I’m always on the lookout for ways to improve efficiency and productivity within my business and within my client’s practices, and I can honestly say it is time well spent. Finding ways to make your practice run smoother saves time and money, helps cut out on stress and worry and promotes growth. Below I’ve listed just four simple ways to improve your practice’s efficiency significantly. Make these quick and easy changes and you will see an increase in your cash flow and in the amount of time that you have to focus on growing your practice, instead of just running it.
Save time and money when your business bank account is automatically sending your transaction information to your bookkeeping software. No more having to enter each transaction manually or worrying that you might have forgotten to enter in some transactions, which would result in an inaccurate portrayal of your cash flow.
So many practices are now using practice management software systems to help improve their productivity and time management. Take this increase of efficiency a step further and connect your practice management software to your bookkeeping software. Any transactions you input into your practice management software will upload into your bookkeeping software, saving you even more time and money.
Now that your bank account is automatically uploading your transactions into your bookkeeping software, it will be a lot easier for you to go in there on a weekly basis and reconcile each transaction. This will give you a clear idea of what your cash flow is, which will enable you to make informed decisions for your practice.
When bills aren’t paid on time, or at all, your practice’s cash flow is affected. Sending out one invoice and waiting for your client to pay is no longer enough. Have a system in place to track unpaid invoices and a policy for how and when to follow up with them. Take advantage of your bookkeeping software's ability to schedule and send out recurring invoices, which could go out every 30, 60 and 90 days. Make sure this responsibility is assigned to someone to keep track of.
The bottom line is this: making these small changes will save you A LOT of time and money. It will also make your life notably easier. A couple of these changes are as simple as clicking a button, but the results are instantaneous! My favorite part of these tips...they won’t cost you a dime but will definitely save you hundreds, if not thousands, of dollars. If you have questions about how to implement these changes within your own practice, send me an email at firstname.lastname@example.org. I’d be happy to help you get started!