You have spent years in school learning the intricacies of the human body and the hazards of spinal subluxations. You provide an invaluable service to your patients, and your time is precious.
The success of your business depends upon the quality of care that you provide, but it relies upon proper management of your finances as well. While bookkeeping is a necessity, it can take up a great deal of your time and resources, which is why so many chiropractors are choosing to outsource their bookkeeping instead of handling the task themselves.
Here are the top seven reasons why chiropractors should outsource their bookkeeping:
1. Stress-free bookkeeping
We could all use a little less hassle and stress in our lives, especially regarding our business's finances. When you choose to outsource your clinic’s bookkeeping, your outsourced bookkeepers will ensure that your books are up-to-date throughout the year effectively and accurately, saving you the trouble.
An outsourced bookkeeping team can help you accurately record revenue from different services, insurance billing, and patients who pay upfront. They will keep track of all of your expenses, allowing you to see exactly where your cash is going and in which areas you might be overspending. Plus, they will be able to keep your accounts receivables current while awaiting direct billing payments from insurance companies.
Consistent and streamlined bookkeeping will help you better understand how your clinic performs throughout the year. This will give you insight into your profit margins and will help you keep your staffing costs in check.
It is also important to note that your outsourced bookkeeping team will help eliminate the stress that goes along with tax season. Not only can they help you stay up-to-date with your sales tax obligations, but they will also provide your accountant with the accurate information they need to identify all tax deductions for your business easily.
2. Cash flow visibility
Outsourcing to a bookkeeping team can provide you with visibility on the cash flow of your overall practice.
By keeping your books current and accurate, you will be able to monitor the cash that is flowing in and out of your business. You will also be able to determine whether your cash flow is trending in a positive or negative direction.
You always want to be able to identify potential cash flow issues before they arise and ensure that you invest your cash into areas of the business that will increase your profitability.
3. Monthly financial statements you can rely on
Outsourced bookkeeping will provide you with the crucial financial reports that you need to understand the ongoing financial health of your clinic for you to make informed decisions for your business.
At month-end, your outsourced bookkeeping team will generate a financial statement package which includes your balance sheet, cash flow statement, and income statement. These reports contain the information that you require to make better business decisions.
Your outsourced bookkeeping team can also work with you to create custom reports specific to your unique business's needs. They can help you track the profitability of each new and recurring patient, compare your budget versus actual numbers and examine the overall growth of your practice.
If you are operating more than one practice, understanding the performance of each location is essential. With an outsourced bookkeeper, you can customize the types of accounting tasks that you need to fulfill each location’s individual requirements.
As an added bonus, your outsourced bookkeeping firm is made up of an entire team of skilled bookkeepers, meaning that they have the resources to scale along with your clinic. You don’t need to worry as your clinic experiences more transactions and an increase in patients. Your outsourced bookkeepers can easily handle the added volume of work.
5. Access to bookkeeping experts
There is a lot that goes on in managing a chiropractic clinic. You are focused on delivering excellent service, acquiring new patients, and managing insurance billing, and you are good at what you do. So is an outsourced bookkeeping firm. They are made up of well-trained personnel specializing in bookkeeping and other back-office accounting services.
An outsourced bookkeeping firm also has knowledge in utilizing cloud-based accounting software and other cloud-based tools. This will help you streamline your chiropractic clinic’s bookkeeping process and will keep your documents stored safely in the cloud.
6. More time on your hands
Bookkeeping can be a time-consuming and lengthy process. When you outsource this task, you ensure that a professional and experienced bookkeeper puts in the time required to keep your books accurate and up-to-date. This will free up more time from your busy schedule because your patients are your priority.
Most businesses aren't aware that it's significantly cheaper to outsource than it is to hire in-house. When you outsource, you get the benefit of having a trained professional personally take care of your clinic's finances without having to pay the added expenses of training a new staff member, paying their wages, benefits, and vacation time.
Outsourcing is one of the best ways to ensure that your bookkeeping is kept accurate and current. Not only will you always have access to reliable financial data, but you will save yourself a significant amount of money and hassle as well.
If you are looking to outsource your chiropractic clinic’s bookkeeping tasks, contact Enkel today. We can help you with all of the daily bookkeeping that your practice requires and added services like payroll management and collections.
At Enkel, we make it our job to ensure you have access to the most accurate and current financial information, setting you up for the best possible success.