With the digital tools available today, it probably comes as no surprise that technology can be used in just about every industry and in every way within an accounting department. But while some physician’s practices and surgery centers may be resistant to new technology and change that comes along with it, the efficiencies and results of modernizing your accounting system will be well worth it.
Modernizing an accounting system means to automate typical time-consuming processes. For example, let us look at an accounts payable processing of a typical physician’s practice. In the past, the accounts payable process went something like this:
By implementing a cloud-based solution, bills can be received directly via email, automatically entered into the system, the signor can approve via an app on their phone, and bills are paid via check or electronic payment. This process also provides a thorough trail from when the bill was received when it was paid and all of the approvals along the way.
Because these modern accounting systems are cloud-based, they are able to handle and process multiple locations or entities and are customizable to meet your practice’s specific needs. Modernizing your system allows you to focus on patient service while having full knowledge of your practice’s financial standing and performance. This is important in providing accurate and practical financial data that not only provides results of your financial condition but can also be used to benchmark with industry data. These accounting systems can provide a dashboard showing financial highlights and valuable analysis.
Benefits of a modern accounting system include:
Using cloud-based accounting systems reduces IT costs, risks, and human errors by providing additional security, disaster recovery and backups at a lower cost than doing it yourself.
Cloud-based services also provide flexibility, allowing you to work or access your data from anywhere at any time. The goal is to get away from the outdated, mundane tasks associated with bookkeeping and emphasize real-time processing; which means less paper, more automation, more control, and greater efficiencies, allowing physicians and office managers access to accurate and real-time analysis of their practice’s financial performance at all times. You can get a financial dashboard of your practice or surgery center to give you a visual analysis of key performance indicator data and trends.
Interested in seeing how modernizing your accounting system would impact your practice? Schedule your no-cost assessment of your department by contacting the WithumWorkflow group by filling out the form or at (732) 828 1614.