December 2008

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Accounting software butters the wallet

Now that we are officially in a recession, you should start to cut costs, right? Well, hopefully you have already been tightening the budget belt, but now is the time to look in places that you didn’t think to look before.

One fire that should be the first to be lit is under your accountant and/or book keeper. With the software that is now available from a number of companies including Intuit (QuickBooks) or Peachtree, it is easier than ever to take matters into your own hands.  Along with saving you money, it gives you the opportunity to really see where all the money is going, and what would be the best way to save more.

The price of an accountant can run anywhere from $150 to 400 an hour, and many DCs meet with their accountant at least once a month. After reviewing and interpreting reports and giving you advice, the cost per year can easily exceed $2000. That’s $2000 a year that can go to advertising to help maintain an influx of clients, or new equipment to attract other patients.

While not as expensive as an accountant, bookkeepers are also an avoidable cost. They generally charge around $30 to 50 an hour and have a minimum of $100 to $150 a month. They simplify many of the details for those that are not good with the numbers and for many DCs, they are not so much an option as they are a necessity. However, they can still amount to a significant cost every year.

For those that are looking to take every step they have to save money, they can go all the way, take all the reigns and handle everything through accounting software. Programs from companies like Peachtree, MYOB and Intuit allow you to take over accounting, bookkeeping and payroll.

According to TopTenReviews.com, an independent technology review site, Peachtree Complete is the best

In rating Peachtree the highest, Top Ten Reviews said it was the most complete and easy to use and excelled in payroll and billing, a key for DCs. Peachtree also had great support for technical issues, but only offered free support for the first 30 days after purchase. 

The best bang for your buck still comes from QuickBooks. At $200, it is significantly cheaper than the rest of the programs available and still has the features needed to manage your finances. It has been a leader in accounting software for years and still offers one year of free service, something that no other software offers.

In deciding what software to use, you must make a decision based the features that will best serve your practice. The size and needs of your practice dictate which program would be the best for you, but you have to remember that it will be a larger workload on your shoulders no matter which way you decide to go.  

With limited consultation from an accountant a few times a year, and a tax professional for help in the spring, you can easily save your practice over $5000 each year using mainly accounting software.  This allows you to minimize cost (while not necessarily minimizing time) and have more money to use where your practice really needs it.

So, whether you decide to let go of your accountant or bookkeeper, or take over everything yourself, you will save money. Money that can be reinvested in your practice and help you through the hard times. And who knows, you may even find out exactly where all the rest of that money is going.

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