Benefits of Cloud Accounting for Dental Practices
What is cloud-based accounting? It means you keep your business books online. The information is encrypted, much like your bank’s records, so only people with the login can view the data. Cloud-based accounting also allow employees in other specialties, remote or branch offices to access the same data and the same version of the software in real-time.
Dental practices face exclusive challenges, some of these challenges include cost control, multi-entity reporting, billing, and product inventory. A cloud-based accounting system allows you to better run your practice while remaining IRS compliant and HIPAA compliant. Today, there are dental practices that are still using out-of-date procedures and technology to run their dental practice’s finances and accounting. Gone are the days where a dentist uses ledger sheets, basic excel spreadsheets, or brings in boxes of invoices to their accountant. If you are using these methods for your accounting practices or using an outdated software, here are some reasons why you should switch over:
Security
One of the main concerns when healthcare practices consider cloud providers is their practice and patient’s information becoming public. The cloud is one of the most secure ways to store information. Cloud providers apply multiple levels of security, including advanced encryption and access control, to ensure that only authorized users can access your data. In addition, you can invite users to view your data and control their level of access. This is much more secure than emailing your files or saving it on a USB. Moreover, you will no longer need to perform back-ups and software updates as the cloud is always on the most up-to-date version and with the latest functions, tax rates, and necessary forms.
Team Accessibility and Cooperation
Your team will have instant access to necessary information and resources without spending hours attempting to locate files. Additionally, your team can access data from anywhere in the world where they have internet access. Dashboards and other built-in metrics tools translate complex data into easy-to-understand charts and key performance indicators. Accountants and financial analysts will not be the only ones to benefit from cloud-based accounting, your office manager, human resources, executives, and customer service teams will benefit from real-time access as well.
Team Efficiency
Cloud-based accounting can improve your bottom line by improving efficiency. Your employees will be able to make better use of their time by reducing manual entries and reducing verification of data. For example, invoices can be fully automated, and your employees will spend less time entering and checking data and more time on an initiative that can increase your profits.
If you are part of a dental practice that is looking to become more efficient, secure, and accessible then we want to hear from you. We have done the research to find the best dental accounting software for your practice! At CPA by Choice, we want you to focus on your patients. We are available to answer your questions, feel free to call us or send us a message.