Physicians are busy professionals who have to balance the demands of patient care with the needs of their business. One area that can often cause stress and headaches is accounting. Keeping track of expenses, managing payroll, and staying on top of tax obligations can be time-consuming and overwhelming. However, by implementing a few simple strategies, you can simplify your accounting and save time and energy.
Use Cloud-based Accounting Software
One of the easiest ways to simplify accounting is to use cloud-based accounting software. There are many options available, including Quickbooks Online, which is a popular option for small businesses and medical practices. It allows physicians to track expenses, manage payroll, and generate meaningful reports to aid in decision making. Quickbooks Online also integrates with other tools, such as Dext, which allows you to snap a picture of a receipt and upload it for processing. By using cloud-based accounting software, you can save time and reduce errors.
Separate Business and Personal Expenses
It’s important to keep business and personal expenses separate. This can be challenging for physicians who often use personal credit cards or bank accounts to pay for business expenses. However, by opening a separate business bank account and credit card, you can keep track of business expenses more easily. This makes it simpler to reconcile accounts, generate reports, and file taxes.
Track Expenses Consistently
Another key to simplifying accounting is to track expenses consistently. You should make a habit of recording expenses as they occur. Rather than doing this manually by keeping receipts and tracking expenses in a spreadsheet, use an app like Dext, which integrates with Quickbooks Online, to automate the process. By tracking expenses consistently, you can avoid the stress of trying to remember expenses at the end of the month or quarter.
Outsource Accounting Tasks
For physicians who are particularly busy or find accounting tasks overwhelming, outsourcing can be an excellent solution. Working with an accounting firm can relieve the burden of managing accounting tasks, and provide access to expertise that may not be available in-house. KWB can take care of your bookkeeping, financial statements, and year-end preparation and filing, and help you create the business and lifestyle of your dreams through customized advisory support. Working with us can allow you to focus on patient care.
Accounting can be a challenging and distracting are, but by implementing a few simple strategies, you can simplify the process and save time and energy. By using accounting software, separating business and personal expenses, tracking expenses consistently, and outsourcing tasks, you can manage your accounting more efficiently and effectively. This will help you to focus on what matters most – providing quality patient care.
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We can help you simplify your accounting, improve your profit, and achieve your goals. Book an introductory meeting to discuss your unique needs and goals!