial Ability To Operate application, which included preparation of the projections, forms and schedules referred to above and communication with the AHCA reviewer.

Categories
Medicare

ZPIC Audits- Do I need a CPA?

ZPIC Audits- Do I need a CPA?

It depends? If your CPA a Medicare Cost Report expert? If the answer is yes, he or she probably prepared your annual Medicare Cost Report or Medicaid Cost Report and getting them involved as as soon as possible is a good idea during ZPIC Audits.Wow what a feeling!!

I have talked to potential clients as they are actually having chest pains and snacking on nitro tabs or spray as they describe this over the phone to me, they have been to the hospital already and continue to have the pains weeks later. ZPIC Audits are is indeed very stressful.

You have just been selected  for a ZPIC Audits amongst an elite group of many who during the last 36 months have submitted via your billing, OASIS, Service Utilization, et al.. to the folks at CMS, created a data profile and pattern, which has been confirmed by the computers as 90% or greater chance it contains errors allowing them to recover several million dollars from you. (More of that another time)

The data is so compelling that it leaves CMS no other option than to validate what your doing. Via a post payment review.

So you have a letter.
CMS is fishing for money.
No denial of payment has been made as of yet.
A lawyer will do what at this point?
A consultant will do what at this point?
What can I the agency owner do for FREE, The answer is an amazing amount, and most owners properly coached need very little intervention until the midpoint of the process.
It is actually more important to build a financial rainy day fund at this point than spend like a sailor.

Everything that needs to be done at this point can be done by you, auditing of the census and the charts to look for the data patterns that triggered this fiasco, and the documentation patterns that will be denied, and perform a sample extrapolation from your global universe of claims to validate and assess your liabilities.

ZPIC Audits rather simple low-level activities.

So we now know that if you’re the recipient of this type of probe there will be financial losses at some point in time. Certainly not until charts are reviewed, as the law does not allow for the debit of money, until charts are approved and or denied.

So calm down take a deep breath this is not the end of the world, but ZPIC Audits it will not go away either. Some of you will need to go to the gym and work it out, others will resort to a few drinks whilst others will bury their head in the sand.

I have actually been in agencies that did not “get it” even though the pattern or trend was imminently clear to me. Too often owners and administrators really do not know the home health Conditions of Participation and documentation requirements for billing. What generally occurs is that the owner or administrator delegates “auditing” to a nurse or group of nurses who may understand basic documentation requirements but who also are very familiar with the clinical staff and often equally familiar with patients. They frequently “read between the lines” when auditing – and if in addition they do not know the requirements for skilled care they are likely to miss the point. Some documentation issues can be at least partially mitigated if identified and addressed appropriately. A ZPIC auditor will not read between the lines. The major areas of concern will of course be the agency’s understanding of what is required for adequate documentation of therapy provided, REASONABLE goal setting and skilled nursing “observation and assessment”. (Hello, now we even have separate billing codes to distinguish the types of care provided – how’s that for an audit edit set up?). Also there are many agencies who use “managment and observation” as a reason to recertify 85% of their patients often for multiple episodes without documentation of significant clinical issues requiring skilled nursing. Many agencies believe that one or two aberrant blood pressures with no change in medications or other treatment constitute the need for ongoing “observation and assessment”.

Maybe it is too soon to call an attorney when the letter arrives but if there is any chance of lessening the impact an ZPIC Audits may have – they must make sure they understand the rules if they are going to adequately respond to the audit requests yourself.

 

Categories
Medicare

How to Start a Home Health Business in Florida

How to Start a Home Health Business in Florida

Home health businesses (HHA) provide health care to home-bound seniors and the disabled. Home health aides, nursing assistants, registered nurses and directors play a vital role in assisting the home-bound population. Since the elderly and disabled are vulnerable, states such as Florida have rigorous licensing requirements for home health business. But if you are motivated, caring and have strong financial backing, you may succeed in the home health care business.

Instructions on How to Start a Home Health Business

    • How to Start a Home Health Business, Find a location first. According to the Florida Agency for Health Care Administration (AHCA), a home health care business can’t be located in a private residence and the building must be zoned for a business.
    • Write a business plan. AHCA requires one for licensure, which must detail employee and consumer recruitment, services provided and a financial plan approved by a Certified Professional Accountant (CPA). The AHCA also requires enough money or credit to fund the agency for its first three months.
    • Buy malpractice and liability insurance. For each service provided, the AHCA requires $250,000 of coverage.
    • Hire an administrator, alternate administrator, director of nursing and financial officer. Before you can submit an application, these positions must be filled by persons who meet AHCA’s standards. For more information on these requirements, see the Resources section.
    • Submit a completed application to the AHCA. The application must include background checks for both owners and employees, an affidavit of good moral character and evidence that vital personnel met the state’s standards. For an application and in-depth explanation of the requirements, see the Resources section.
    • Hire nurses and home health aides who meet federal Medicare and Medicaid training requirements. Both Medicare and Medicaid are federally-funded health programs for the poor, disabled and elderly. Most people who use home health services are insured under these programs. For more information on training requirements and becoming a Medicare or Medicaid provider, see the Resources section.

