The 5-Minute Monthly Finance Routine Every Busy Doctor Should Be Doing
- Jul 29
- 2 min read
Updated: Aug 4
As a doctor, your schedule is packed, leaving little time to think about bookkeeping and taxes. Yet the financial health of your practice—and your peace of mind—depend on staying organized throughout the year, not just during tax season. At ISTAXPro, we specialize in bookkeeping and tax return preparation for doctors and dentists, helping you avoid last-minute stress and unnecessary costs. Here’s a simple 5-minute monthly finance routine you can adopt to stay organized and ready.
1. Save and Organize Receipts
Spend one minute each month ensuring your receipts for equipment purchases, CE courses, lab fees, and other business expenses are saved and categorized.
● Use a dedicated folder (physical or digital).
● Snap quick photos of receipts to store digitally.
● This ensures deductions aren’t missed and simplifies year-end filing.
2. Review Bank and Credit Card Transactions
Take two minutes to scan your practice’s bank and credit card statements monthly:
● Identify any personal expenses that need to be separated.
● Confirm recurring payments (software, supplies) are accurate.
● Note unusual transactions that may need clarification for your records.
This quick review keeps your accounts clean and helps you spot errors or potential fraud early.
3. Track Mileage (If Applicable)
If you use your personal vehicle for practice-related activities (lab runs, conferences, supply pickups):
● Record your mileage monthly in a log or mileage tracking app.
● Note the date, purpose, and miles driven.
This one-minute habit makes it easier to claim your eligible deduction during tax season.
4. Set Aside for Taxes
Doctors often face large tax bills due to high income. Setting aside funds each month helps you avoid surprises:
● Transfer a portion of your monthly income into a dedicated tax savings account.
● Use prior years’ tax obligations as a guide if your income is consistent.
This takes less than a minute but ensures you are prepared when quarterly or annual payments are due.
5. Send Your Records to Your Bookkeeper Promptly
Your bookkeeper can only keep your books accurate if they receive your documents consistently. Each month, take a final minute to:
● Email or upload bank statements and receipts to your bookkeeper.
● Respond to any clarifications they need promptly.
Clean, current books reduce the risk of errors, help track your practice performance, and keep your tax filings smooth.
Why This Matters
Doctors and dentists who follow this simple monthly routine:
● Avoid the stress of searching for receipts during tax season.
● Prevent missed deductions that can cost thousands annually.
●Maintain accurate records that support smooth, compliant tax filing.
●Gain peace of mind, knowing their financial records are in order.
At ISTAXPro, we help doctors and dentists with clean, accurate bookkeeping and timely tax return preparation, ensuring your practice’s financial health is as organized as your patient charts.
Contact ISTAXPro today to keep
your books in order and your
tax filings accurate, so you can
focus on what you do
best—caring for patients.
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