Running a successful medical facility, whether it's a diagnostic lab or a family practice, requires significant oversight and organization. This is especially true when it comes to managing your company’s finances. The following bookkeeping tips should help you keep your facility on track and running seamlessly.

3 Bookkeeping Tips for Medical Practices

1. Keep a Record of All Expenses

Having a written history of all your expenses, whether it’s medical supplies, equipment, uniforms, or prescription pads, is crucial. This record will give you better oversight into your operational costs and help you apply for more tax deductions. One of the most effective ways to do this is to set up a file for all receipts, order invoices, and bills. At the top of these documents, mark whether they are outstanding or paid. 

2. Record All Income

Once tax season rolls around, you’ll need to be able to show how much revenue your practice produced throughout the year. The simplest way to do this is to keep a spreadsheet of accounts or patient invoices. You can also use this information to garner a better understanding of your net profits by comparing it with the amount of money you spent on practice expenses. 

3. Consider Payment Options

With so many patients coming and going, it can be difficult to keep up with individual payments. However, if you don’t have a system in place, you run the risk of not receiving the funds you are owed. Opt to utilize a billing system that alerts patients when their bills are due to ensure your bookkeeping is always accurate and up-to-date. 

If you manage a medical practice and need help with your bookkeeping efforts, turn to JJR & Associates LLC in Fayetteville, GA. Their team specializes in helping businesses ensure smooth operations by offering comprehensive financial services. Visit them online to view their full list of services and call (404) 437-7748 to discuss your needs with a team member today.