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A financier without five years of study

Maintaining the financial statements of a clinic is a very responsible and important job. You have to be very careful, because every financial transaction must be recorded correctly and on time, because this is how future expenses, profits, and the entire business are planned. To manage business finances competently, people study finance for a long time and carefully. 

But 7 years in medical school and another 5 in economics is too much. What if we told you that you could keep perfect financial records like a real financier, but without years of study? Is it impossible? Let's find out.

What do you need for proper financial reporting?

This is the key question in today's article, because by answering it, we can build clear steps and provide solutions. After conducting research, we came to the conclusion that all that is needed for correct financial reporting are the following:

Recording absolutely all mutual settlements.

At first glance, it sounds quite simple and somehow "down-to-earth," but without this, good reports cannot be built. You need to not just record every payment or expense, you also need to securely store them, ensuring constant access when needed.

Correct maintenance of cash discipline.

Incorrectly recorded information can create as much confusion as not recorded at all. In finance, all details are important, currency, cash, literally every penny is important. Ask your accountant about the same feeling when he or she found a couple of dollars that someone deposited in the wrong cash register.

Disclosure of complete information in a single format

Correct recording of all mutual settlements allows you to show the full financial situation in the clinic. Now you can see the amount of work performed, expenses, and, in fact, profit.

Analysis of financial reports and further planning.

Now you can see the profit for the day, month, what percentage of payments are in cash and what percentage are by card, how much we spend on materials, how much work is done by a surgeon and how much by an orthodontist. 

It is financial reporting that provides the answers to these questions.

It is not an easy task, as it requires the utmost concentration and surgical precision. Therefore, it is better to entrust this task to someone who can perform all calculations in a split second, analyze key indicators, prepare comprehensive reports, and not make a mistake due to inattention.

Your financier is the Cash desk module!

We have a great candidate for this position the Cash desk module. It brings order and clarity to the financial chaos, structuring all income, expenses, salaries, and taxes. We have simplified all the complexities of microeconomics for you as much as possible. 

But we have to admit that while Cash Desk in Cliniccards is a cool tool, it is something you still need to learn!

Let's start with the fact that Cash desks in a simple sense are a module for working with financial transactions. There are three types of them in Cliniccards:

Profit transactions.

Everything is simple here. They increase the cash register balance. These can be payments from patients, deposits to the cash desk, or refunds from suppliers.

Spending transactions.

It is also clear that they reduce the balance. These are cash collection from the cash desk, refunds to patients, clinic expenses, salary payments, etc.

Profit and spending transactions.

These are transactions in which money is withdrawn from one cash register and immediately transferred to another. For example, transferring funds between cash desks or exchanging currency in a clinic.

By understanding and constantly recording these operations, we essentially work with the Cashier module. It's as simple as that. Did the patient make an advance payment? Record his payment. Purchased materials from a supplier? Add an expense. Paid salaries to doctors? Add the corresponding expense as well. You just need to record all financial movements on time and correctly. The Cash desk module will calculate everything and summarize it into a single picture. It will immediately show you this information:

  • Actual balances of all cash desks.
  • Detailed information about financial transactions in the clinic.
  • The status of settlements with suppliers.
  • Detailed information on each of the expenses.

The Cash Desk is automated and easy to set up, and each section is interconnected to make your financial work simple. As a reminder, you CAN be a financier without five years of study. It sounds more confident now, doesn't it?