Articles — Accounting

Are You A Doctor Who Is Frustrated About Your Billing Department?

Dr. Linda Hancock Accounting Business

Are You A Doctor Who Is Frustrated About Your Billing Department?

Your income is directly affected by the activities done by your billing department. If there are mistakes or problems with preparation or submission of fees, you may actually be losing money. There are several things that you can do to prevent this: 1. Make sure that you understand the system - Many doctors do their own work but do not know exactly how or when billing is done for them. As a business owner, however, you need to remember that if billing is done incorrectly or delayed, you are the one who suffers. financially. 2. Have checks in place to prevent errors - Each...

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Accounts Receivables Can Kill Your Business Success

Dr. Linda Hancock Accounting Business

Accounts Receivables Can Kill Your Business Success

A few years ago, my Assistant told me that there wasn't any money in the business chequing account. I couldn't believe it because I knew how much I was charging per hour. It just didn't make sense. One of the first things that I did was start to educate myself. I watched the training videos for the bookkeeping software and then began using the knowledge to review the figures that had been entered into the program. How shocked I was to find that my Accounts Receivables were over $25,000.00 and that much of it was from blue stock companies who...

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Three Things That Many Doctors Do Not Know About Their Financial Situation

Dr. Linda Hancock Accounting Business

Three Things That Many Doctors Do Not Know About Their Financial Situation

Doctors are often so busy seeing patients and doing their hospital rounds that they don't have time to become involved in the administrative and financial aspects of their practices. Instead, they might hire staff to do their billing and administrative tasks. This can be a dangerous thing - especially if the staff is not competent or trustworthy. When I am working with doctors, I remind them that this is their business and their money. They therefore not only need to understand the system that is being used to handle financial matters but also be the one who makes changes in...

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Three Mistakes That Businesspeople Do When It Comes to Accounts Payables

Dr. Linda Hancock Accounting Business

Three Mistakes That Businesspeople Do When It Comes to Accounts Payables

None of us like to receive a handful of bills in the mail, especially if the amounts are going to take a huge chunk out of the chequing account. But bills arrive frequently throughout the month. There are three things that are often done with payables that cause problems for the business owner as follows: Not paying by the due date - Procrastinating or avoiding payment for any reason harms the business owner's reputation and adds additional costs in interest. When you make purchases, you need to realize that payment needs to be made on time and allow for that...

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Securing Your Financial Health - Accounts Receivables

Dr. Linda Hancock Accounting Business

Securing Your Financial Health - Accounts Receivables

Accounts Receivables are monies that are owed to you for goods and services that you provided to your clients. It is important to remember that this is your money and because of this, you need to have an excellent system for keeping track and collecting it. When you see a client, you collect a fee. I inform each person in advance that I only accept cash or cheque. That way you do not have any vendor fees that are charged by merchant services. I also have the client sign an agreement which includes the fee, method, and timing for payment....

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Constructing Efficient Systems - Bookkeeping Systems Are Vital for Success

Dr. Linda Hancock Accounting Business

Constructing Efficient Systems - Bookkeeping Systems Are Vital for Success

If you do not have a good bookkeeping system, it is very easy to lose money and not know that this has happened. You will also waste a great deal of time trying to figure things out when it comes to month end or income tax time. You can either use a manual or computerized system but will likely find that a good computerized system will soon pay for itself in the time that it saves you and the efficiency it provides. Following are the basic functions that you will need in your bookkeeping system: Income - You will need to...

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