It’s 4:30 PM on Wednesday it’s time to spend your weekly 15 minutes on completing all the bookkeeping for the practice. The checks have already been signed and sent even though the signer is on a boat in the Atlantic. Invoices are entered into your system despite never opening the relevant envelopes. You are reviewing your cash forecast for the rest of the month. You’ve paid your vendors at the last possible second on purpose. Wait!!! Does this accounts payable process sound too good to be true?Let me guess your Accounts Payable process:
Countless obstacles are implicit in this system, such as:
If this process is similar or the same as yours, you’re not alone. When I was an Office Manager this was my process as well. As a Consultant, every practice except one has had a process very similar to this. The good news is that with a few changes you can adopt a modern bookkeeping platform that takes all of this off your shoulders.There are programs that help with this subject that have so many features that it would be impossible to cover them completely and if I did, they would probably have more features by the time I finished. Even if you didn’t find a program that you liked, you could train a Virtual Assistant to do these mundane and robotic tasks on your behalf (I did). Let’s skip to the finish line and outline a bill payment process after you use one of the platforms as mentioned above:
Each party involved, the Bookkeeper and the Physician, have spent a completely negligible amount of time doing a process that is superior in every fashion. There are detailed audit trails and complex bill payment arrangements to ensure embezzlement is nearly impossible. The system integrates directly with your bookkeeping software so that you aren’t entering bills or marking them as paid anymore. The system allows the Bookkeeper and Check Signer to operate anywhere in the world as long as they have a connection to the internet.What’s the cost? Again, negligible. From a sample size of 42 clients that have adopted one of these platforms, we found that all clients saved a huge amount of time and benefited immensely from the added features. Most of these platforms charge a monthly fee per user, a fee per bill, and another fee for automatically populating the invoices. Here is are some common client comparisons for the proposed Accounts Payable process:
In conclusion, taking a step toward modernizing your bookkeeping will save you and your practice time and money. The benefits you gain from these accounts payable programs are endless, but most notably, they allow you to manage your accounts payable from anywhere in the world, and they render your filing cabinets of receipts, check stubs, and invoices obsolete. If you think you have an excuse as to why an accounts payable program like this won’t work for you – please check them out anyway. One practice tried to stump us by stating that their process required three Physicians to sign a check, they received invoices from twelve offices, and they used a ‘class’ system that categorized the bills in complicated ways; the accounts payable platform didn’t even break a sweat in such a convoluted process.
To most, Human Resources sounds like such a daunting task. Like any other role in the practice, it is a series of workflows that when broken down into their constituent parts are rather simple