Healthcare cloud accounting

Let’s be honest, most of us are resistant to change, even if just a little bit – why? Because we perceive change to be a hassle, we know how to do what we need to do using the traditional method, and we think adapting to the new way will take longer because it is less familiar to us. But what if you could save time, save money, do your bit for the environment, and keep on top of your bookkeeping almost anywhere.

The beauty of cloud software is that it can be accessed anywhere with any device that has an internet connection, as it isn’t dependent on software being installed on a specific machine. So, you no longer need to be in the practice to keep on top of the finances.

This has been particularly useful during lockdown when many practices found that they were tied to working in the practice due to the software only being on one machine. The practices that were embracing cloud accounting were better able to accommodate working from home for relevant staff members.

While there are quite a few suitable cloud accounting packages, we have found Xero to be the most suitable for GP clients, and the most popular choice. It is easy to use and has proven to be a real time saver for clients. Xero can be linked with other apps, or not, to provide the level of efficiency you want. For example by using bank feeds your bank reconciliation is a much simpler process, the days of sitting inputting each individual transaction will be in the past. You can also use an app to have all of your invoices scanned and automatically posted. Xero is a very intuitive package which learns where you want to allocate certain costs and begins to do this automatically, saving you more time each month.

Cloud accounting software is continuously updated at no extra cost, without the user having to do anything. Therefore you won’t have to wait on IT to install updates and even better, the monthly subscription cost is usually less than the cost of traditional software packages.

So, it’s accessible almost anywhere and will save you time processing transactions. What else?

Cloud accounting solutions will ensure you are ready for Making Tax Digital – the starting date for this has changed a few times, however the government are committed to introducing this, so it is good practice to get ready now.

As a partner, we work with Xero to create tailored solutions for our clients. We can help to create management reports, for example, which will let partners see their real time current account position. Also, because the data is stored in the cloud, as your accountant we can log in any time to review and discuss financial performance with you.

You can do your bit for the environment too as there will be no need for paper records, and no need to send files of paper to the accountant at the year end.

At a time where life just seems to be getting busier and busier, we are here to help - cloud accounting and our digital approach to working is here to help make life that little bit easier, allowing us to take more of the strain.

Written by Laura Clarkson, Healthcare Partner

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If you would like to find out more about how we can help, please contact us and a member of the team will be in touch.

Back to spring 2021 update

Healthcare news - Spring 2021

This collection of articles will cover changes to the 2015 NHS Pension Scheme, the benefits of cloud accounting, HMRC nudge letters for those who have assets overseas, phishing attacks, Medics Money NHS pension masterclass, and final pay controls.