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As the demands of managing your practice increase and with the advent of Making Tax Digital, there has never been a more important time to look at your accounting systems.
What is Digital Accounting?
Cloud based technology has caused disruption across multiple industries and accounting is no different – it offers an all-in-one solution to your accounting needs. While you may initially have felt that Making Tax Digital would be onerous, it has given practices an opportunity to review and improve their systems. Rather than just ticking the box for Making Tax Digital, we encourage practices to maximise the opportunities that cloud accounting provides to give you better information, both quickly and efficiently.
Hundreds of apps connect to the main cloud accounting software, allowing you to choose the ones that fulfil your requirements and streamline your processes. Typically for GP practices, these would include an App to send your supplier receipts (enabling the capture of the invoice image directly onto your cloud system and automatic entry of the relevant details into your accounting records) and an App to digitally manage the approval of purchase invoices for payment. In addition, the BDO Open Exeter App allows the automated entry of NHS statement details without manual keying. We designed this App alongside technology experts to ensure that mainstream cloud accounting software could be accessible to practices whilst also enabling the NHS income data to be automatically populated into your software.
As there are so many App partner options available, how do you know which ones are best for you? Our medical accounting teams have been working with practices for years and so have extensive experience of what practices need and the nuances of primary care finance. We have coupled our medical sector experience with our cloud accounting teams to ensure that we can advise on the best cloud systems and tried and tested apps for practices – saving you time on selecting what’s right for you.
As well as choosing the right Apps, the initial set-up of your cloud software is key to maximising the efficiency and reporting ability available. This includes the layout of your accounts, setting up rules to teach the software where to allocate certain repetitive transactions and enabling bank feeds. When set-up correctly, this should significantly reduce your input time on an on-going basis, so you can focus on what really matters.
Timely, efficient information entry also enables faster reporting. Being able to quickly produce a profit and loss report for the partners will help drive business discussions on improving income and new income generating opportunities or where further cost controls may be required. Whether it’s the timely comparison of results against budget or comparing the results of different sites – cloud technology makes this achievable.
Making the move to digital accounting
We have helped many practices with their transition to cloud accounting by providing bespoke set-up, training and support to ensure they are maximising the opportunities. We firmly believe that cloud technology allows businesses to manage their finances better – are you making the most of this opportunity?
For help and advice on your tax position please get in touch with our team.