 

Categories
Accounting

What is a CPA?

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CPA

What is a CPA?

A Certified Public Accountant Miami or CPA Miami is a special type of accountant. Officially it’s the title of someone in the United States, who has passed the Uniform Certified Public Accounting Examination and has met some additional state education and experience requirements to get this certification. This test is grueling and requires upwards of 150 hours of special education and Accountant Miami complies and reports it’s CPE to the Florida Board of Accountancy.

But what does this mean to you as a small business owner in Miami. Do you need a Miami CPA or will a regular Miami Accountant or even a Miami Bookkeeper be sufficient for your business?

Most people use the term CPA and accountant interchangeably but there is a very big difference. The CPA designation carries a lot of weight within the financial community and certainly within the accounting profession.

Services Provided By Accountant Miami:

In public accounting, those accounting services provided to a business on a contract basis, a CPA attests (to a financial audit) and gives assurances that financial statements are reasonable and accurate and adhere to generally accepted accounting principles (GAAP). They also attest to the reasonableness of disclosures and that statements are free from “material misstatement”.

As a Miami Auditor, a CPA is required by professional standards and Federal and State laws to maintain independence from the entity for which they are conducting a financial audit and review, often called a Financial Audit.

Our Miami Consulting Service, advises companies on acceptable business practices and making recommendations on financial management. Typically these consultants do not work as auditors for a company at the same time they are acting as consultants.

As part of the certification, our Miami Accountants must complete 40 hours of continuing professional education (CPE) every year to keep up with the new rules and regulations in the financial, accounting, and business world. This is proof of the high level of expectations of the accounting profession for a Certified Public Accountant in Miami.

Our Certified Public Accountant in Miami belongs to the Florida Institute of Certified Public Accountants (FICPA) and American Institute of Certified Public Accountants (AICPA) with the goal of keeping up to date with the accounting community and taking continuing education classes. Of course tax laws change frequently and our Miami Accountants will spend time staying abreast of changes in financial areas. As a member of a local association they have access to the latest thinking and rules in the accounting area.

Why You Need A CPA

If for no other reason than Tax Planning it’s good to have the advice of a Tax Accountant. And as far as business management and financial advice access to a good Accountant in Miami is very desirable.

But does that mean you need a CPA?

In general you can assume that anyone who has taken the time to get certified as a CPA, and maintain that certification, is at the upper levels of the skill set, our Miami Accountants certainly are. It’s a clear credibility booster to be a CPA. If your business can afford the best than our CPA in Miami are worth the money.

But does that mean they are better than a typical accountant. Of course not. But it does indicate a level of commitment that is worth considering. Certainly if legal proceedings are required, the assurance of a CPA will hold more weight than a typical accountant. Again much depends on the reputation of the CPA in the community as well. Certainly an audit by a CPA has an implied level of credibility. Not to mention a non CPA cannot perform financial audits by law.

Our Miami CPA Firm does much more than financial audits these days. We provide consulting and overall financial planning not only for small and large businesses but also for estate planning, investments, and strategic planning.

So if you want to run your business at the highest level you certainly want to consider hiring a Certified Public Accountant like the ones at Accountant Miami.

 

Categories
Medicare

How to File a Medicare Cost Report

How to File a Medicare Cost Report

CMS and AHCA require Home Health Agencies (HHA), Hospice, Hospitals, and Renal Facilities to file an annual Medicare Cost Report and or Medicaid Cost Report.

GENERAL INSTRUCTIONS

Federal/State program administered through the State of Florida Agency for Health Care Administration (AHCA). Each provider participating in the Medicaid or Medicare program shall submit a uniform Medicaid Cost Report and or Medicare Cost Report and related documents required by the Florida Title XIX Long-Term Care Reimbursement Plan (Plan). For Medicaid Cost Report and or Medicare Cost Report periods ending on or after December 31, 2003, cost reports must be filed using “SEXTANT”, the October 2003 Electronic Cost Report (ECR); the October 2003 Chart of Accounts; and instructions provided by AHCA. Further, this Medicaid Cost Report and or Medicare Cost Report must be filed within the timeframe specified in the Plan. All required schedules MUST be completed or marked N/A. Note that Schedules I, J and J-2 are only required for providers on cost or payback reimbursement.

