Outgrowing QuickBooks: Alternate Software Solutions for Healthcare Providers
One big time saver in business is finding and sticking to a routine that works. When effective operations and systems are established, everything runs a lot more smoothly and predictably…for a while.
Unfortunately, the downside to growth and expansion is that companies begin to outgrow old processes. What once worked for a smaller-sized organization may no longer be suitable when that same organization scales.
Accounting is one area that is sure to be affected by business growth, particularly in terms of bookkeeping. While QuickBooks is a simple and user-friendly option for fledgling enterprises, it won’t cut it for the more complex financial considerations that growing companies face.
Today, we’ll explore how growing healthcare providers can pivot from QuickBooks to more appropriate accounting software that keeps up with their success.
Why Growth Affects Accounting
As healthcare providers grow and begin to offer more services, increase their number of staff members, gain more patients, and even collaborate with other healthcare organizations, their accounting processes will need to have the capability to support these changes.
Basic accounting solutions such as QuickBooks are often used for accommodating simple business structures, but are far less adept at managing finances for larger businesses. QuickBooks offers limited functionality for growing companies, and is not as efficient as more sophisticated cloud-based software solutions. The platform is lacking in both automation and versatility, which poses a problem for more complex billing and payment arrangements. Without sufficient automation, healthcare providers can expect to lose more time to manual bookkeeping than is actually necessary.
How a Best-in-Class Accounting Software Can Help
With a best-in-class accounting software,healthcare providers are better able to keep up with the demands of business by streamlining many of their essential financial processes, such as bookkeeping, invoicing, and payroll. A strong software solution will also minimize accounting errors and improve accuracy, so businesses can enjoy more confidence in their accounting records and absorb fewer costly mistakes.
In many cases, another advantage of sophisticated software solutions is their ability to provide industry-specific services—an ability not shared by QuickBooks. For healthcare organizations, managing inventory, quality control, and production scheduling from suppliers is crucial for maintaining smooth operations, and may be managed with an accounting platform that tracks these areas efficiently.
Finally, with a powerful accounting software, such as Sage Intacct, companies benefit from real-time visibility that promotes quicker, smarter business decisions. Having access to multi-entity financial data via one accessible dashboard not only keeps things organized, but leads to far better productivity by cutting out the “noise” of a more clunky process (for example, combining Quickbooks with Excel spreadsheets to accommodate growth).
Explore Your Options
Is your healthcare business ready for advanced, effective accounting solutions? Reach out today to learn more about how Lucentive can help, and take your financial process to the next level.