Many practitioners think that outsourcing their bookkeeping will end up costing them in the long run, but this simply isn't the case!
More and more medical practice owners now realize that not only does outsourcing their bookkeeping save them money, it also saves them a significant amount of time and gives them constant access to accurate and up-to-date financial data.
With this information, practice owners can make better decisions for their business and spend more time focusing on their patient's health and wellbeing. Some of the top reasons to consider outsourcing your medical practice’s bookkeeping include:
1. Better use of your time
It's no secret that bookkeeping can be a time-consuming process.
When you decide to allow an outsourced bookkeeper to take care of your books, you will have more time on your hands to focus on making more intelligent business decisions regarding the growth of your practice. Plus, you will be better able to look after your patient's needs.
Having an outsourced bookkeeper means you don't need to spend time doing the books yourself or hiring, training, and managing an in-house employee to do it for you.
2. Access to bookkeeping experts and technology
There is a lot that goes into managing a medical practice, like acquiring new patients, delivering excellent service, and dealing with insurance billing to name just a few.
When you select an outsourced bookkeeping firm to handle your books, you can choose one that specializes in bookkeeping and other back-office accounting services specific to your medical practice needs.
An outsourced bookkeeping team is made up of trained bookkeepers that are prepared to scale alongside your practice and can offer you the support you need with your bookkeeping.
They will have the knowledge required to set up your specific chart of accounts for proper financial tracking. They are also trained to utilize cloud-based accounting software and other tools that will help your medical practice streamline its bookkeeping process and will keep your documents stored safely in the cloud.
Some of the software that your bookkeeper may recommend include QuickBooks Online, Dext Prepare, and Plooto. Plus, they will stay up-to-date with the newest accounting technology and bookkeeping best practices, keeping your clinic current and in the loop.
3. Keep your books accurate and up-to-date
Running a medical practice can be a hectic job and it is common for medical practice owners to drop the ball on their bookkeeping during the year as a result. Outsourcing your bookkeeping will help your medical practice keep its records in order and ensure your books are current and accurate throughout the year.
An outsourced bookkeeping team can help your practice handle a wide variety of different bookkeeping tasks. They can take care of recording invoices and expenses, daily cash sales reconciliation, paying vendors, bank and credit card reconciliations, generating financial statements, tracking insurance billings, and expense reports to name a few.
They will also help you stay up-to-date on all sales tax obligations throughout the year. When tax season arrives, your books will be ready for your accountant to review and identify tax deductions.
Plus, they will help you generate monthly or quarterly financial reports to ensure you have complete visibility on your practice's financial health, giving you the information you need to make better business decisions.
4. Ongoing visibility on your financial health
Cash flow visibility and financial visibility are crucial for your medical practice. The health of your cash flow can directly impact your ability to operate your business. Understanding when cash will flow in and out of your business will allow you to strategize when to pay your obligations or how to improve the inflow of money into your practice.
An outsourced bookkeeping team can provide you with visibility on your medical practice's cash flow and profitability. By keeping your books current and accurate, you will be able to monitor the cash flowing in and out of your business and whether your cash flow is headed in a positive or negative trend.
Your outsourced team can also help you monitor your cash flow through reports such as budget versus actual, aged AR listings, and cash flow statements.
5. Scale with your growth
If you have more than one medical practice, outsourcing your bookkeeping will help you find the right bookkeeper that can grow alongside your medical practice. They will help you track the performance of individual medical practices and allow you to compare their performance.
You can customize your bookkeeping process to fulfil your medical practice's requirements with an outsourced bookkeeper. Plus, they can support you with other accounting tasks like billing, payables management, and payroll.
And suppose you need support with your receivables. In that case, they will be able to help you track insurance billing, allowing you to keep your accounts receivables current and giving you a good idea of how much insurance companies owe at any given time.
Many medical practice owners don't realize that outsourcing their bookkeeping can save them a considerable amount of money, especially when compared to hiring an in-house employee. Bookkeeping isn't usually a full-time job, and not every bookkeeper has the proper training to handle tasks like payroll.
You don't need to hire multiple staff members to handle bookkeeping, payroll, billing, and payables when you outsource your bookkeeping. An outsourced bookkeeping team is made up of members who are specialized in all of these areas. They can provide you with all of the back-office accounting services that you need.
Plus, you get the benefit of having someone personally take care of your medical practice's finances without having to pay the costs associated with hiring, training, benefits, and vacation time that come along with an in-house employee.
If you are looking for a way to simplify your bookkeeping process, get complete financial visibility and save yourself a significant amount of time and money, outsourcing is the solution you need.
An outsourced bookkeeping team, like Enkel, can provide you with all of this assistance and more. We can customize our services to meet your clinic's individual needs and ensure that you get all of the bookkeeping and back-office accounting help you require to be successful. Contact us for more information today.