Cloud Accounting for the Healthcare Sector

Posted On April 12, 2017 By mhauk

The use of cloud accounting software, QuickBooks Online (QBO) from Intuit is resulting in better reporting, improved performance and time savings for our Healthcare sector clients, and here’s how:

  1. Instant Access

As long as you have a stable internet connection, you can access your data anytime, anywhere. No software installation, no processing at a single desk or single office.

  1. Automatic Bank Feeds

The software is designed to sync automatically with most online banking. The transactions will appear in QBO as they appear on your online accounts and you then simply allocate payments and receipts to the correct place. As more transactions are added, the intuitive system starts to recognise your regular entries or match payments to previously entered purchase invoices, speeding the process even further, and ensuring consistency of transaction processing. Rules can also be set to split down complex transactions or automatically post entries.

  1. Import of Monthly NHS Statements

We can assist you with the import of the monthly payments and deductions statement received from the NHS, breaking down each individual element of the payment so it can be recorded accurately, ensuring management of information at the touch of a button.

  1. Multiuser Access

With our QBO offering, you can have as many users as you like, all for the same monthly fee. Users can have full, partial or reporting only access. Tasks can be delegated across users and managing partners can access management information from their own log in. We would also have access, so we can help you with queries on postings or help with interpreting performance.

  1. Paperless Possibilities!

There is a scan and attach feature for each and every transaction, which means all records could be digital. This could eliminate storage costs or space needed for filing, freeing up rooms to become income generating.

  1. Reporting Capabilities

Standard reports can be customised with ease to show the information you want. These reports can then be set to send to specified recipients on set dates, if required.

  1. Value for Money

Licence fees start at £10 (plus VAT) per month, making it a great price point and cheaper than a lot of software renewals. Licences include updates and support from Intuit. We are also happy to offer license only subscriptions.

Oh and here is an extra reason – Because Making Tax Digital is on its way!

From April 2018, HMRC are likely to implement their Making Tax Digital plans and part of this process will require you to keep your records up to date and on digital software that is compatible with HMRCs portal, in order to meet the quarterly reporting requirements. QBO will be compatible, this is why it may be a good idea to start thinking about the transition sooner rather than later.

If you would like to talk to us about Cloud Accounting or Making Tax Digital in more detail, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Cloud Accounting team.

This article originally appeared on the blog of our member firm, Moore & Smalley.