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Shifting priorities? How professionals can free up time to focus on what really matters

July 19, 2021

Shifting priorities? How professionals can free up time to focus on what really matters

Synopsis
3 Minute Read

Managing practice finances doesn’t have to be so time-consuming. Learn how cloud accounting and bookkeeping can help you work smarter.

Tammy Wylie
Tammy Wylie, CPA, CA, CPA, CGA
Partner, Professional Services

The pace of work at Canadian professional practices keeps moving faster and faster. As the pandemic fades, there’s been an influx of patients looking to catch up on missed appointments. With busy days, professionals like you are looking for ways to save time and focus on patient care. Their focus is on operations, but many are missing one major area: accounting and bookkeeping.

Accounting and bookkeeping are accepted as inefficient but unchangeable processes. It’s time-intensive, requiring you to sift through paperwork, input ­­data, chase down invoices, and finish payrolls.

Tech has changed the conversation. By taking advantage of cloud accounting and bookkeeping solutions, you can tackle the common challenges that come with managing finances and gain a better insight into your practice.

Here are some of the examples of how the cloud helps practices work smarter.

Immediate, measurable time savings

You could be spending many hours each week on accounting software. New platforms have allowed some owners to spend half the time managing finances as they did before.

The time saving comes from built-in automation software that can generate invoices quickly, makes it easy to find documents, and sends follow-up reminders. Instead of spending hours creating the invoices, the accounting platforms do the work for you.

You can also save time by working from anywhere. Modern accounting platforms store their data in the cloud, meaning you can access what you need from any device, wherever you have an internet connection.

Using data to build a stronger practice

New accounting and bookkeeping platforms can help you identify opportunities for improvement. By using the insights deliver by the platforms, you can plan your cash flow better and understand your tax situation.

You can also compare yourself against industry practice averages to determine where you’re strong and where you can look to improve. Few professionals know if they’re high-performing or not because they do not have a frame of reference. Now, you can see how you stack up and address those gaps.

Simple by design

You don’t need to be an accountant to use this tech. The platforms are designed with the user in mind, focusing on simplifying the experience so you can do what you need to do quickly.

The platform is straight-forward and more intuitive than previous experiences. Finding old transactions used to feel impossible, but now it’s easy.

Taking advantage of cloud accounting

These new opportunities can help you run your business more effectively and save you time. To learn more, visit mnp.ca/ease or contact:

Tammy Wylie, CPA, CA, CPA, CGA
Partner, Professional Services
[email protected] 
807.625.4846

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