Thursday, July 25, 2013

QuickBooks For Doctors

Doctors juggle multiple responsibilities, from being an advocate for their patients, a consoling family members,  to being a business owner. It is very easy to put off seemingly less important tasks like bookkeeping or use sub-par methods to track finances. 

This post will give an overview how a doctor or a small medical practice would use QuickBooks Pro 2013 to manage the finances and employees.

QuickBooks Premier professional services might sound like the right choice for your practice, and you may need it later down the road if you would like in-depth reports specifically geared toward businesses that offer professional services; however, many practices will do just fine using Pro for their financial software. 

Let me point out one many thing, do not use QuickBooks for insurance billing. Most doctors have specialized software that will handle the codes and the billing, it might sound odd having two programs that are able to track receivables, but QuickBooks just isn't the right solution for medical billing.

What you would use QuickBooks for is to record the deposit, checks that are written, manage payroll, and run financial reports at the end of the year for tax purposes. You could uses QuickBooks to track individuals who pay with cash for services (which might benefit the doctor office and the patient). 

If you have a small payroll, you could easily get started with Basic payroll for $20 per month and $2 per employee. The $2 fee cover direct deposit, so there is no need to write manual payroll checks. Basic payroll means you still have to pay and file your own taxes at the end of the year, but QuickBooks has plenty of reports that will help you.

If you decide to not go that route, I would suggest full service payroll. It cost $79 per month and $2 per employee. With his service you only need to enter the hours in QuickBooks. Intuit will handle calculating the taxes and paying the payroll taxes. All you need to do is make sure there is an account for them to withdraw the funds. If there are any problems with your filing, Intuit speaks on your behalf. If there are any penalties because of errors, Intuit pays them, not you.

There are numerous benefits using QuickBooks to manage your company's financial information and I hope this post shows some of the reasons why any medical office should use QuickBooks.

If you have any questions, please leave a comment!