LUTZ BUSINESS INSIGHTS
How private practices use bill.com to automate accounting processes.
KATIE BLYCKER, Senior ACCOUNTANT
As a private practice owner, you face a lot of challenges balancing a demanding career while managing a business. Your patient’s needs are no doubt a top priority, but as an owner of a private practice, you must also pay attention to your financial processes. These are often time-consuming, meticulous tasks that can’t be rushed, and they’re essential to ensure your business runs smoothly. Your record-keeping needs to be accurate; bills must be paid on time, invoices need to be managed, and payroll is a recurring chore.
Luckily, there’s a tool that could make all this more manageable, and it’s called bill.com (BILL). This software provides a system to automate and streamline paying bills and accounting processes.
What is BILL?
BILL is a cloud-based software system designed to help you run your private practice more efficiently by automating part of your financial processes. Using ‘smart’ technology, such as machine learning and artificial intelligence, will enable you to complete daily banking and accounting tasks more quickly and accurately. It digitizes all types of business documents to enhance your record-keeping. You’ll also be able to customize its features and create a personalized system based on your business needs.
What are some of BILL’s helpful features?
If you’re still using paper checks and filing cabinets, BILL will help you leave manual processes in the past and embrace automation. Put technology to work for you—and tasks that were once time-consuming will seem effortless.
BILL offers access to various payment options, including electronic payments using PayPal, credit cards, ACH, or international wire transfers. You can also schedule automatic payments for recurring expenses, which means you’ll only need to enter invoice data once. By automating your financial workflow, you’ll tackle your business payment processes with ease.
BILL is known for its efficient bill-paying processes but has many other valuable features that will benefit a private practice. Automatic reminders for recurring bills or invoices ensure you never miss an important due date.
When you use BILL to digitize all your payments and invoices, you achieve greater speed and accuracy. You’ll also be able to store important documents in the cloud, which means you can access them from anywhere on any device.
Storing all your documents in the cloud is especially convenient if you’re looking for an old invoice, contract, or receipt because you’ll be able to find it with just a few clicks and then attach it to an invoice or client inquiry. And if you’re worried about security, rest assured—your documents are only accessible to designated authorized users.
Your BILL platform allows for different users to be set up with different access and capabilities. You can set up a user with the ability to enter or approve invoices but limit the ability to pay to select users. You can also set up controls so that invoices must be approved by a specific user before they can be paid.
BILL also has a mobile app so that you can review and manage payments or invoices from anywhere. And when you need to contact customer service for support, BILL makes this easy too. Its convenient “Chat” option will help solve any issue quickly.
How will BILL help your private practice?
BILL offers many customized solutions to deliver specific benefits and services for your business needs. It is compatible with some of the most popular accounting tools you may already use, such as QuickBooks. Its account syncing feature ensures all your data auto-syncs between various types of accounting software.
Additionally, BILL can update your client’s information automatically, which is especially useful for a private practice. BILL stores and syncs current addresses, phone numbers, emails, and payment records. All your financial records will be automatically updated regularly.
If you are already using the recommended Medical Group Management Association financial statement formatting, you can easily assign transactions a “Class” to be designated to a certain provider or location.
Reclaim Valuable Time
The saying “time is money” certainly rings true when you own a private practice. Since BILL is a digital system that automates the accounts payable process by performing tasks electronically, managing payments will take half the time. Pay vendors with just a few clicks.
BILL is a secure platform, so there’s no need to worry about your clients’ data or whether your banking information is safe. In addition, its many features will streamline your financial workflow—helping ensure your private practice remains profitable.
Ready to try BILL? Lutz’s Client Advisory Services team is here to help. Contact us if you have any questions.
ABOUT THE AUTHOR
KATIE BLYCKER + SENIOR ACCOUNTANT
Katie Blycker is a Senior Accountant at Lutz with over five years of experience in public accounting. She provides healthcare consulting, as well as outsourced accounting services to clients with a focus on QuickBooks, tax, and payroll compliance.
AREAS OF FOCUS
- Healthcare Accounting Consulting
- Outsourced Accounting
- Family Office Accounting
- Payroll Compliance
- QuickBooks Training
- Financial Reporting, Budgeting & Forecasting
- Provider Compensation Plans
- Practice Benchmarking
- Private Physician Practices
AFFILIATIONS AND CREDENTIALS
- American Institute of Certified Public Accountants, Member
- Nebraska Medical Group Management Association, Member
- Nebraska Society of Certified Public Accountants, Member
- Certified Public Accountant
- MPA, University of Nebraska, Lincoln, NE
- BSBA in Accounting, University of Nebraska, Lincoln, NE
- Lutz Gives Back
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