Having the proper tools and software programs can go a long way towards making your accounting and bookkeeping processes that much easier. With the advancements in technology over recent years, the latest tools can help you reduce the amount of manual data entry required, give you access to your financial data anytime, from anywhere, and save you a considerable amount of time and money.
Some of the most valuable software and tools for your chiropractic business include:
1. QuickBooks Online
QuickBooks Online is one of the top accounting software currently available on the market. This cloud-based accounting software stores all your crucial financial data safely in the cloud, meaning it can be accessed from anywhere, on any device.
QuickBooks Online is an excellent option for smaller-sized practices and allows you to issue invoices to patients and insurance providers and manage all of your billing needs. It can track your revenue and expenses and gives you the ability to customize your chart of accounts to track revenue from insurance billing, patient billing, and contractor fees, to name just a few. You can also quickly generate your receivables and payables listing and run financial statements to monitor how your practice performs.
Another excellent advantage of using QuickBooks Online is its ability to integrate with other third-party tools like Dext Prepare and Plooto to streamline your bookkeeping process further.
2. Jane App
If your chiropractic practice is larger in size, you will likely require practice management software to handle things like scheduling, billing, and invoicing. The Jane App is a cloud-based practice management software and the perfect solution to all your chiropractic practice needs. Its best features include online appointment booking, staff scheduling, and electronic charting.
The Jane App also offers specific accounting features such as:
- Insurance billing - This gives patients the option of providing their insurance information before their appointment, and you can determine what their policies cover. You can also send patient claims directly to their insurance provider immediately after their appointment.
- Patient billing - The Jane App allows you to collect your patient's credit card information when they book an appointment and charge any outstanding payments directly to their card. This can significantly improve your clinic's cash flow.
- Manage receivables - By allowing you to track unpaid invoices and denied claims easily, the Jane App gives you the ability to stay up-to-date on your receivables.
- Generate reports - This tool allows you to generate a wide variety of different reports, such as billings by chiropractors. This can better help you manage payroll or contractor revenue payments.
Payworks is a cloud-based payroll software often recommended to clients due to its ease of use and its ability to automatically calculate and remit payroll deductions to the CRA on your behalf. This ensures that your practice remains compliant with all payroll legislation.
4. Dext Prepare
One of the biggest tasks in bookkeeping is keeping track of your business receipts and invoices. Manually entering this information can be very time-consuming, and storing the documents in a physical filing cabinet for record-keeping purposes can lead to missing documents and the risk of destruction in the event of a mishap.
Dext Prepare can solve both of these issues and speed up your bookkeeping process. With just the click of a button, you can snap a picture of your receipts and invoices, uploading the information directly to the cloud. Dext Prepare will automatically save all of the crucial data from these documents, meaning that you don't have to deal with the hassle of keeping the hard copies or manually entering the data they contain.
HubDoc is another excellent document storage platform. Your bills and bank statements can be accessed from this site, which easily syncs with your accounting software.
HubDoc uses OCR technology to retrieve crucial information from your clinic's bills and invoices, eliminating the need for manual data entry. Not only does this save you time, money, and a great deal of trouble, it also means that you no longer need to store the paper copies of all your documents, and you never have to worry about data entry errors.
One of the keys to maintaining a good relationship with your suppliers is making sure that you pay them on time. Plus, many suppliers will offer you early payment discounts, which can reduce your expenses and help you better manage your cash flow. Plooto is an excellent tool to help you stay on top of your payables.
Plooto works by automating your accounts payable process by seamlessly sending out payments to your suppliers when they are due. Plooto will send out a payment approval, and once it is fully approved, proper payment will be sent to your supplier. This eliminates the hassle of writing and mailing cheques and ensures that you are never late paying an invoice again.
Bookkeeping doesn't have to be a difficult task if you take advantage of the latest advancements in technology and utilize the available tools and software. Not only can they make bookkeeping easier, but they will also save you time and money and ensure you always have access to the most accurate financial data.
If you want to find out more about how the latest technology trends in accounting can make your chiropractic clinic run more smoothly, contact Enkel today. We can assist you in choosing the proper software for your clinic's unique needs and help you manage your bookkeeping so you can make sound financial decisions moving forward.