The benefits of cloud-based accounting for medical professionals

Did you know that cloud-based accounting software allows you to access your financial data from anywhere, at any time?

Most cloud-based software solutions are accessible via a web browser, so they’re available on any device that uses an internet connection.

For medical professionals, time is of the essence, so having up-to-date information at the touch of a button is a significant advantage.

The ability to see your financial data in real time means you can make important business decisions right then and there.

Why medical professionals should use cloud-based accounting

There are a number of benefits to using cloud-based accounting, such as:

• The ability to store and manage financial records on secure external servers, alleviating the need for internal storage solutions
• Automatic bank feeds that are updated on a daily basis, which makes recording transactions easy and helps to save time on bookkeeping
• Access to real-time information from various devices, which allows business owners to make informed business decisions on the go
• Multi-user access to keep your accountant or business advisors informed, so they can provide advice that is timely and accurate
• A cost-effective accounting solution, as the software is constantly updated in the background by your provider.

Cloud-based technology frees up business owners so that they have more time to focus on the bigger picture, rather than on tedious everyday tasks.

It also provides for a better base for you and an advisor, such as LDB Group, to have more informed discussions on a regular basis based on the correct information. This is an important benefit, especially for medical professionals who are practising independently for the first time.

A guide to cloud-based accounting software

When you’re starting out, it’s important to develop good habits from the beginning of your business journey. Keeping track of your income and expenses accurately, from both a cashflow, GST and tax registrations perspective, is integral to your success.

The best way to achieve this is by using cloud-based accounting software.

There are a number of different accounting packages on the market, so you should carefully consider your options and choose the software that is right for you and your business.

Some of the most commonly used accounting software packages by medical professionals or within the healthcare industry are Xero, QuickBooks Intuit, and MYOB. While these solutions are similar in nature, each have their unique strengths.

We’ve outlined the key features for each of the software packages below:

Xero

• Automatic bank feeds updated on a daily basis
• App available on your phone or tablet, so you can manage invoices and bookkeeping on the go
• Keep track of stock quantities and values in real time
• Track working hours, approve leave, and pay staff online
• Integration with a number of third-party healthcare apps (such as Cliniko and Power Diary) for appointment scheduling and practice management

QuickBooks Intuit

• Secure access anytime from any device
• App available on your phone or tablet, so you can manage invoices and bookkeeping on the go
• Scan receipts, track sales and expenses, send invoices, and pay staff from any device
• Automatic bank fees to alleviate bookkeeping and track cash flow
• Access to real-time business reports and insights, which can be shared with your accountant or business advisor.

MYOB

• Manage employees and contractors in one place
• Track timesheets, leave, and payments from any device
• Easily prepare your BAS, GST, and super payments without the hassle of paperwork
• Various third-party integrations to healthcare-specific software
• We will explore the benefits of each of these accounting systems in more detail in upcoming articles, as well as some of the medical software apps that can help your practice to run more smoothly.

Speak to the accounting experts at LDB

LDB has helped employees and businesses in the medical sector for many years, whether it is guiding medical employees when moving to consultant (locum) arrangements, advising how to structure a medical business, or considerations for income structures for healthcare professionals

If you have any questions regarding cloud-based accounting or need some support in choosing the best software for you, please reach out to one of our friendly advisors at LDB by calling (03) 9875 2900 or filling in the form below.