For the past 30 years, the escalation of medical costs has been one of the biggest challenges facing the healthcare industry. Healthcare business bookkeeping has become more sophisticated, requiring healthcare business accountants to rely heavily on platforms specifically tailored to their accounting needs.
A Cloud-Based Product Designed With Healthcare Businesses In Mind
Acumatica is a financial management software system created with healthcare business accounting and tax planning in mind. It is a cloud-based ERP software that also serves as a financial accounting platform. Built with a comprehensive suite of applications, it helps simplify your healthcare business bookkeeping by allowing you to enter data, information, and activities only one time and in one place. What makes Acumatica such a powerful tool is its accounting-based integrations. These integrations Integration allows it to share data with other applications. This feature means that everything about your business can work in sync.
One of the benefits of Acumatica being a cloud-based ERP solution is that it provides healthcare business accountants access to data whenever and wherever they need it. Full audit trails can help you trace accounting issues from the highest level summary reports down to the original individual entry. You can also quickly access the user ID of individuals who made each financial entry and the date, time, and location when the entries were made. Any additional documentation or comments by the individual making the accounting entry will also be available.
Simplify Healthcare Tax Planning With Comprehensive Financial Accounting Software
Acumatica’s comprehensive nature means that its healthcare tax planning features can be extended throughout the entire organization. All accounting transactions that are initiated in the sales department and purchasing department, as well as all inventory management, service management, and product management, are monitored by the software. They are linked into financial modules, creating an accurate and detailed audit trail that one would expect from an accounting software of this stature.
Gone is the need to create duplicate entries. Entries flow immediately throughout the financial system of the business. The software instantly links information from your general ledger and uses summary reports that trace back to the original activity.
Acumatica is an integrated enterprise system. It provides a consistent look and feel throughout the entire system. It uses a single shared database environment that offers full details and accounting analysis, making your account easy to audit while guaranteeing system integrity.
Some of the outstanding features of this software include:
General Ledger: This allows you to create a centralized repository that is fully integrated with the rest of the software. With it, you can analyze your general ledger and enjoy real-time reporting.
Accounts Receivable Software: This feature allows you to automate invoicing, manage collections, and share pertinent information across your enterprise.
Inter-Company Accounting and Inter-Company Reconciliation: This feature allows for direct financial reporting. It gives you greater control over your payments, cash management, and transfers between entities, even if these transfers take place among multiple entities.
Deferred Revenue Accounting: This feature allows for accurate accounting for revenue recognition for future periods. This is done in a way that complies with ASC 606 and IFRS 15.
Our team of healthcare business financial advisers’ goal is to help our clients advance their business while leveraging their accounting tools. Our healthcare accounting services help clients get a better grasp of the financial health of their business which allows them to make better financial decisions in the future. 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.