Accounting for Clinic Owners: Choosing Xero Over Others

Accounting in business is one of those things that I find fascinating because it’s obligatory. You’ve got to appease the tax man and make sure everything is lined up.

But it can be such a resource. I found that having a system around my numbers and being guided by the right principles means that your numbers are in order. You can make better decisions, you got so much more clarity around your business.

It’s not about your fear of numbers; it’s about your love of growth and sustainability.

Why You Need an Accounting Software

As business owners, an accounting software allows us to really get clarity around our businesses. It gives us opportunity to delve deeper into our expenses, moderate and improve them, to run a sustainable business. So how exactly an accounting software help us attain this clarity and sustainability?

1. It is Cloud based

So as compared to server based or older accounting based systems, where we probably used to back in the day. We used to take a shoebox full of receipts to our accountant or a bookkeeper once a month or once a quarter and we get a P&L or a report.
With a cloud based accounting software, we’re now able to have live access to our numbers at any particular time just so but our finger on the pulse.

You can make decisions instantly and not have to wait or depend on your accountant or a location of a computer.
I am not suggesting to fire your bookkeeper nor not to get and accountant, it’s simply best to have awareness: Awareness is Power.

2. User Friendly

Most clinic owners, if not all, are certainly not an accountant or maybe not a financial planner. But accounting software offers a level of understanding for a business owner, a health business owner, as to how can we can make our numbers mean something to us.

3. Benchmarking

You get to see how your business is performing as compared to other like businesses. So, bench marking also helps you make meaningful decisions within your business.

Why we choose Xero over other accounting softwares

And so there are coupleS of different options for an accounting software, there’s Xero and those QuickBooks and MYOB and all those different ones.
But what is it about Xero that makes it so easy for a business owner?
All of the Accounting Software have their pros and cons and suitability to certain business types. But why did we choose XERO?

1. Integrations

Xero is integrated with other softwares we use in health business such as Cliniko , a management software. There are more than 700 time-saving apps that connect with XERO. Featured apps include Stripe, Paypal, Receipt Bank, etc.
These apps is categorized as per function, and as per business type. See the screenshot below:

2. Portability

The App version for Andriod and iOS is perfect for running your business wherever you are! You can reconcile your bank transaction, capture and approve expenses, send invoice, store customer details, and many more!
Again rather than keeping a pocket full or wallet full of receipts that we take to the bookkeeper at the end of the week or the end of the month.

3. Customisability

Whatever type of business  you are on, you can run it smooth and easy with Xero’s customisability on reports to suit your business. You can view and share your reports more interactively in real time!
Measuring your KPI’s has never been made easier!

4. Security

Xero offers a tight controlled access to your information and web storage security. You can control which users can view and do, personal information are kept private and encrypted. The multi-factor authentication give extra layer of security for your account. Read more on Xero’s security features.
So all of them, I would say would have the pros and cons, we’ve been using Xero for a period of time, we integrates.

Conclusion

Xero’s innovation is evident on its features.  When you have the right accounting software for your business, you’ll be far more equipped when you’re making more meaningful decisions based off data rather than just off your gut feel. And so prioritizing your numbers means that there will be something left over at the end of the month or the quarter of the year rather than spending at all and wondering where it went.
As clinic owner, you’ll be able to create a business that is sustainable in a way that can help more patients, help them more often, make a massive difference in delivering amazing experiences.
You can also check out our podcast episode 006: Introducing Xero: Why Clinic Owners Should Use It, and leave honest reviews. If you’d like to know more about Clinic Mastery and how we help clinic owners create amazing experiences, you can find out more again at our website clinicmastery.com/growmyclinic.
Remember to live with passion. It’s all about giving the best client experience.