Accounting is not the preferred activity of most optometrists, and it’s in the interest of your practice to minimize the time and effort needed to manage the business side of your business.
That’s why QuickBooks is a favorite tool in optometrist practices across the country. After hearing these five reasons your practice should consider QuickBooks, you’ll probably be ready to get onboard.
1. Save Time
Your practice will do best when you can allocate most of your time to performing optometry services, without letting your finances fall by the wayside. QuickBooks can help you save time by running bookkeeping and paperwork tasks automatically.
You’ll also be able to quickly share data between other computer applications and programs, saving you the time of manually entering data into the program and minimizing potential errors.
2. Track Progress
QuickBooks is set up to easily generate reports from the data you put in the program. With the touch of a button, you can see how your practice is doing financially compared to past seasons and your future goals.
Generating financial reports will also be useful when you’re looking to expand your business by way of a small business loan. QuickBooks formats profits and loss statements, projected balance sheets, and cash flow statements to accommodate the preferences of the Small Business Administration.
3. Save Money
QuickBooks is an affordable way to simplify your bookkeeping and financial tracking tasks so you and your staff can allocate your time to other important administrative and optometry tasks.
When you correctly track and organize your expenses, you’ll make filing your taxes easier, and you’ll probably be able to earn higher tax returns. For more help staying IRS compliant and leveraging tax law for maximum returns, talk to a tax CPA at our firm.
4. Customize QuickBooks
QuickBooks is flexibly designed to work well with a wide variety of businesses in industries from retail to healthcare. You can customize your account set-up to accommodate the unique needs of your optometry practice.
QuickBooks will make it easy to track your expenses and revenues in a way that makes the information useful during tax season as well as for financial projections and tracking your practice growth.
5. Use Online Payments
QuickBooks will make it easy for your practice to accept credit card payments without investing in expensive hardware or software. With online payments, you can also accept bank account transfers.
Making it easy for your patients to pay for your services can help you boost customer satisfaction while cutting down on the time it takes your practice to finally realize payment for a job well done.
Online payment capabilities also make it easier for your practice to settle your own accounts. You can sync your business bank account with Quickbooks to pay your bills online and on time.
The Defense Rests
QuickBooks is an excellent tool that helps your practice stay on top of its finances. At Caro & Associates, we can help you set up your accounting system so you can manage the financial side of your practice effectively.
Still, some optometry practices chose to implement accounting outsourcing for all or part of their accounting needs. We can also remove the daily bookkeeping burden from your schedule. We offer an innovative accounting solution called BOSS (Back Office Support Solutions) so we can help you achieve your business goals.
Do online reviews help or hurt a business? Depending on the type of review, of course, it could go either way.
If you are aware of the most common financial issues optometry practices face, you can plan ahead.
There are certain pitfalls every optometry practice owner should be aware of before they open their own business so they can make decisions to avoid them. A designated optometry accounting firm or program can help practitioners meet their business goals and avoid some of the most common pitfalls.