The income and expenditure account – sometimes known as the profit and loss account – summarises the income received and expenses incurred over the year. Accounts should at minimum show the current year and the previous year for comparison. The figure at the end of the income and expenditure account shows the profit available for…
Search Results | Explaining the GP practice accounts
Explaining the GP practice accounts – Part 3 of 10
January 30, 2020, by AISMA in Accounting
Partner current accounts made simple An easy way to understand the partner current accounts work is to imagine them as the partners’ mini bank accounts within the practice. As a business, the practice needs working capital to cover the cash-flow for day-to-day expenses such as staff wages. This working capital is invested by the GP…
Explaining the GP practice accounts – Part 2 of 10
January 30, 2020, by AISMA in Accounting
What information is included in the accounts? The GP accounts are presented in the financial statements document prepared by your practice accountant. To help you make sense of the document, here is a run-down of what a typical set of accounts will include, based on the recommended template of the Association of Independent Specialist Medical…
Explaining the GP practice accounts – Part 1 of 10
January 30, 2020, by AISMA in Accounting
You are in a meeting with your GP partners and the practice accountant to review last year’s accounts. Do you: feel an impending sense of doom glaze over, or fully understand the figures and what they mean for your practice? If the answer is A) or B), this 10-part tutorial is for you! Making sense…
Explaining the NHS Pension Scheme – Part Six
Following on from parts one to five, which can be read here, we now come to part six, final pay controls. Part 6: Final pay controls Breaching the final pay control regulations in the 1995 section of the NHS Pension Scheme could lead to your practice being charged thousands of pounds. If you are not…
Can practices benefit from social media?
February 22, 2018, by Practice Index in Social Media
The growth of social media and the vast amount of material available online has signalled a change in the way people consume information – and it’s a medium that shows no sign of abating.
A look back at 2020
January 7, 2021, by Practice Index in GP Practice Management, Practice Life
How do we sum up 2020? Do we really want to look back over the year? Well, January and February started out as per normal with the usual practice management pressures – PCN, annual leave, salaries, and no mention of pandemics or face coverings. In fact, it’s interesting to note that the first Practice Index…
February 27, 2020, by AISMA in Accounting, AISMA
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