The process of establishing a healthcare services operation may feel like a challenging task that requires more of you than you may have initially realized. In addition to being a chiropractor, physician, dentist, or whatever field you specialize in, your responsibilities may include accounting and financial management. As busy as you may be, you realize that you can’t put financial management, accounting, and accounts reconciliations on the back burner or you might create serious long-term problems.
Blackline is a modern accounting playbook designed to automate many of the time-consuming accounting tasks your healthcare service operation requires. As a cloud-based solution automated financial close software, Blackline makes it easier for you to manage timelines for close tasks and simplifies close process management.
Insight into Your Healthcare Services Operation
Running a growing healthcare business may be difficult without analytics. However, keeping balance sheets up-to-date, monitoring capital value increase, and checking cash flow forecasts can get lost in the day-to-day minutia of running your practice.
BlackLine reporting offers standard cash flow statements and balance sheets. In-depth reporting simplifies and secures the audit process, giving auditors direct access to data. The software's cloud-based accessibility allows auditors to run tests frequently throughout the year as opposed to waiting until the end of the year. Graphical reporting allows auditors to conduct risk assessments using variance analysis around products, processes, accounts, and business units.
Risk identification may be just as essential to your healthcare services operation as profit, loss, growth, and transformation. Certain risks may be invisible to the naked eye. However, variance analysis uses customizable business rules with time series intelligence to highlight changes or exceptions over time, identifying variances that merit further investigation.
How Inter company Accounting Can Help Secure Your Healthcare Services Operation
Inter-company accounting involves recording financial transactions between separate legal entities under the same parent company. For example, you may have a parent company for your healthcare services organization and that company may purchase items from its subsidiaries. These transactions are not independent, so you should not include the profit or loss from these transactions on consolidated financial statements.
BlackLine’s inter-company hub may help you or your CPA reduce complexity and risk and streamline inter-company accounting by centralizing it end to end, allowing global visibility. What’s more, a seasoned financial adviser may help you understand how to use its integrated intercompany accounting process to facilitate an automated financial close.
NetSuite Integration with BlackLine
BlackLine seamlessly integrates with NetSuite.The NetSuite integration allows currency rates, saved searches, and account balances to be pulled from NetSuite directly to BlackLine. This gives you access to the powerful NetSuite account reconciliation tools while still allowing BlackLine to be the single source of truth for all of your close processes. Our accounting professionals at Fusion CPA can help your team better understand the power of NetSuite account reconciliation and how NetSuite integration with BlackLine may improve task management and transaction management for your healthcare services operation.
Using BlackLine Smart Close For SAP to Evaluate Efficiencies in Your Healthcare Services Operation
BlackLine Smart Close for SAP may help your business improve operational efficiency while reducing costs. It does this by allowing you to evaluate things like how long it takes an invoice to be processed. However, it digs deeper by permitting you to identify bottlenecks within your finance department that slow down invoice processing. This information can be used to decrease costs and improve work efficiency.
BlackLine is a powerful tool that enables financial professionals to work smarter and meet the demand of modern business. Its task management, close prosses management, and transaction management features provide you with greater insight into your healthcare services business. At Fusion CPA, our seasoned team of health care service accountants uses various accounting technologies, including BlackLine and NetSuite. We are ready to show you how this software might improve your bookkeeping and tax planning and provide clear visibility into your financials, which may pave the path for future growth. Our financial advisers are here to analyze the tax implications of planned transactions, evaluate your organizational structure for minimal tax, and develop an understanding of your organizational structure to recommend optimized health care bookkeeping solutions. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
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