Due to changes in NHS contracts practice mangers are facing increased financial pressure; mainly the need to sustain a similar level of profit despite funding being reduced.
This then puts pressure on patient care, and so the domino effect begins.
How can we make lives easier for all here?
Looking at financial performance as and when year-end accounts have been delivered is simply, no longer good enough. This does not allow practice managers to grow their business, be efficient or forecast.
And as Making Tax Digital continues to roll out, it will soon become mandatory to report financial performance more regularly on a digital platform.
This is where cloud-based software, that enables you to see ‘real time’ financial info will help. We recommend Xero, but other options are available.
Rightly so, patient care is practice managers main priority, and so we advise our practice managers to ask themselves two questions before beginning the process with Xero;
- Will Xero help you deliver better patient care?
- Is this financially viable to your practice and your patients?
We believe the answer to both is yes.
Ultimately, Xero will create efficiencies, allowing you more time to do what you do best – more focus on patient care and less time worrying about finances.
Let’s go through a few of the key elements that make Xero great:
- Automation and connectivity: Xero equips practice managers with tools to make invoicing faster. Go beyond ‘traditional’ printed invoices and start using online invoices. Not only is it faster, you can also see whether they’ve opened it, and they have the ability to pay online through your invoice. And when money comes into the bank Xero matches it with the outstanding invoice. With the press of a button, the bank transaction is explained, the debtors balance is reduced, and everything is up to date.
- Xero is cloud based software. This means that you can access it wherever you are, provided you can access to the internet. Even better, your accountant (us) can access it at the same time without needing to worry about backups and version control. If you have a problem with a bookkeeping entry, just contact us and we can sort it out.
- Its slick design maximises the user experience and takes away the ‘clunkyness’ that some other packages have.
- Collaboration Made Easy. Xero integrates with hundreds of Apps – from CRM systems to stock management and appointment scheduling. There is an endless list of digital solutions available to help practice managers.
- Xero helps to reduce the paper trail! When used in conjunction with Receipt Bank, purchase invoices and receipts and be scanned in and attached electronically to your Xero entries
- Real-time Financial Reporting. The ability to efficiently manage cash-flow is the holy grail of financial success for many practice managers.
Other features Xero has to offer is a payroll function, fixed asset register and stock.
There are over 700 software providers that link with Xero to create a bespoke package to suit your needs including specific integrations for medical industries.
The same goes for the reporting elements, unlike some other software providers, Xero only has a handful of reports, but all of these are ones that businesses use. Some can turn numbers into charts and graphs and produce detailed forecasts.
Using clever tech such as Receipt Bank allows you to have a fully operational creditors ledger, which means you can see exactly who you owe money too.
Please get in touch with us to learn more about how Xero can work for you and your practice.