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5 Signs Your Healthcare Practice Has Outgrown QuickBooks

You’ve put in a lot time and effort to nurture a growing healthcare practice and while QuickBooks worked well at the start, it’s time for something better. QuickBooks isn’t sophisticated enough to manage complicated healthcare operations and it could already be creating new problems. You may not have noticed it right away, but there are several signs that QuickBooks isn’t meeting your needs and could be hampering growth. Here are the top 5 ways to tell you’ve outgrown QuickBooks and what you should do now before things get worse.

The Silent Way QuickBooks Is Hurting, Not Helping Your Practice

The signs aren’t always obvious right away, but they are there. Using the wrong accounting software for too long can result in hidden inefficiencies and hidden costs that add up over time. These issues are hurting your practice, not helping it, and could hamper further growth. A study by TechValidate, discussed in “Life After QuickBooks: Why It’s Time to Step Up to Sage Intacct for Business-Class Financial Software,” highlights these 5 limitations of QuickBooks:

  1. Over-reliance on spreadsheets: QuickBooks doesn’t have the functionality growing healthcare practices need to maintain strong financial insight. Frustrated by the lack of features, employees turn to spreadsheets to record revenue, manage expenses or maintain other financial information. The time spent creating cumbersome workarounds for these complex processes is time away from patient care and other core practice managment tasks. Wasted time and resources is a burden on productivity and your bottom line.
  2. Excess manual data entry: Manually integrating QuickBooks with other business applications isn’t always possible or seamless. Add spreadsheets to the mix and you’ll soon find employees spend too much time handling data and not enough time using it. Each time information is rekeyed between systems, there is a risk for errors. More time is wasted looking for data and validating it before it can be used. Aging, inaccurate data can lead to bad decision-making.
  3. Limited access to reports: QuickBooks offers basic financial reporting, not the type of reporting needed by practice managers, physician-owners, financial institutions or regulatory agencies. Your employees can be easily overloaded with requests for data, but with only manual means to prepare reports, visibility becomes limited and response times too slow.
  4. Difficulty in adapting: The healthcare industry is fast-paced and under constant regulatory scrutiny. QuickBooks can’t adapt to these changes. Overloaded with data, the system only grows slower, is subject to crashing and data can be lost.
  5. Inadequate controls: Relying on QuickBooks, spreadsheets and other disparate systems leaves data unsecured and prone to mistakes. Data duplication and errors make it difficult to trust the reports that cross your desk and gaining full, real-time financial insight is completely out of reach.

Enable Practice Growth With a Cloud-Based Financial Management Solution

If you’ve noticed some or all of these signs, then it’s time to take action. Today’s cloud-based financial management solutions like Sage Intacct are affordable, can be deployed quickly, and provide the support your growing healthcare practice needs right now. Out-of-the-box, you can expect to see increased productivity and access to real-time data. Flexible reporting, role-based dashboards and other business intelligence features highlight key performance indicators and deliver the visibility you need to make the smart business decisions that drive growth.

Learn more

Download the eBook and contact Rehmann to learn more about stepping up to Sage Intacct for a more flexible, scalable and mobile cloud-based financial management solution. 

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