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How Medical Centres Are Leveraging On QuickBooks To Organise Their Finance

Medical centers still rank among the corporate environments with the busiest staff, a clear discovering that is not unconnected to the steady influx of patients who are looking for a lasting solution to their health issues or existing patient waiting to see the doctor based on appointment. At times, managers of medical outfits get so busy that they pay less attention to the finance, cash flow, and the overall company performance. While some use excel spreadsheet to record and track the progress of payments made by their patients, others use the same file containing the history of patient health status to record what is due, amount paid and balance. I even noticed that only less than 1% of accounting officers in medical centres can accurately generate a receivable report due to unorganised patient transaction history.

This definitely explains why medical centres need to quickly upgrade their accounting system to a better platform like QuickBooks for efficient and effective transaction recording. There are different areas accounting software can improve the operation of a medical centre; from the receivable side which I have earlier explained to more areas inventory management, invoicing, payments, banking, reporting and timely decision making.

Starting from the inventory side – Medical centers are big times buyers of pharmaceutical products used in treating patients and as such need to monitor receipt of drugs and medical products, usage and quantity on hand at any give time. Even when the accountant or store keeper is called to present a detailed and updated report of inventory activities, it ought to be available in lesser time than when the conventional accounting method is used.

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For over 5 years, we have implemented QuickBooks for several companies under Retail, Manufacturing, Oil & Gas, Real Estate & Construction, Travels, Hospitality,Legal, Co-operatives, NGOs, Financial & Service Sectors.
  • Mbaire Services Nigeria Ltd(Construction)
  • Aristokrat 360 Limited(Creative & Media Agency)
  • Alpha Pharmacy (Health Care & Supermarket)
  • Hawkes Legal(Legal)
  • OPI Nigeria International Limited (Oil & Gas Servicing)
  • Zenilum Company Limited (Oil & Gas Servicing)
  • Lilygate Hotel(Hospitality)
  • Josien Holdings Limited(Distribution)
  • Aisha Buhari Foundation (Futured Assured)(NGO)
  • Doheney HR Services(HR)
  • Biddel Oil & Gas Limited (Oil & Gas)
  • System Intelligenz Limited(Contractor)
  • MagTech Information Security (IT)
  • Infusion Cakes Nigeria (Bakery)
  • Landmark Centre (Event Centre)
  • Mountain Ice Travel & Tour (Travels)
  • BTS System (Service)
  • Logos Travel Support & Solutions Ltd (Travels)
  • Germaine Auto Centre (Autos)
  • BD Consult (PR)
  • Starlight Nigeria (Retail)
  • Temple Private School (Education)
  • C. Charles Resources Limited (IT consulting)
  • Adeniyi Coker Consultants Limited (Real estate and construction)
  • The Nigerian Economic Summit Group (NGO)
  • Value Mart Supermarket (Retail)
  • Transweb Bureau De Change (Financial Service)
  • Wakanow Travels (Travels)
  • Vektro Food Limited (Manufacturing & Retails)
  • Orient Petroleum PLC (Oil & Gas)
  • Plus More

For drugs or product purchased from local or foreign vendors, there is a simple workflow that takes you from the point of sending “POs” to receiving inventory into the store and making final payments in Naira or US dollars. And as these products are used, QuickBooks has a material adjustment window for recording every usage on a daily, weekly or monthly and a corresponding cost of sales account to track their value on the profit or loss account.

Another vital part of your account is the invoicing window designed to track all income earned from medical services rendered to patients while using “Receive Payment” to record progress payment so far. This will greatly improve the way report on patients and their outstanding balances are prepared and presented.

The banking section lets you monitor all cheque payment, customer deposit/transfers from/to your bank account with a “use register window” serving as a bank transactions summary statement for you to compare your actual bank balances with. If there is any difference, you can initiate a reconciliation via the “reconcile window” to track missing figures like bank charges, interest income, unpresented cheque, uncredited cheque or transaction commissions.

While these are some of the deliverables of QuickBooks accounting software customized for medical centers, you can also ask our client support team, at 08105090001, 08084219399, more questions about getting your accounting system right and improving the accuracy of your financial report,

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