Get confident with Xero
It is never too early to prepare for upcoming changes
Making the transition to Xero may seem daunting but cloud accounting solutions are increasingly necessary and provide an intuitive system for understanding the financial information for your dental practice.
Real-time information
Xero uses technology and machine learning to make data entry as efficient as possible.
Setting up direct feeds between your bank account and accounting software enables you to keep on top of your bank reconciliation and keep your financial information up to date. One of Xero’s latest product updates includes the use of predictive algorithms to make suggestions for transactions created during the bank reconciliation process, leaving less to do yourself and less room for human error.
Data capture technology in Xero’s partner app, HubDoc, extracts information from a PDF or photograph of an invoice or receipt. This means you do not have to spend any time typing out supplier names, dates or amounts for transactions; HubDoc does that for you. You just need to tell the software the correct nominal account allocation for the transaction the first time and it will remember the selection for every future invoice from that supplier.
Automation allows practice owners to keep on top of their bookkeeping, providing them with real time information on how their practice is performing. Links to other apps such as Fluidly or Fathom provides opportunities to look more closely at your cashflow, scenario planning and key KPIs.
Collaborate with advisers
Having up to date financial information in the cloud allows your advisers to provide you with valuable insight and planning opportunities on a timely basis. Up to date financial information means that you can have valuable conversations around tax planning opportunities, how the practice is performing now as apposed to months ago and also allows us to provide more regular benchmarking statistics so that you know how your practice fares compared to others in the sector.
Link your practice management information to your financials
Importing your practice management information into Xero will allow you to properly understand and reconcile how your practice data used in the day-today running of the practice feeds into your financial statements. Some practice management systems, such as Dentally, links directly with Xero. Others provide reports that can be manually imported into Xero. Working with Hazlewoods, we can help to create a process and templates to help with this reconciliation process.
Tracking performance
We understand the importance of keeping track of your associates and hygienists’ patients and services. With Xero’s tracking categories you can assign transactions to service providers to make preparation of pay statements simple, always ensuring that the statements agree to the reconciled financial information.
What package is right for my practice?
There are many features that we think are fantastic in Xero that can help you to run your practice efficiently, however we also understand that for some practices you want your bookkeeping system to be as simple as possible. Xero has different pricing plans and the non-VAT cashbook is a perfect alternative for those practices who just want to use Xero’s bank reconciliation but none of the other features.
To find out more and for tailored advice to suit your individual needs and business goals, get in touch with our Dental team.
