Accounting is central to running a business, and dental practices are no different.
Sometimes, managing the financial side of dental practices can feel, dare we say, a bit like pulling teeth.
Luckily, accounting software such as Xero can step in and assist, alleviating the headache of managing accounts and finances. With over 3.7 million users worldwide, Xero is hugely popular among businesses of all shapes and sizes.
Here we get to the root of how Xero can assist your dental practice bookkeeping.
What is Xero anyway?
Xero is a cloud-based accounting software platform designed primarily for small and medium-sized businesses.
Since it was founded in 2006, Xero has expanded globally and is known for its user-friendly interface and robust ecosystem of integrated apps and tools.
Offering features like invoicing, bank reconciliation, expense tracking, and financial reporting gives businesses real-time access to their financial data from anywhere with an internet connection. It’s convenient and flexible and doesn’t break the bank either.
Virtually any business can benefit from Xero, including dental practices.
Organisation and data centralisation
When you’re running a dental practice, there are countless things to keep track of. From patient appointments to equipment maintenance, the list can seem never ending.
This is where Xero’s organisational features can be beneficial, as its intuitive interface streamlines all your financial matters into an easily navigable platform.
- Centralised data: Every financial detail, be it patient invoices, purchase receipts for expenses or monthly utility bills, resides in one unified space. You don’t need to juggle between different software or manually consolidate data.
- Easy accessibility: Want to check a particular invoice or see the expenses for last month? A simple search and a few clicks will get you there. This eliminates the chaos of manually searching through folders or stacks of physical papers.
- No more spreadsheet struggles: Let’s be honest; while spreadsheets are valuable, they can quickly become too complicated to follow. With Xero, data visualisation becomes a breeze. Pie charts, bar graphs, or detailed line items – you get to see your financial data in a format that’s easy to understand.
Real-time reporting
Xero’s real-time reporting simplifies the process of assessing business health. It helps practices keep on top of their finances in real time rather than relying on creating periodical batch accounts.
- Instant updates: So long as your systems are integrated, as soon as a transaction is made, it reflects in Xero. This means no lag time and no end-of-day or end-of-week surprises. Your financial snapshot is always current, whether you’ve just received a payment or purchased dental supplies.
- Financial transparency: Xero’s comprehensive reports provide insights into cash flow, profit and loss, and other metrics, enabling informed decision-making.
- Customised reporting: Every dental practice is unique. Xero allows you to tailor reports per your specific requirements, ensuring that the information you receive is relevant.
Cloud convenience
Xero leverages the cloud to store data securely and allows for accessibility from virtually anywhere.
- Access: Xero can be accessed from anywhere with an internet connection.
- Multi-device compatibility: Desktop, tablet, smartphone – Xero works across all platforms. This flexibility means you’re not chained to a particular device.
- Heightened security: Just as you safeguard your patient’s medical records, Xero prioritises protecting your financial data. With robust encryption and multi-factor authentication, data remains safe and compliant.
Integration
Every dental practice has its ecosystem of tools and software. Xero ensures it seamlessly merges with your existing setup.
Sync with popular dental software: Whether you’re using practice management software, appointment scheduling tools, or patient record systems, Xero can likely integrate with them.
Plug-and-play functionality: With its vast library of connectors and APIs, integrating Xero with other platforms is relatively simple. No extensive setups or complicated configurations are required.
Summary
Xero is a dynamic, fully-featured accounting software that can transform bookkeeping processes for dental practices.
It assists with a variety of day-to-day bookkeeping processes – payments, reports, expenses, etc, all are tracked in one place.
JTP Accountancy can assist dental practices and other businesses with their accounting and bookkeeping processes, helping them tap into the power of Xero.
