Bookkeeping tasks can be tedious and repetitive. They can require a significant amount of time and concentration, taking you away from the essential duty of caring for your patients.
Fortunately, there are many different tools that you can use which can help you efficiently manage your bookkeeping processes, making it a much simpler and less time-consuming endeavor.
1. Leverage your practice management software for data
There are numerous different practice management software programs that can help make your chiropractic clinic’s bookkeeping easier. Software like the Jane App and Cliniko contain revenue, billing, and payroll-related data that is necessary for your bookkeeping processes.
When selecting a practice management software, you should ideally choose one that can integrate with your accounting software. Unfortunately, many of the programs available don't have this capability. However, you can still generate all of the necessary reports and export the data into your accounting software.
It is also important that your bookkeeper is comfortable navigating the platforms you are using and can run the proper reports and meet your accounting needs.
2. Migrate to a cloud-based accounting platform
Migrating to a cloud-based accounting platform is one of the key steps to optimizing your bookkeeping process. Many chiropractors start their business off by relying on Excel or desktop accounting software to manage their bookkeeping. This is not the best practice because Excel is prone to errors, and desktop accounting software lacks the flexibility for collaboration with external users and increases the risk of data loss in the event of a disaster.
Cloud-based accounting software can reduce your IT costs since no hardware maintenance or upgrades are required. It will keep you connected to your business even when you are on the go. This means that if you need to approve payments or send invoices to customers, you can do so from wherever you are, rather than waiting until you are back in the office.
Cloud-based accounting software also has the ability to integrate with other third-party software to allow data to sync between multiple systems such as your payroll software, expense management software, and payment platforms.
3. Capture your expenses using an expense management software
There is no denying the fact that your chiropractic practice will go through a lot of supplies and will require a great deal of equipment. These transactions must be recorded correctly in your accounting software as part of the bookkeeping process, but this can be a time-consuming endeavor. No one enjoys spending their time on data entry when they could be treating patients or focusing on ways to grow the business.
Thankfully, expense management software like Dext Prepare can help you optimize your expense management process. Dext Prepare allows you to take a snapshot of all of your receipts and invoices. The program extracts all of the vital information from these documents and stores it for you, meaning you don't need to keep the paper copies. Dext Prepare will then export the transaction data to your accounting software, helping you keep your records up to date. Your source documents are also stored in the cloud, making them easily retrievable if you get audited.
4. Use electronic payments for vendor invoices
We are getting closer each day to living in a paperless world. Paying by cheques can be extremely costly, and mailing them out means they can take a long time to arrive and risk getting lost in the mail. Credit card payments can also be a hassle, leading to hefty processing fees, which some vendors may require you to pay.
A simple way to streamline your payables process and ensure you stay paperless is to use Plooto. Plooto can pull the payables listing from your accounting software, and you get to decide which payments to pay and when. You can choose to pay your vendors via EFT payment, and once the payment is complete, Plooto will reconcile it in your accounting platform, so you don’t have to. Not only will this save you time and money, but it will also allow you to keep your focus where it belongs, on treating your patients and running your practice.
When you look for ways to work smarter and not harder, not only will your bookkeeping process become more straightforward and easier to manage, but you will also have access to more reliable financial data.