Home » E-News » News

Categories

Accountant Aged Care Allied Health Annuity Asset Finance Asset Planning Asset Protection Asset Protection Strategies Assets Assets and Risks Ato Bas Binding Death Benefit Nominations Binding Financial Agreement Bonds Brexit Budget Budgeting Business Business Registrations Business Support Business Tax Deduction Business Value Capital Gains Tax Capital Protection Catherine Frost Cgt Checklists Commercial Property Community Corporate Trustee Cryptocurrency Death Benefit Nomination Debt Debtors Deceased Estate Depreciation Director Director Id Divorce Economic Update Economy Emily Kermac Employees Estate Planning Executor Fbt Federal Budget Finance Finances Financial Advice Financial Plan Financial Update Franking Credits Government Grants Gst Home Office Hybrid Unit Trust Individual Ownership Information Session Insolvency Insurance Interest Rates Investment Loan Investment Loans Investment Property Investments Janet Kohan Jobkeeper Jobmaker Joint Ownership Ken Burk Land Tax Lending Market Update Mortgage Broking Mygov Negative Gearing Overseas Gifts Parental Leave Paris Financial Pat Mannix Payg Payg Variation Pension Practice Practice Valuations Private Wealth Property Rebecca Mackie Record Keeping Research & Development Retirement Retirement Planning Retirement Savings Salary Sacrifice Scams Self Managed Superannuation Self Managed Superannuation Fund Self Managed Superannuation Fund Borrowing Shares Small Business Smsf Smsf Borrowing Smsf Self Managed Superannuation Fund Strategic Business Structuring Structures Succession Plan Superannuation Superannuation Fund Tax Tax Benefits for Super Tax Concession Tax Deduction Tax Losses Tax Offset Tax Planning Tax Savings Temporary Full Expensing Tenants in Common Tfe Training Trust Trusts Will Working from Home

Allied Health: Keep Your Software Separate

Allied Health: Keep Your Software Separate

There are a number of different types of software out there for allied health businesses.

Practice management software

The most common ones include Nookal, Cliniko, TM2, Frontdesk and PPMP.

My advice for anybody looking at industry software for allied health, is to look for something cloud based. These days, it’s important to have everything in the cloud so you can be working off of iPads, desktops, a couple of printers, and not even have a server. It’s brilliantly smooth, efficient and safe.

Nookal is one of my favourites for small businesses kicking off. It’s a great cloud-based product which has been developed in Australia, up in Brisbane.

Cliniko is also cloud-based and quite popular.

TM2 is cloud-based, and designed in Europe.

There’s also Frontdesk and PPMP which have been around for many years with physios.

These are all practical pieces of software for practice management that you should consider for your practice. Every allied health business has slightly different requirements so you will decide what features matter to you and what will be the right practice management software.

Accounting software

For payroll, accounts payable, general ledger, bank reconciliations, and for your bookkeepers/accountants, you will need some accounting software.

I mention to a lot of small business people that Xero is the key product out there. Xero is cloud-based and known by a lot of bookkeepers.

MYOB and Quickbooks Online are also cloud-based and quite good, so using these is fine.

The important factor here is to ensure the software is cloud-based and being used by your bookkeeper.

Don’t interlink them

This is key: don’t link your practice management software and accounting software. Keep them separate.

At Paris Financial, we’ve had a couple of clients who have had a world of trouble trying to link their software. In particular, many try to link Cliniko and Xero, and it never works out for the best. Despite all the “time saving” and wonderful things you might hear about software linking with Xero, really you are just taking a step back and double handling the same transaction in both pieces of software. You’ll end up in a tizz.

In your practice management software, you should run all of your accounts and fees through there. Do your own reconciliations through here.

Then in your accounting software, you can do an overall income reconciliation.

Don’t link them.

We can help

The Tax Champions at Paris Financial have been working with allied health professionals for more than 20 years. This includes physios, osteos, chiropractors, podiatrists, and other Allied health businesses. We are able to analyse from a tax perspective, a financial operational perspective and a structuring perspective to ensure that your allied health business is set for success. We also have three partners who are qualified to do business valuations in the allied health industry.

If you would like to speak to a Tax Champion, contact us today on (03) 8393 1000.

 

Pat Mannix, Partner, Paris Financial


Tags: ATO | Accountant | Allied Health | Paris Financial | Pat Mannix | Tax |