26 May 5 Perks of Cloud Bookkeeping for Your Dental Practice
Before I delve into the benefits of cloud bookkeeping, I want to first explain this elusive space we refer to as “the cloud.” The cloud is essentially virtual storage that can be accessed from wherever you have an Internet connection. Instead of saving files to your computer’s hard drive, which can be only obtained by logging on to that specific computer, you can save all of your data in the cloud and retrieve it whenever, wherever, and with whatever smart device you have on hand. Companies around the world are using this innovative way of saving and sharing data to grow their business and ease the burdens of everyday tasks.
Two Roads’ encourages dental practices to utilize cloud storage, especially when managing the complexities of business finance. Those who do find the bookkeeping and tax filing process much easier and regularly enjoy these five perks of cloud bookkeeping:
Cloud-based bookkeeping allows you around the clock access to all of your financial information from anywhere you have an Internet connection. If you’re a dentist who practices at different office locations, you won’t have to worry about which hard drive you stored that important file on. Instead, you can simply log into your account, retrieve the necessary information, and be on your way. Cloud bookkeeping also allows multiple people to access your records with their own username and password. This is very beneficial because if you’re away from the office, be it at a meeting or on vacation, those who need to obtain the information to run your practice can easily do so from their phone, tablet, or computer.
Cloud bookkeeping is much more efficient than the traditional methods of pen and paper, and spreadsheet software programs. The cloud offers real time back up of information. Imagine your computer crashes right as you finally finish entering six months worth of accounts receivable. Although you did click “Save” somewhere along the line, all of the data is corrupted, and you have to start all over. Did I mention your taxes are due tomorrow? If this really did happen, you would be in a pretty sticky situation, especially if your schedule is booked with routine patient care. However, if you’re bookkeeping in the cloud, none of your entries would be lost because cloud storage backs up all of your information in real time.
Cloud bookkeeping is also more efficient than other bookkeeping options in that it allows you to share your financial records with related parties without everyone being present in the same room, or even in the same country. If you were to hire someone from out of state to handle your business financials or outsource your bookkeeping to a company like Two Roads, everyone in the party would have 24/7 access to your account information and would therefore be able to complete and verify all data entries efficiently.
By utilizing cloud bookkeeping software, you can better ensure that your information is always up-to-date and accurate. Not only does the cloud back up every entry in real time, cloud bookkeeping software stays current through automatic updates. If cloud technicians have figured out how to make your program run better, you’ll be able to use the new version of the software as soon as it is installed and made available to the public. You will no longer have to make version 2.0, 3.0, 4.0 purchases to make your job easier.
Because cloud bookkeeping encourages multi-user access, you can share bookkeeping duties with your office manager or other qualified staff members. Not only does this relieve the stress of the one primarily responsible for your practice’s bookkeeping, it also improves the accuracy of the data because more people can review the information.
As a working professional, you understand that time is money, cloud-based bookkeeping saves you a lot of time, which in turn saves you a lot of money. Cloud bookkeeping also saves you money by decreasing your expenditures. You won’t have to buy extra office supplies like printing paper and ink cartridges; you won’t have to buy additional hardware to back up more of your files; you won’t have to buy software updates either. Cloud bookkeeping software is also easy to use, so it requires very little training. It also increases productivity, so you’ll be saving even more money on labor cost.
Not only does cloud bookkeeping increase your profitability by saving you money, it does so by helping you make more money. Think about how much time you spend right now doing bookkeeping the standard way. What could you be doing instead? How many more patients could you acquire if you switched over to the cloud?
When it comes to business financials, security is of the utmost importance. As a dentist, you are not only concerned with protecting your practice’s information, you are responsible for protecting the information of your staff and your patients. Cloud-based bookkeeping is much more secure than bookkeeping by hand or using conventional software that backs up to your hard drive or USB. Information in the cloud cannot be stolen because it is not tangible. Data stored in the cloud is also protected by many complex firewalls, so it is nearly impossible to hack. The average computer’s hard drive, however, is susceptible to even the most elementary spyware and malware infestations.
At Two Roads, we treat our partners as family, which means giving them the best results with the best technology available. We use cloud bookkeeping software to guarantee that your financial records are accessible 24/7 (because they are your records!) and make sure they are always accurate and entered in an efficient manner. We work hard to increase your practice’s profitability because we believe in helping you make sound financial decisions so you can continue doing what you love. We also understand that security is a priority, especially in the medical industry, and we take every measure possible to make sure all of your information remains confidential.
If you would like to find out more about the specific services we offer through cloud bookkeeping or how your dental practice can reap the most benefits by outsourcing your bookkeeping, please contact us: 865-212-0063.
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