Get confident with Xero FIND OUT MORE FROM OUR DENTAL TEAM
2023
It is never too early to prepare for upcoming changes Making the transition to Xero may seem daunting but cloud accounting solutions are increasingly necessary and provide an intuitive system for understanding the financial information for your dental practice.
Real-time information
Xero uses technology and machine learning to make data entry as efficient as possible. Setting up direct feeds between your bank account and accounting software enables you to keep on top of your bank reconciliation and keep your financial information up to date. One of Xero’s latest product updates includes the use of predictive algorithms to make suggestions for transactions created during the bank reconciliation process, leaving less to do yourself and less room for human error. Data capture technology in Xero’s partner app, HubDoc, extracts information from a PDF or photograph of an invoice or receipt. This means you do not have to spend any time typing out supplier names, dates or amounts for transactions; HubDoc does that for you. You just need to tell the software the correct nominal account allocation for the transaction the first time and it will remember the selection for every future invoice from that supplier.
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Automation allows practice owners to keep on top of their bookkeeping, providing them with real time information on how their practice is performing. Links to other apps such as Fluidly or Fathom provides opportunities to look more closely at your cashflow, scenario planning and key KPIs.
Collaborate with advisers
Having up to date financial information in the cloud allows your advisers to provide you with valuable insight and planning opportunities on a timely basis. Up to date financial information means that you can have valuable conversations around tax planning opportunities, how the practice is performing now as apposed to months ago and also allows us to provide more regular benchmarking statistics so that you know how your practice fares compared to others in the sector.