The Essential Year-End Accounting Checklist for ASCs

✔ Finalize the year’s financial records 

✔ Prepare year-end financial statements 

✔ Issue 1099 forms 

✔ Submit income tax returns 

✔ Compile statement audits and reviews 

Checking off this list can be intimidating and tedious, diverting attention from ASC management and patient care. Fortunately, we have the solutions to ease the pain of accounting management.  

MedHQ’s team of expert healthcare CPAs is ready to support you in all your year-end accounting requirements.

Annual Financial Statements 

ASC annual financial statements provide you with data regarding your center’s financial performance. The financials need to be accurate and timely, given their importance in planning for the next year.  

To prepare year-end statements, all books need to be updated, finalized, and closed. The process of preparing ASC books includes: 

1. Reconciling bank accounts 
2. Estimating & validating collectible A/R 
3. Adjusting inventory balances based on year-end inventory counts 
4. Aligning debt balances with lender repayment schedules  

MedHQ has the tech-enabled resources to efficiently facilitate your financial reporting, so you can expect an accurate picture of your ASC’s financial state.  

ASC Tax Requirements 

The first tax report most ASCs must file is IRS Form 1099. The deadline for most ASCs to issue 1099s to recipients is January 31st.  

If you are unsure of which vendors should receive 1099s, MedHQ is here to issue these required tax filings and provide all of the financial information your tax preparers need. We can even prepare and file your ASC’s income tax returns. 

Our team uses the Sage Intacct accounting platform for AP Automation, payroll tax processing, and employee expense automation. Because of our use of digital tools, we can accomplish your accounting goals in less time with less risk of making an error. 

Audits & Reviews 

Annual financial statement audits and reviews require an independent third-party auditor to evaluate your previously prepared statements. These engagements can be intense and time-consuming. Some states also require ASCs to prepare detailed cost reports. 

MedHQ will provide auditors with all requested financial documents and assist in cost reports, further reducing the year-end accounting stressors.

About MedHQ’s Client Accounting and Financial Services 

MedHQ’s Client Accounting and Financial Services business empowers physicians, ambulatory surgery centers, and healthcare organizations to achieve optimal performance by integrating comprehensive financial reporting and key performance indicators that ensure clinical operating strategies deliver optimal financial performance. 

Learn more here about how our team provides the data and reporting your center needs to plan, control costs, and run your business efficiently.