Limited amounts of supplemental supporting documentation can be added to the Notes Schedule provided within the ECR. Additional supporting documentation or attachments may be mailed to the address provided below. All additional information and documentation, whether on the Notes Schedule or mailed separately, must be referenced to the applicable cost report schedule.

The provider of the Medicaid Cost Report and or the Medicare Cost Report home office cost report must each stand-alone. Do not indicate, “see home office cost report” on any schedule in lieu of completing the schedule.

All schedules must be completed with all applicable information each year. Do not reference a prior year report as containing the information requested in lieu of completing the schedule in the current year cost report.

In addition to submitting the ECR as per the instructions in Appendix B, one hard copy of the cost report, the certification page, supplemental schedules and attachments, and accountant’s compilation reports must to be sent to:

Agency for Health Care Administration

Audit Services 2727 Mahan Drive, Mail Stop 21

Tallahassee, Florida 32308

The recognized Medicaid Cost Report Medicare Cost Report will be determined by utilizing the accrual method of accounting in accordance with generally accepted accounting principles (GAAP) as established by the American Institute of Certified Public Accountants (AICPA), the methods of reimbursement in accordance with Medicare (Title XVIII) Principles of Cost Reimbursement, the Centers for Medicare and Medicaid Services Provider Reimbursement Manual (CMS Pub. 15-1) except as modified by the Florida Title XIX Long-Term Care Reimbursement Plan, and State of Florida Administrative Code.

INPUTTING COST REPORT DATA

The input worksheet is where the bulk of the cost report data will be entered. Enter text using proper case; please do not use all capital letters. Enter whole numbers only unless the input number is a percentage. Enter a percentage in decimal form (i.e. input .047635 for 4.7635%). Debits are entered as positive numbers and credits are entered as negative numbers unless otherwise specified.

Patient days input fields cannot be left blank; these include In-House Patient Days; Reserved Bed Days; Holding Bed Days; and Skilled, Intermediate I, and Intermediate II Medicaid Days. When appropriate it is required that zero be entered.

Other input worksheets that require the input of data are designated with a “(W)” on the worksheet tab (such as, Cover (W), B (W), K (W) or L (W), etc). “See attached” is not considered valid for Electronic Cost Reporting purposes.

Input areas have cells with a light yellow background. When a choice is required, a brown background is used with a dropdown box. Clicking on the arrow to the right of the dropdown box allows for an appropriate selection to be made. (Appropriate selections must be made from the dropdown box to avoid a validation error).

When data is entered on the input worksheet, the appropriate schedule changes can be reviewed by clicking on the schedule tab. Many schedules have validity checks built into the system. In some instances, an error message may appear on the applicable schedule to the right side of the row being checked. In other circumstances, validation checks are a part of the applicable schedule.

When data input is completed for the entire Cost Report, the “VALIDATE” tab should be referenced to locate any remaining exceptions noted. Sextant currently checks for more than 190 different potential exceptions to the Medicaid Cost Report or Medicare Cost Report.

Certification Page:

The Provider may use the “optional Medicaid Cost Report or Medicare Cost Report identifier” for internal tracking purposes. If the cost report is prepared in house choose “yes” in the dropdown box; otherwise, choose “no” in the dropdown box.

Enter the name of CPA (or CPA firm) responsible for preparation of the cost report.

Enter the CPA (or CPA firm) license number. If not a Florida CPA identify the state of licensure.

Please contact us for a complete how to guide on how to prepare a Medicaid Cost Report or Medicaid Cost Report

 

Categories
Accounting

Outsourcing Accounting Services is an Investment for Your Small Business

Outsourcing Accounting Services is an Investment for Your Small Business

As a small business owner in Miami, you want to make investments in your business; outsourcing accounting services in Miami will do that just that. QuickBooks is a great accounting software program, but unlike what most people think you need to have basic accounting skills. As a Miami Accountant I see it all too often, garbage in – garbage out. Our Accounting Services in Miami are your virtual accountants that can help you keep your books straight and accurate. Our accounting services in Miami will also save you money and help you better the bottom line of your business. Accounting Miami Firms are not all the same. Accounting is something that you need to outsource, so do not try to do it yourself. Look at how Accounting Miami is actually an investment for your business.

Use Accounting Services that are Streamlined:

With all the options out there, small business owners have choices. Outsourced accounting services, are becoming more and more popular today. You will find that there are easy ways to get information online and you can have your documents submitted electronically. You will also be able to easily communicate through email, Share Point sites, and know that you will be able to get it done so easily. Make sure that you are looking at these streamlined Accounting Firms so that you can get your accounting done quicker and easier.

