GP practices don’t report like other unincorporated businesses. Income has to be split between NHS and non-NHS work. Enhanced services needs breaking down by category. And dispensing gross margin sits across two figures in separate places, so nobody sees the real number without working it out themselves. Standard formats make you work around all of it.
From this month, you don’t have to. Medical accounts is now available for unincorporated files in Silverfin for UK firms.
Built for how medical practices actually report
Medical accounts sits inside the unincorporated accounts workflow your team already uses. Select Medical under industry specific formats, apply the medical mapping list, and your trial balance maps into a format built for medical clients rather than bent to fit them.
At the centre is a new medical profit and loss account in an AISMA-style format. It’s the presentation medical clients and their advisers expect to see, produced without anyone reformatting the output at the end of the job.
Breaking down enhanced services and dispensing income
Enhanced services income is a good example of why generic formats fall short. It isn’t one number. It splits across Directed, National, Local and Other, and a partner reviewing the accounts wants to see that split.
In Medical accounts, you choose which profit and loss line items to break down, then select the relevant accounts using account selectors. You can add categories within a note, with subtotals shown against each. The note reflects how the practice is run, not how the template was written.
Dispensing works the same way. For practices with dispensing income and related costs, the profit and loss account shows a single dispensing gross margin line, with the full breakdown available in a dedicated supporting note. Partners get the headline number on the face of the accounts and the detail one click away.
Partner-level detail without the spreadsheet
The part of a medical job that usually leaks into Excel is partner-level reporting. Drawings, superannuation, personal income and personal expenses all need presenting clearly, and they all need to reconcile.
Medical accounts introduces dedicated notes for each, with reconciliation checks back to the accounts where relevant. That’s work that previously happened in a spreadsheet outside the file, with no audit trail and no review workflow attached to it. Now it sits in the file, in the workflow, visible to whoever reviews it.
Part of a bigger investment in UK content
Medical accounts landed because customers asked for it. A group of firms helped define the requirements and tested it in beta through the summer. But it isn’t an isolated piece of work, and that’s the more useful point for anyone assessing where Silverfin is heading in the UK.
We’ve been steadily broadening what UK firms can do in the platform, much of it in corporation tax. We added support for property companies, investment companies and hybrids, which covers companies running a mix of trading, property and investment activity. We also streamlined deferred tax for property revaluations, and added commencement and cessation returns, so the dormant periods at the start and end of a company’s trading life are handled natively.
Each release brought a new category of client fully into the platform. Medical accounts does the same on the unincorporated side.
The goal: your whole client base in one place
Aleisha Hales, Head of UK at Silverfin, puts it this way:
Every one of these releases starts with a conversation with a firm about the clients they want to bring into Silverfin next. Property companies, investment companies, hybrids, and now medical practices. We’re building towards a platform where a UK firm can run its whole client base in one place, and we’ll keep investing in the content that makes that possible.
The reality is that content depth is what turns a platform into the place the work actually happens. The broader the coverage, the more of a firm’s portfolio runs in a single workflow, with one review process and one audit trail across the lot.
That’s the standard we’re working to in the UK, and it’s why the roadmap keeps returning to compliance content rather than treating it as finished work.
Getting started with Medical accounts
If you’re already using Silverfin and you have GP practices, medical partnerships or specialist medical clients on your books, Medical accounts is available now in your unincorporated accounts workflow. Select Medical under industry specific formats and apply the medical mapping list.
Speak to your Customer Success Manager if you’d like a walkthrough of the new notes and how to set up your categories.
If you’re not on Silverfin yet and you’re weighing up how much of your client base you could run in one place, book a demo and we’ll show you Medical accounts alongside the rest of our UK compliance content.
