Signs when to upgrade your practice management financial system!
Accurate financial data is essential for dental practices. Financial Solution software ensures precise record-keeping, helping to avoid errors and prevent issues like audits, misreported financials, and flawed planning.
Basic systems may work well for startups, but as your practice grows, it’s wise to invest in a more advanced solution. This approach offers a comprehensive view of your finances and streamlines operations.
When implementing your Dental Practice’s first Financial and HR system, starting with something basic and affordable is common. Yet, as your business expands, it may be beneficial to consider a more advanced Financial, HR, and compliance management system.
1) If Your Organization is Growing
As your business grows, you might hire more staff, such as hygienists and dentists. Managing a larger team can become challenging, especially if your company hasn’t expanded its resources to match. Task management can also become heavier as employee numbers rise. In such cases, a Financial and HR system can ease the workload.
This system provides a full view of your organization’s operations. The Financial Section offers a streamlined way to calculate earnings for dentists, hygienists, and other staff. It also generates customized reports and helps monitor the organization’s financial performance.
The Human Resources Section offers staff a comprehensive online platform. They can use it to maintain and showcase their personal profiles and professional documents. The Compliance Management Section gives access to all necessary compliance documents for your personnel. This feature ensures that your practice remains prepared for CQC inspections.
2) Your Admin Team Saves Time by Working Strategically
Business growth often means greater responsibility and a heavier workload for both you and your Admin team. How can you find time to reflect, engage, and plan if you’re overwhelmed by daily admin tasks?
With a Financial and HR system, your practice can get an overview of admin tasks like pending Dentists/Hygienist Payment Schedules, User Document status, and Practice Compliance Status. This system gives practice administrators more control over user access privileges. It can also be customized to fit specific needs.
3) You Want to Make Smarter, More Effective Decisions
As your management team steps up to make strategic choices, there is pressure to ensure the right decisions are in place.
Analyzing key staff members’ monthly hours can help you make informed recommendations about personnel and organizational strategy. Investing in a complete Financial and HR system takes care of the time-consuming work. It generates easy-to-understand management reports and ensures you achieve a good ROI.
With this system, you’ll know staff earnings at the touch of a button. The report details each employee’s branch, annual wages, holiday information, primary work location, and working hours and rates.
