The #1 ERP for the Healthcare Industry
7 Reasons Why We Love Using NetSuite for Healthcare Businesses
Frequent regulatory changes, varying customer needs, market fluctuations, and pressure to manage costs significantly affect the healthcare industry. This is why more than 20,000 organizations have turned to Enterprise Resource Planning (ERP) software. The right ERP for the healthcare industry can simplify financial record-keeping and other business tasks.
We look at why NetSuite ERP makes it easier for healthcare practices to make fast, accurate decisions that improve daily operations.
1. An ERP Makes Accounting Compliance Easier
ERP systems also help take the stress and confusion out of maintaining compliant financial records. It is compliant with various accounting methods, including GAAP, which is the accepted standardized accounting method for recording financial transactions.
Meanwhile, the system’s revenue recognition feature not only automates all data input for professional financial reports, but it also does so using a rule-based framework. This enables you to calculate, schedule, and present them accurately and promptly to prevent penalties.
2. Global Integration and Compliance
ERP systems also enable organizations that operate globally to unify their multinational operations by integrating their data into one business management platform, making it easier to deliver real-time data and improve operational efficiency. The system’s modules also enable you to choose your structure in different languages, currencies, and account charts to keep your accounting data in line with international standards for seamless integration and compliance.
3. Real-Time Reports at Your Fingertips
In addition to providing your company with automated and accurate financial statements, the ERP system also delivers them in real-time. Financial analysis and modeling are also done across all facets of your operation, enabling you to make improved business decisions based on the detailed view of your organization’s activity.
The reports can also be customized to suit your particular business’s needs. For instance, the layout can be formatted to highlight critical data, and you can also group financial data by classification. You can also include budget details or other additional data in the report if you’d like, and more.
When implementing new software, we can help you with the automated reporting setup, as well as training your team to use the new software.
4. Secure Financial Information
ERP cloud-based systems are updated regularly to stay on top of any security issues. They are also built to handle large-scale attacks, such as a denial of service attacks, which can lead to downtime that can cut into your bottom line and allow hackers to access valuable information For added security, the cloud provider also bounces signals globally, so it isn’t easy to pinpoint their database’s exact location.
Lastly, once your account is active, no one else will have access to the stored information unless you have granted them authorization, so be sure to keep track of who you allow to access your account to help keep your information safe. You can give outsourced accountants “view-only” access, which also helps for peace of mind. Once team members are authorized to access the account, they can then manage and edit any details for collaborative planning, budgeting, and more.
5. Manage Costs and Revenue Easier
ERP systems have superior tracking capabilities that enable you to digitally compile invoices and more, making managing billing and payments easier. The information can then be used to help improve customer payment schedules and manage credit, perform cost analysis, and more.
ERP systems provide you with an integrated view of your company’s financial data, which can then be used to identify any weaknesses in your organizations’ financial performance, so you can take action to improve the cost efficiency of your business. For instance, the information can be used to help calculate an accurate budget, track inventory, transportation, labor, and various other activities.
The system also includes a revenue recognition solution that enables you to automate revenue forecasting, allocation, reclassification, and more, which can help you calculate, schedule, and record accurate financial statements.
ERP systems have superior tracking capabilities that enable you to digitally compile invoices and more, making managing billing and payments easier. The information can then be used to help improve customer payment schedules and manage credit, perform cost analysis, and more.
6. Greater Accuracy
Because ERP systems are automated, it helps prevent errors in recording for more accurate accounting records. This is especially important because incorrect information on invoices and other financial statements can lead to both customer and vendor disputes, which can cost you business. Inaccurate financial statements can also cause you to present false tax information, which can have costly consequences.
7. Automation of Accounts Payable & Accounts Receivable
An ERP system automates all of your data, including accounts payable, accounts receivable, and other related operations, thus enabling you to view your calculated records at will, which can then be used to improve any cash flow issues. It also enables you to upload financial data from all departments within your organization to create financial statements and reports that can be used to gain an overall view of your company’s performance.
Why Choose NetSuite ERP for the Healthcare Industry?
NetSuite is the most popular ERP in the world because Oracle has put a lot of research and expertise into developing it in such a way that it can integrate with almost any business and its external apps. It also makes the need for extra software almost void as NetSuite itself encompasses many business functions. As NetSuite implementers and accountants, we can assist you with the integration process after deciding if this is the right option for your company. You can learn more about our process by contacting one of our team members today.
Making the Transition to an ERP for the Healthcare Industry
As you can see, ERP in healthcare provides various benefits that help make managing the different aspects of your organization more straightforward. They can also be integrated with just about any other back-office system, including PRM systems and more.
At Fusion CPA, we specialize in ERP/financial systems, and we are also supportive partners that hold our clients’ hands through complex financial processes for greater confidence. When you partner with us for your ERP system and financial management needs, you will be partnered with a friendly and experienced professional who is there to answer any questions you may have, so you are never left to make sense of your account features or financial records on your own.
We also have a proven track record of providing professional accounting and bookkeeping services to satisfied clients throughout various industries. Check our our client journey to see what we can do and talk to us about optimizing your business on every level. We know that every company is unique and has specific goals and issues. We are well-equipped to handle both small and large size business needs.
Making the transition to an ERP system doesn’t have to be difficult either. Once you have opened an account with us, you can upload all your data into your account. Your information will automatically be distributed into organized, well kept real-time reports that are there when you need them. Your records are also kept up to date, accurate, compliant, and globally integrated to meet all your business needs, so you are equipped to face any challenges affecting the healthcare industry.
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