Healthcare accounting: Mobile apps or bookkeeping services?
Healthcare practitioners need an accounting strategy that reflects the medical sector's unique challenges. Time poverty and the need for impeccable customer service makes manual financial management a task many large-turnover organisations simply can't keep up with.
That's where business accounting assistance is critical to success in the industry. Your administrative processes should go beyond just meeting minimum tax reporting obligations - it should strategically maximise profits and take you closer to your enterprise goals.
There are two options practitioners can consider - mobile apps or a bookkeeping service. Which is better suited to supporting a tax and accounting strategy in the healthcare sector?
Business accounting in the palm of your hand: What do mobile apps offer?
McKinsey's 'Healthcare's Digital Future' report shows that technology has been deployed to automate standardised accounting tasks since the 1950s. However, the invention of smart mobile devices and tablets has sped up this digitisation process even further.
Accounting mobile apps now offer a streamlined means of accessing your business' financial information anytime, anywhere. The five benefits of using mobile software are:
1) Invoicing on-the-go
Invoicing has traditionally been restricted to time-consuming desk work - but with mobile technology, healthcare practitioners can send invoices more flexibly than ever.
2) Improved insight into accounts receivable
Using an app users can keep track of which invoices have been paid and which haven't. This financial data is stored within the software, making it easier to contact debtors when needed.
3) Keeping up with bank reconciliations
With a direct link to bank account information through a mobile accounting app, users can review transactions minute-to-minute if needed in one place. This condenses transaction reconciling (that's often put off for weeks) into a few minutes.
4) Receipt and expenses report collation
Paper records, while still having a place in modern bookkeeping, can now be condensed onto a single platform and accessed through any mobile device. Financial information, photos of receipts and transaction histories - all in one mobile app.
5) Flexible access to cash flow information
App dashboards are the central hub for finding information on a business' bank balances and analysing cash flow trends.
Supporting professional insight with bookkeeping services
In recent years, assessing and drawing insight from financial information have become the accounting professional's primary goals. This drive for value-added data interpretation means accountants often need support with the background organisational tasks necessary to keep finances and important documents in order.
That makes an accurate bookkeeping service an essential part of modern enterprise operations, helping you control your cash flow and make decisions that improve your profits. A bookkeeping team will keep all documents up-to-date and compliant with the Australian latest tax laws. Having this separate service allows accountants and business advisors to focus on interpreting your financial data to add value at all levels of your organisation.
Mobile apps or bookkeeping services - why not both?
Both bookkeeping services and mobile device apps have positives when it comes to improving your approach to building and documenting an accounting and taxation strategy. So why choose between them? DFK Crosbie's personalised approach to accounting means you can get the best of both the professional and digital worlds.
Our independent bookkeeping team - based in NSW - can diligently manage the administration of your entire business' finances and is open for questions whenever needed. This gives you peace of mind that you are in the right hands. It also frees up your time to devote to improving your operations and meeting enterprise goals.
We also appreciate that you want to retain full oversight of your critical financial processes. That's why we were one of Australia's first accountancy and business advice firms to launch a free mobile app. Available on all mobile devices and operating platforms, including Apple and Android, DFK Crosbie's MyAccountants app offers the following features:
- A tax calculator enabling app users to perform tax calculations on-the-go.
- Date reminders ensuring practitioners are on top of events throughout the year.
- A news feed, keeping users connected to DFK Crosbie's latest updates on tax and accounting matters.
- Our GPS Logbook gives healthcare operators the power to track business journeys wherever your travel and create detailed expenses reports.
- Receipt management tool, allowing you to track receipts at the touch of a button. All data can be stored and arranged by amount, category, and date for future reference.
With DFK Crosbie's bookkeeping service and industry leading mobile app, your healthcare business is in the perfect place to meet all enterprise objectives. For more information about optimising your tax and accounting strategy, contact us today.
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