How is QuickBooks a Good Fit for Medical Practices?

 Alika Cooper
  Oct 18, 2018

A lot of medical practice owners don’t have the characteristic ability to understand the financial basics of their establishment thoroughly. This could be for the reason that they do not have appropriate reporting in place or lack transactional tracking.

Understanding where your medical practice is heading to is very important to ensure a thriving venture. A large number of practices worldwide seek easy-to-use and economical means for keeping track of their financial transactions.

A good accounting software is not just going to help in keeping track of and handling all cash processes; however, it furthermore helps in analyzing the all-round success of the business. Making use of high-quality software program, such as QuickBooks, is going to make for an assortment of benefits for any medical practice.

QuickBooks is the world’s most hot-selling and liked accounting software and is a hot choice amongst medical practices too. The platform boasts over 42 million customers across the globe and provides the most extensive audit trail on the market.

QuickBooks presents numerous benefits, such as tracking basic transactions like sales receipts, invoices and checks, managing inventory, banking, and reporting. Even though accounting is often a mundane task and a lot of people prefer to avoid it, QuickBooks can streamline the overall bookkeeping process of your medical practice.

Most likely its biggest advantage is the fact that you don’t need any prior understanding of accounting before registering. QuickBooks is an easy-to-use application that'll help you become super-efficient with the accounting practices in no time! You furthermore don’t have to be a mathematician or perhaps a professional with spreadsheets as QuickBooks computes everything automatically.

Still having second thoughts?

Listed below are 11 points that illustrate how QuickBooks can be a great fit for your medical practice:

1. More Time

Making use of QuickBooks ascertains the fact that you will have a longer time to pay attention to needs of your medical practice or perhaps to unwind with your family and friends. While you do, QuickBooks is going to handle all your bookkeeping as well as paperwork requirements, such as invoicing, transactions, and preparing tax returns.

2. No Manual Data Entry:

Making use of QuickBooks for your medical practice can help in eliminating the need for manual data entry. QuickBooks’s inbuilt feature to import bank and credit card transactions can help you achieve this. It would also present you with more time to assess the results as opposed to squandering time keypunching the transactions.

3. Increased Visibility:

Considering that a lot of accounting tasks handled by QuickBooks are performed automatically, the reports are going to be up-to-date at all times. This implies that you can produce the latest business reports in a matter of a few minutes and not have to put them off until the end of the month to understand where exactly your business stands. Likewise, the reports generated using QuickBooks are easy to customize, letting you add filters, in case needed.

4. Accurate Records:

To get accurate financial records, it is important to reconcile your medical practice bank and credit card accounts. QuickBooks can do it for you! It can help you detect and rectify errors as the year progresses rather than delaying it until the end of the year.

5. More Money:

QuickBooks is among the most cost-effective accountant applications around. Furthermore, it is actually true regardless of the size of your establishment is. As a result, for those who have just initiated their private practice or perhaps have been in the process of growing to a group practice, QuickBooks will undoubtedly serve all your needs!!

6. Track KPIs:

QuickBooks is an ideal software for medical practices and can be used to build a monthly management dashboard for tracking the KPIs of your business. The software can help you generate all kinds of critical financial reports on a regular basis, such as profit and loss report, overhead expenses report, outstanding A/R report and many more.

The QuickBooks dashboard also helps your business in maintaining a proper record of your patient counts, medical procedures performed, and claims that were denied.

7. More Customers:

QuickBooks Online can maintain the record of a lot of name entries. This can include your patients, vendors, and staff members. Regardless of whether you are a private practice which has been in the business for a long time or the one which is merely starting out, we are confident that you wouldn't reach this limit sooner!

8. Multiple Users:

In case, for reasons unknown, you need that multiple users be in a position to sign into your accounting program, QuickBooks provides this feature. This is available in the form of QuickBooks Online Plus that accommodates up to of 5 users and 2 accountant users.

Additionally, you can personalize the access every user holds. Likewise, QuickBooks Enterprise Solutions provides access to around 30 users.

9. Trustworthy Brand:

QuickBooks has been around the market since the early 1990’s, thereby has had plenty of time to establish the fact that they're a reliable enterprise. Furthermore, their program is well-built and dependable, and you are provided 24/7 top-quality support.

10. Integration with Other Apps:

QuickBooks can easily be integrated with more than a hundred other business applications. It is to help you avoid the trouble of manually transferring the information and also to ensure a quicker, well-organized process. Well-known applications that can be integrated with QuickBooks are Microsoft Excel, Word, Outlook ACT etc.

11. Numerous Payment Choices:

Conclusively, QuickBooks is a lot more than simply an accounting program, with the ability to allow online payments too. You can do this using an email, invoice, or even statement. QuickBooks Online Billing makes it possible for your patients to pay you through credit card or EFT.

Businesses across multiple industry verticals, including healthcare and medical practices, are now moving to the cloud for managing their financial data. Opting for Online QuickBooks accounting can help you achieve operational excellence, convenience, and easy accessibility.

How is QuickBooks a Good Fit for Medical Practices?

Alika Cooper

Alika is a business development manager at Cogneesol. She is passionate about giving business advice and finding alternative ways towards simplifying finance and accounting procedures including healthcare accounting, bookkeeping, reconciliation, invoice processing etc., for businesses. She likes to write on the latest development in the business industry and help entrepreneurs to grow in the agile market.

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