Accounting technology is a powerful tool for healthcare professionals. The right accounting technology can transform your business in many ways. When you combine that with a great team, your profits will increase but your stress level will decrease.

Here’s how accounting technology improves your healthcare practice’s profitability.

It saves you time

This is the big one – cloud accounting technology saves you a ton of time. Say goodbye to data entry and receipt sorting and put that time back into your business.

Set up automatic bank feeds and simple reporting tools to gain your time back. On top of that, your accountant will be able to clearly see what’s going on and guide you in real time. You don’t have to waste hours getting paperwork together and sending it to your accountant, they can see everything through the accounting software.

It allows real-time data access

To make sound business decisions, you need to be able to view your data. Cloud accounting allows you to access reports, dashboards, and other information 24/7, anywhere in the world. There’s no need to go into the office and boot up your clunky accounting software to see where you stand.

That’s why accountants for doctors encourage switching to the cloud. It allows busy healthcare practitioners to get the information they need, quickly and on-demand. You’re busy enough running your business – make sure you can access what you need to so you can make the best decisions to drive your business.

It enables automated invoicing

Being able to automate your invoicing is a gamechanger. Cloud accounting technology allows you to send invoices to customers effortlessly. If something isn’t paid, an automatic follow-up is sent. It drastically reduces the amount of time you have to spend chasing down payments.

You can optimize your software for healthcare accounting in New York. Apply necessary fees and taxes automatically, so the risk of a billing error is drastically reduced. Once billing is done correctly and automatically, you’ll notice improved cash flow and speedier payments.

It provides improved collaboration with your team

By adopting tech forward accounting, you can easily collaborate with your financial team. Get advice from your accountant or bookkeeper as charges and expenses come through. Real-time support helps with tax minimization every year and eliminates the guesswork that often comes with tax time.

Because you can grant and restrict user access as-needed, your partners and financial team are able to see everything they need any time. No need for a meeting or phone call.

It is easily scalable

With traditional accounting software, growing your business was time-consuming, difficult, and expensive. This is no longer the case. With cloud accounting technology you’re able to take the next step as soon as you’re ready.

Your accountant will be able to offer business advisory services because they already have access to your information. Tax planning becomes a snap, too. Modern accounting technology opens a lot of doors to growth that you just don’t get with traditional accounting methods.

It saves you money

With cloud accounting, the need to install, run, and update applications on a centralized computer is eliminated. Think of all the time, energy, and money you can save by taking that part of the equation away.

With monthly subscription packages, all updates and maintenance are automatic. You don’t even need to worry about making backups. This reduces business costs and allows you to dedicate that time back to your actual business.

It increases security

Accountants for the medical industry love when their clients adopt cloud technology because multiple layers of security are built in. All  your files are automatically backed up to the cloud. If your phone, tablet, or laptop is broken or stolen, your patient information is kept safe and secure.

You’ll also find that you’re using a lot less paper, because everything is digital. That eliminates the risk of losing a hard copy – both a costly mistake and a potential breach of confidentiality.

Final thoughts

There are so many benefits to adopting cloud accounting technology. They’re even more pronounced when you run a healthcare practice. Contact us to learn more about how our New York accounting services can use accounting technology to support your practice.

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