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Administration is killing me! There's an app for that...

Posted by Matt Connor on 12 April 2018
Administration is killing me! There's an app for that...
Practice administration costs are a bit like taxes - we (mostly) accept they're unavoidable, but we still want them to be as small as possible.

And just like taxes, deep down we know that administration is essential for keeping things running properly. Having said that, there are lots of good reasons for driving down admin costs as much as possible. And with the modern boom in apps and add-ons, there are plenty of tools to help you achieve that.

 

Spoilt for choice

Many accounting software companies are having their annual roadshows at the moment, showing off the features of the new versions of their software, and add-ons that connect to existing programs.

These events can be a bit like religious gatherings, and the mantra is that using their product will increase productivity and efficiency, and therefore make everyone's life better.

But despite all the new functionality this software offers, one thing has remained the same: if you input junk information, you'll get back junk insights.

One way to improve the accuracy of the information going into your accounting software is to automate as many of the inputs as possible.

 

Making admin automatic

In the bad old days (not so long ago), you had to manually enter every bank transaction into your accounting software. Not only was it enormously time consuming, it was also prone to human error.

Often what we would find is people would only enter the most basic data into the system the date and amount of each transaction for example. This meant when you tried to analyse the data for tax reporting and business decision making, you had no idea who was paid or whether GST was processed correctly or a host of other important facts. Junk in junk out.

This all changed with the introduction of bank data feeds into accounting software. Not only would all your bank data magically appear in your accounting ledger, you could program the software to automatically categorise recurring transactions. This new technology was as ground-breaking as the mobile phone (for accountants at least)

 

Join the automation revolution!

Bank data feeds are now almost universally available, but there are still many practices that aren't making the most of this incredible business hack. It really is a no-brainer. Once the data link is made and the recurrent transactions set you'll be amazed how much easier your monthly accounts are to manage.

In our next blog we'll dive into the detail of just how powerful automating your financial records can be.

Author: Matt Connor
Tags: News Budget Owning a medical surgery Staffing Planning Risk management

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The information on this site is of a general nature. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions.

The financial planning services are provided by Medical Financial Pty Ltd trading as Medical Financial Planning (AFSL 506557)