A question we are frequently asked when meeting with Doctors is, “What’s a good accounting software application to manage my finances?” We have not yet found any software that translates, interprets, trends and gives prioritized actions to help you and your business maximize profit or give you a real return on your investment, or on your energy. It is thatsweet spot of translating numbers into actions where the expert “humanware” is needed!
Do you have an advisor or team member who knows which numbers to look at, what actions to take if they need correction, and who can give you a list of activities that will affect the outcome? If you don’t this is a role that is imperative to help change your “busy-ness” into an enhanced business!
Following is an illustration of the roles and underlying activities to support the financial roles in your practice. It’s important to note: in most practices, each of these roles is part-time in and of itself, but the skill set and expertise needed in each one is very different. Our observation is that many practices and small businesses are most often missing the roles and benefits of the CFO and possibly the Controller. Without these roles, owners often expect their bookkeeper and accountant to trend, translate and give suggestions of what to do and how to do it. This is typically a source of great frustration for both.