Signs when to upgrade your practice management financial system!

July 12,2024

Accurate financial data is crucial for dental practices. Financial Solution software ensures meticulous record-keeping to avoid errors and negative consequences like audits, misreported financials, and flawed planning. While basic systems suffice for startups, consider investing in a more sophisticated solution as your practice grows. This will provide a comprehensive view of your finances and streamline operations.

When choosing to implement your Dental Practice’s first-ever Financial and HR system, it is normal to go for something that does the basics very well, for a low monthly fee. However, as your business expands and your responsibilities and budget grow, there will likely come a point when it is worth investing in a more sophisticated Financial, HR, and compliance management system.

1) If your organisation is growing

As your business grows and does financially well for itself, you will likely be employing more staff such as hygienists and dentists. ¬†Taking on many new staff members in a short time can be tough for your administration teams ‚Äď particularly if your company hasn‚Äôt expanded to keep up. You will be juggling tasks, which will be more heavy-going, too, as a result of the rising number of employees to look after.

If this is the case, then it might be time to use a Financial and HR system that can help carry some of this workload and burden, giving you a more holistic view of your organisation’s complete operation.

The Financial Section will provide a streamlined method for Practice Managers to calculate the earnings of Dentists and Hygienists, Staff wages, and the customised report for dental professionals employed within the Dental Practice and also help the organisation to monitor their overall financial performance.

The Human Resources Section will provide the staff with a comprehensive online platform that will allow them to maintain and showcase their personal profile and professional documents.

The Compliance Management Section offers access to all necessary compliance documents for all personnel within the organisation making your surgery ready for CQC inspection.

2) Your Admin team saves time by doing the strategic work smartly

With rapid growth in your business, this comes with more responsibility and a higher workload for you and your Admin team. How can you make time to reflect, engage, and plan if you are inundated with day-to-day admin work?

By using a Financial and HR system, your practice can overview the admin tasks such as pending Dentists/Hygienist Payment Schedules, User Document status, Practice Compliance Status, etc.

The practice administrator will then have more control over the user access privileges and it can be customised as per the requirement.

3) You want to make effective and smarter decisions

With your management team stepping up to make strategic choices and your dental practice growing more rapidly, there is more pressure on you to get the right decisions in place. Reporting on and analysing key staff’s monthly worked hours can help you make informed recommendations about people and organisational strategy.

Investing in a complete system Financial and HR system will help do the time-consuming work for you, by producing easy-to-understand management information reports and making sure to get ROI. This will help you to know what the staff earnings will be at the touch of a button. This report gives the details of their branch, annual wages, holiday details with their primary work location along with working hours and rates.