Season 3: Episode 4 — The Money Systems Every Practice Owner Needs with George Diab

Welcome back to Season 3 of the Grow Your Healthcare Practice Podcast!

This episode is a little different because Anne and Phumla are joined by their first guest of the season: George Diab, Chartered Accountant and CEO of GAS Accounting.

And we’re talking about something every healthcare practice owner has to deal with, whether numbers are your comfort zone or your biggest blind spot: money.

How separate should your personal and business finances really be? How should you think about paying yourself as the owner of your practice? How much should you be putting aside so that tax season doesn’t become a financial emergency? And at what point should you start thinking differently about your business structure?

George has spent years working with healthcare practitioners and brings a practical accounting perspective to the financial decisions practice owners often have to navigate as their businesses grow.

In this episode, you'll hear about:

• Why separating your personal and business finances matters.
• How to think about which expenses are paid through the business.
• The different ways practice owners can approach owner compensation.
• Why putting money aside throughout the year can make your obligations to SARS far less disruptive to the practice.
• When VAT starts becoming an important consideration.
• The different business structures practice owners may encounter, including sole proprietorships, private companies and incorporated practices.
• Why your financial systems need to evolve as your practice grows.
• How better financial planning can help prevent tax obligations from suddenly draining the cash your practice needs to operate.

The goal isn’t to turn you into an accountant.

It’s to help you ask better questions, understand your numbers and put financial systems in place that support a more sustainable practice.

Also mentioned in this episode

Our next FREE Practice Operating System Masterclass takes place on Thursday, 17 September from 7:00 PM – 8:00 PM SAST.

Anne and Phumla will unpack the systems that help private healthcare practice owners build practices that can create sustainable income and value without everything depending on the owner.

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Want to connect with George?

If you’d like professional support with your practice finances or accounting, you can find George and the team at GAS Accounting at gasaccounting.co.za.

The discussion in this episode is for general educational purposes. Your appropriate tax, VAT, remuneration and business structure decisions will depend on your individual circumstances, so seek professional advice where needed.

If you found this conversation useful, subscribe to the Grow Your Healthcare Practice Podcast, leave us a review and share the episode with another healthcare practice owner.

You can also catch up on previous seasons and episodes on Apple Podcasts and Spotify, and follow us on Instagram at @growyourhealthcarepractice.