Cloud accounting software packages for healthcare services

If you already use internet banking or social media, then you already make use of cloud technology.

You can now take this a step further and use this technology to access and update your business accounts and finances anytime, anywhere via the internet.

The two main software packages used by our medical clients are Quickbooks Online and Xero.

What is cloud accounting software?

These are accounting packages that use software which is hosted in the “cloud” and can be accessed from any place with a stable internet connection.

There is no need for new hardware or complex installations; it can be accessed from your laptop, tablet or phone. They can also be accessed by anyone that is given authority and so your accountant can help with problem-solving or training in real time.

The software works by connecting directly to your bank and all entries are fed across from the bank into the software. It is very secure using bank-level encryption and data can only flow one way, so nobody can actually access bank transactions.

Once each transaction has been assigned a code from the chart of account that you set up, the software will remember that the next time that same supplier or income stream is received and automatically suggest it is posted to that same code.

Thus, every transaction is accurately recorded and consistently applied to the same code. Cutting out human error and ensuring comparisons can be easily made from one period to the next.

As the information is all entered directly from the bank your year or period end reconciliations will be automatically dealt with, saving significant time and cost for you and the accountant.

Due to the accurate and consistent recording you can produce valuable management reports at year end, monthly or quarterly and keep a constant eye on the financial position of the practice. Spotting any issues with missed claims or spiralling costs and thus allow decisions to be made in year on profit levels with associated tax and pension considerations.

For NHS income there is also an additional APP, GP+, which will analyse all of the NHS statements and allocate the entries to separate codes.

• What are the advantages of migrating to cloud accounting?
• Access live, real time information from any location, by any user, regardless of device.
• Multiple users can have access at the same time, including the Partners of the practice and restricted users.
• Automatic bank feeds that import daily to QBO with most banking organisations.
• Bank level encryption keeps your data safe.
• Simple bookkeeping that can produce powerful reports for your practice.
• Access is also available for your accountants.
• MHA can import your GMS / PMS Statements from the PCSE portal.
• Attachments can be uploaded to every transaction, which will help you move towards a paperless office.

How can the MHA healthcare team help?

The MHA Healthcare team can be an integral part of your practice team, when you move your bookkeeping to the service.

We can be on hand to offer any advice based on the same real time information that you have access to. We can also tailor training specifically for you and your team on how to use it, including real-life examples of how other practices are embracing the new technology. 

With MHA Healthcare and cloud based software we can show you how to best make use of the software, so that you can access the information you need in order to keep track of the ever evolving landscape of GP income.