Medical office administrators are usually responsible for countless tasks essential to running a medical practice. You may find that having so many responsibilities to juggle makes focusing on health care bookkeeping and tax planning a challenge. QuickBooks may be used as a powerful health care accounting software. QuickBooks might help with tasks like vendor payment, payroll, year-end tax filing, customer billing, and cash flow management.
How QuickBooks may Help with Payroll
In some medical practices, handwritten timesheets, antiquated payroll software, and complex spreadsheets are used to keep track of payroll. While it may be possible for a health care CPA to accurately handle payroll using outdated systems, they can be unnecessarily time-consuming. QuickBooks makes payroll simpler and more streamlined by offering features that automatically entering time tracking, payroll expenses, and tax withholdings. When a healthcare accountant has access to all of their payroll information in a centralized place, it usually becomes easier for the medical office to run with fewer errors. Generally, any errors that do arise can be easily managed by your CPA.
Using QuickBooks for Customer Billing
If a medical office can not collect payments from patients, it may not be providing services for too much longer At Fusion CPA, we understand that customer billing can be a disorganized and inefficient affair. Some medical offices may even track and write invoices by hand. Others might be limited to accepting payment by cash or check. This can make it challenging for patients to pay their bills, it usually causes disorganized bookkeeping, and it may result in some services not being charged. QuickBooks may help health care accountants by making it easy to produce, track, and send invoices. During the implementation of the software, tailored invoices bearing the medical office's logo and contact information can be created. These can be sent in printed documents through the mail or via email.
When invoices are sent via email by QuickBooks, your customers have the option to pay their bills electronically using the payment methods approved by your medical office. The work of tracking down invoices can become easier as QuickBooks can help monitor when invoices are paid. It also offers features that can be set to notify your accountants when invoices are past due, and it sends reminders when bills are overdue.
Use QuickBooks for Year-End Tax Filings
Whether you work in a large hospital or a family clinic, your medical center may have to file taxes. Much of this health care tax planning may fall on the medical office administrator. The difficulty of this task should depend on how your organization maintained accurate bookkeeping reports throughout the year. Fortunately, QuickBooks makes it possible for your CPA to enter records and receipts throughout the year. Having all of your accounting information in one location should make it easier to refer back to previous reports when they are needed.
How QuickBooks and Health Care CFO Business Advisory Combine to Create a Powerful Tool
QuickBooks on its own is a useful tool. However, when it is coupled with health care clinic financial advisory services we offer at Fusion CPA, it may really help you get your business bookkeeping and tax planning on the right track. At Fusion CPA, we are committed to helping small to medium-size healthcare organizations like yours create tailored strategies for tax planning. Our goal is to help you minimize your tax liability while helping you maximize the deductions you may take. We are here to help you review and organize your bookkeeping, find ways to reduce costs, improve profitability, and plan for future growth. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.