Save Money with Accounting Services Miami:

People do not realize or comprehend the amount of money that you can save by outsourcing your bookkeeping and accounting services in Miami. You are going to be able to pay someone by the hours that they actually bill instead of paying them a salary. Outsourced accounting services in Miami is going to save you a ton of money and are going to be an excellent way to save you cash by not hiring someone in your office that requires extra pay for when the accounting is slower. You will find that just in the recruiting, training, and advertising for a new employee that you will save a ton of money just outsourcing your accounting.

Access Accounting Services that Corporations are used To

The hard part about hiring accountants in house is that you just do not get the best of the best. Those accountants require a higher salary and generally end up in the hands of a corporation that is much larger. What you will find is that with Accounting Miami, you will be able to take advantage of a team of accountants and CPA’s, which are more like what a large corporation gets. Get talent and do not pay the extra cash that you would generally have to shell out for.

Accountability and Liability

If there is an error in your books and you do it yourself, it is your fault. Instead, what you will find is that when you outsource accounting you take the liability out of your hands. You want to have someone else to blame if there is an error and even though a team of professionals does a great job if they make an error, they are to blame for it. Be sure that you are looking into Accounting Services in Miami and getting what you need to have quality accounting completed for you that is error free.

 

Categories
Business Trends

Moving Out of the Home Office — Four Tips for Growing Businesses

Moving Out of the Home Office — Four Tips for Growing Businesses

Did you know that an astonishing 52 percent of small businesses are based out of a Home Office? That’s according to the SBA’s Office of Advocacy.

As a CPA in Miami, I’m aware that a Home Office based business must have numerous advantages for many business models, and for businesses of different ages.  For example, during the start-up phase it represents a low-cost and low-risk avenue for conducting business. However, a home office has its limitations. Small business owners often find that they are not cut out to work from home, or they’ve found their enterprise growing and need to hire employees, or they simply need a more professional space in which to conduct business.

But how do you make a seamless and cost-effective transition from a Home Office business to a professional office space? Here are some best practices to consider as you expand beyond your home-based business environment.

Outsource Accounting Services

As a small business owner in Miami, you want to make investments in your business; outsourcing accounting services in Miami will do that just that. QuickBooks is a great accounting software program, but unlike what most people think you need to have basic accounting skills. As a Miami Accountant I see it all too often, garbage in – garbage out. Our Accounting Services in Miami are your virtual accountants that can help you keep your books straight and accurate. Our accounting services will also save you money and help you better the bottom line of your business. Accounting Miami Firms are not all the same. Accounting is something that you need to outsource, so do not try to do it yourself. Look at how Accounting Miami is actually an investment for your business.

Assess Your Home Office Budget

If you are considering a commercial property lease, make sure you have a clear sense of your Home Office vs Commercial Lease budget on a per-square-foot basis. Ask yourself how many offices, cubes, or workstations you’ll need, now and in the future. If you anticipate further growth, preempt the need for multiple moves by looking for a building that has extra space you can expand into should you need it.

Your budget should also include cost estimates for furniture, utilities, and IT needs. Don’t go overboard though; as you transition from home to an office, invest your resources wisely. One option is to rent office furniture and equipment, or buy government surplus equipment (a little known but very cost-effective way to equip your business.) Alternatively, you may want to introduce a hot-desking policy or shared office space. This will allow employees to literally share a “hot-desk” on a rotating basis. So if one employee is teleworking or taking flex time, another employee can use the same desk space.

Consider Serviced Offices or Suites

A great option for making the transition from a home office to a professional environment is to rent a serviced office or executive suite. Usually located in busy business districts, these premises are fully equipped and managed by a facility management firm. The rental agreements for these spaces are often more flexible than commercial leases and also give you the option of easily scaling up if you need to. Typically a serviced office broker can help you locate the right space.

Decide on a Location

Deciding on a location for you new office or retail outlet will take some research. You want your presence to be felt, but you also want to make sure you’re visible and within reach of your target customers. If you are in the retail service industry, having a store concept or design in mind is also a good idea; this will help you pitch your business to commercial leasing companies seeking the “right kind of tenant” for their property.

Update Your Business Regulatory Paperwork

When you relocate your business to a new city, county, or state you’ll need to update several key business requirements. For example, both your business licenses and permits and your “Doing Business As” name (DBA) filing will need to be updated with your local government.  Visit the Incorporating and Registering Your Business page for more information on how to re-register your business in a new location. If you move to a new state you’ll also need to understand your new city/county tax requirements, as well as notify your previous state of your move. Find links to your state revenue office here.