Why Accurate Bookkeeping is the Backbone of a Successful Practice

Accurate financial records are essential to the success of any business, providing insights into the financial health of your clinic. They enable clinic owners to track profitability, make informed decisions and manage cashflow. They are also essential for staying compliant with the CRA. Accurate and up to date financial records are the foundation for the long term success for your practice.

At OneCloud Accounting, we understand the importance of accurate financial records. Whether you are a small clinic with a few practitioners or a large practice with multiple locations, we are here to help streamline your bookkeeping so that you can focus on what truly matters – your patients and growing your practice.

The Benefits of Accurate Bookkeeping for Clinic Growth

• Financial Clarity and Transparency – When your bookkeeping is accurate and up-to-date, you can easily see where your money is coming from and where it is going. Whether you experience steady growth or seasonal fluctuations, you will be able to set realistic budgets and manage cashflow effectively. 
• Improved Decision Making – Accurate bookkeeping allows for improved decision making based on real-time financial data. This allows you to make important decisions such as hiring more staff, where to invest additional resources and where to cut back on costs. It also allows you to identify opportunities for growth and manage risks before it’s too late.
• Easier Access to Funding – In order to secure funding from investors or lenders, you will typically need to provide financial statements. These stakeholders will review your statements in order to assess your clinic’s viability and risk.
• Stress-Fee Tax Filing – Having accurate and up-to-date bookkeeping allows you to meet tax deadlines with the CRA and stay compliant. You no longer need to scramble at year end to get your bookkeeping in order.

How Poor Bookkeeping Can Hold Your Clinic Back

While accurate bookkeeping can help your clinic grow, poor bookkeeping can hinder it. Unfortunately, with the many demands of running a clinic, it’s easy for clinic owners to push bookkeeping aside and prioritize other tasks. This may seem fine at first, but it may cause bigger issues long term.

• Compliance Issues – Clinics may face compliance issues if the bookkeeping is poor or is not up to date. This may result in tax errors, late filings or costly penalties and interest.
• Cash Flow Problems – Decisions made on old or incorrect data may lead to cash flow shortages. A clinic may struggle to pay staff or coverage operational costs if the bookkeeping is not completed accurately and on a timely basis.
• Financial Loss – With inaccurate or incomplete bookkeeping, it becomes difficult to track profitability. You may not be charging enough for services, overpaying practitioners or overspending on expenses. This lack of insight makes it very difficult to track a clinic’s true profitability.

Build a Strong Foundation with Accurate Bookkeeping

Building a strong foundation with accurate bookkeeping requires a specific skill set. At OneCloud Accounting, we specialize in providing bookkeeping services to health and wellness clinics. Here are a few ways we can help:

• Automation – We select software that is right for your clinic in order to streamline workflows and improve efficiency. These software reduce manual processes and save time.
• Real-Time Reporting – We use cloud-based accounting software which allows for real-time access to your data. This allows you to make informed decisions based on up-to-date data. 
• Expert Advice – We have a team of experienced bookkeepers that will work with you to ensure your bookkeeping is always accurate and up to date. We provide the guidance and tools necessary to streamline the process and offer insights into your clinic’s financial health.

At OneCloud Accounting, we simplify your bookkeeping process so that you can focus on what matters most – your patients and your practice. Contact us today to see how we can help build a strong foundation for your clinic.