Bookkeeping to Virtual CFO Services: How Your Practice Can Benefit From Outsourced Accounting
With the introduction of easy virtual communication like Skype, Zoom, Slack, emails, and texts, the face of bookkeeping is changing. Instead of bringing a pile of paper receipts to your part-time tax accountant, you can keep track of everything in QuickBooks®, and your accountant can regularly access your books.
This new digital reality has affected other aspects of the finance world. Small practices now have access to virtual CFO services that before would have broken the bank and can also benefit from outsourcing payroll and other bookkeeping services. You’ll save time and money working with an external bookkeeper, allowing you to focus on attending to your patients’ needs.
Many practices hesitate when considering finance outsourcing companies because they are worried about the cost. However, working with a bookkeeper can help to save you money.
A bookkeeper is knowledgeable about taxes and can ensure you are receiving the maximum deductible possible. Additionally, you’ll only need to pay the bookkeeper for services rendered, eliminating the need to pay a full-time employee. You’ll save on benefits and taxes. You’ll also have access to the most up-to-date accounting software and technology to help streamline your bookkeeping.
Don’t Miss Deadlines
Deadlines can creep up on busy practices. Filing your taxes late can result in hefty fines, and you don’t want to have to spend hours sorting out your taxes last minute. An experienced bookkeeper will ensure you file all your taxes - local, state, and federal - on time.
Streamline Your Payroll System
A bookkeeper experienced with optometry practices can ensure that your payroll system is effective. Having someone with experience handle the finances means you won’t need to spend hours every month calculating your employees’ salary and deductions.
Instead, you can spend the time you save developing new ideas for your practice, evaluating your practice’s financial situation, and reaching out to patients.
If you or other non-accountant employees are spending hours handling payroll and taxes, you will lose productivity. Office staff, nurses, and optometrists all have high levels of training in their specialty, which allows them to excel at their jobs.
An accountant will be more time-efficient and productive when handling your accounts. Instead of researching every law and learning as they go, they can use their skill and experience to quickly and efficiently reconcile your books.
You can also ask your accountant to analyze your financial reports and find areas where you can increase productivity and reduce expenses.
Focus On Your Patients
Patients are the core of any optometry practice. You’re there to help them with their eye care and improve their quality of life. Outsourcing your bookkeeping allows you to turn your focus toward reaching new patients, staying in touch with current ones, and improving your customer service.
Whether you want to make your waiting room more comfortable or are determined to reach new patients through social media, you’ll have the time to do so, secure in the knowledge that your bookkeeper has a firm handle on your finances.
Work With Us
At Caro & Associates, we understand the inner workings of small optometry practices. If you want to learn more about outsourcing your bookkeeping, call us today at (206) 497-0671 or email us at email@example.com.