Bookkeeping is standard practice for healthcare entities of all sizes. Keeping track of, recording, and preparing documents for reference, reports, and taxes is required for any successful healthcare practice to maintain compliance and improve efficiency.
With the level of automation that is currently available, you would think that bookkeeping would become more manageable. In some ways it has, but private practices face unique challenges that need to be addressed with resources and software specifically designed for your industry.
The best method of bookkeeping for private practice is a combined system that includes highly-trained individuals inputting information into robust software such as the best-in-class Oracle NetSuite ERP platform. This process allows for detailed report generation and tax document organization.
The most challenging aspect of implementing such a system is knowing where to begin and discovering the right resources to help migrate to a new software platform for healthcare. Finlyte can step in and lead the way.
How Finlyte Can Help with Bookkeeping for Private Practice
Finlyte is a business solutions provider that enhances financial visibility and efficiency for healthcare organizations. We have an excellent team of accounting professionals and software implementation specialists that work in tandem to solve challenges in healthcare.
We make it our job to simplify your practice’s bookkeeping in a way that is streamlined, cohesive with your practice, and functional. Discover three ways that our team can utilize NetSuite to help you with the business side of running a private practice.
1. Organize the Books for Private Practice Owners
The key to maintaining adequate records and using them effectively is ensuring the books are organized. If records are not kept and maintained in an easily accessible manner, they have little use.
Organizations gain insight into their overall profit and loss by maintaining well-kept and organized records of business expenses. In turn, private practice owners and stakeholders can make educated decisions about their entity and its future.
Here’s where we can step in. We’ll set up your practice in NetSuite to simplify the complexity of private practice bookkeeping.
NetSuite should be an integral part of any private practice. Here’s why:
- Can be accessed by multiple personnel to make it convenient.
- Can be controlled by a select group of individuals to keep it secure.
- Simplifies the process of storing records, receipts, etc. in one central location.
- Makes it easy to run financial reports and generate tax information.
2. Generate Critical Reports
Up-to-date and thorough reports are another integral part of private practice bookkeeping. If you can’t run reports on the information stored within your system, or if the records are inadequate, then little can be done to deviate from current practices.
Using NetSuite for recordkeeping allows for the generation of critical reports on time. From comparing income and expenses to preparing tax estimates, NetSuite makes report generation quick, easy, and thorough.
You can use the bookkeeping and accounting platform to compile all pertinent information in one location to produce a holistic picture of your private practice’s financial well-being.
3. Support the Tax Needs of the Entity and Individual Partners
From the entity as a whole to individual physicians and partners, many people have a stake in the tax filings of private practice. Bookkeeping for private practices primarily consists of compiling and storing information crucial for generating accurate tax returns for the entity and each individual.
For example, NetSuite can generate reports that will allow your tax professional to identify potential tax deductions for each individual. This added step can help individuals reduce their tax liability.
When the time comes to file taxes, private practice owners can relax knowing that NetSuite is capable of organizing pertinent business information into categories that are readily available for viewing, printing, and saving for your desired purposes.
Make Finlyte Your New Bookkeeping Partner
NetSuite is an industry-leading software platform that makes it easier for healthcare entities and their constituents to handle business, accounting, and tax situations with ease. The platform is intended to be utilized cohesively throughout your practice for improved clarity and streamlined processes that benefit recordkeeping, report generation, and tax filings.
With years of experience handling specific accounting situations and implementing the NetSuite platform, our team is uniquely qualified to support healthcare leaders with bookkeeping for private practice.
We know that private practice owners have unique needs that vary from those of healthcare organization conglomerates. So, we have tailored our services to provide you with the functionality you need, not what you don’t need.
We also understand that time is critical for private practice owners. We have developed an efficient implementation and onboarding process that requires minimal downtime and includes thorough user training.
It’s our goal to make private practice owners confident in their choice of NetSuite + our outsourced accounting services for their bookkeeping needs. We aim to make the implementation process as painless as possible.
When you’re ready to advance the business capabilities of your practice, contact us to schedule a consultation. It’s time to discover the best way to support the business side of your practice.
