Your physiotherapy clinic's main priority is the health and rehabilitation of your patients. Bookkeeping often comes secondary to the wellness of those that you treat.
Fortunately, with the advancements in accounting software technology, numerous tools are available that can make your bookkeeping and accounting processes much easier and more efficient.
1. Jane App
This cloud-based practice management software is specially designed for healthcare offices, including physiotherapy clinics. Its cloud-based functionality makes it easy to access patient data from anywhere, even on the go. It is an excellent application for booking online appointments, electronic charting, staff scheduling, managing inventory, and billing.
The Jane App can store customer credit cards and accept pre-payments or deposits for online booking, which can go a long way towards improving your cash flow. It can also track unpaid invoices, rejected claims and generate reports such as billings by practitioners.
Insurance billing is something that every physiotherapy clinic will need to deal with. Fortunately, you can use the Jane app to manage your claims and easily send your invoices electronically to the right insurer. The Jane app integrates with the most popular insurance companies like Pacific Blue Cross and Telus eClaims.
You can also collect the insurance policies from patients on the Jane app before they arrive for treatment. This lets you know ahead of time whether their policies are still valid and how much coverage they have. You can then let patients know what their session will cost after insurance. This feature is a great way to ensure your patients don't get sticker shock after their treatment.
2. QuickBooks Online
Even though the Jane app has invoicing and billing capabilities, you still require accounting software to track vendor invoices, expenses and to reconcile your bank and credit card accounts. QuickBooks Online is one of the top cloud-based accounting platforms available on the market. Unfortunately, it does not have a direct integration with the Jane app. But you can easily export sales and billing data from the Jane app and import it to QuickBooks Online regularly.
You can use QuickBooks Online to track expenses and import sales reports from the Jane app to get a more in-depth understanding of your profitability. You can also generate numerous reports like cash flow statements, profit and loss, balance sheets, sales tax reports, and payables listings. Plus, QuickBooks Online also allows the functionality to build clinic budgets and perform budgets to actual comparisons.
3. Dext Prepare
As a physiotherapy clinic, you will need to purchase supplies like ice packs, vitamins, braces, and other therapeutic equipment. Or you might have to pay commissions to other practitioners that work part-time in your clinic.
Your suppliers and contractors will send invoices, and your clinic will need to record these invoices in your accounting software and store them in the event of an audit. Dext Prepare can help streamline this process.
Dext Prepare allows you to take photos of your invoices or forward them to a dedicated Dext Prepare email address. The program will automatically extract the critical information on the invoice and import it directly to your accounting software. This will save you a considerable amount of time on data entry. Plus, since a photo of all of your invoices is saved directly in the cloud, there is no need to store the physical invoice.
Once you have recorded your invoices in your accounting software, the next step is to pay them. Paying these invoices on time is crucial to maintaining good relationships with your suppliers and contractors. Fortunately, Plooto can make this process much simpler.
Plooto can automatically pay your invoices electronically when they are due. This helps you manage your cash flow, letting you keep track of exactly how much money is flowing out of your business at specific times of the month. It also enables you to stay up-to-date on your payables listing. Once invoices are paid, Plooto will reconcile the payment on your accounting software and keep your payables current.
Plus, it reduces the need for cheque payments since writing and mailing cheques can be time-consuming. Even if your suppliers are located abroad, it is considerably more efficient to make online payments via direct deposit to the payee's bank account.
It is prevalent for physiotherapy clinics to have therapists who work full-time and others that are independent contractors. You are obligated to withhold payroll deductions such as CPP, EI, and taxes from your full-time employees every month, but your independent contractors will handle their own deductions. Since the Jane app doesn't address your payroll functions, you need a software program that can deal with this for you. Payworks is an excellent option.
Payworks is a cloud-based software program that can manage your payroll and will automatically calculate and remit the deductions to CRA on your behalf. This minimizes the amount of work you need to do manually and ensures that you always stay compliant with your tax obligations.
Having the right tools in your physiotherapy clinic means that you can streamline your bookkeeping process, giving you more free time to focus on what matters most - your patients.
If you are looking for more ways to simplify your financial procedures and gain a better insight into the health of your physiotherapy business, contact Enkel today. We can provide you with all of the help you need to keep your books in order, freeing up your time and money.