Nathan Poole considers the value of online software to dental practices.
I first started assessing online bookkeeping software many years ago when numerous products including Xero were released in the UK but were pretty much unheard of. I wanted to know what to recommend to clients so evaluated all the packages available. QuickBooks had not launched in the UK but with some determination I managed to evaluate the American version. I wanted software that was user friendly to non-accountants and bookkeepers as most of my clients were not trained in double entry bookkeeping.
I also wanted to pick a company that was going to survive the initial scramble and had the resources to develop the software to reach its potential. I chose QuickBooks and Xero as both were well established companies with strong financial resources to enable them to grow and had user friendly software. Both companies have thrived since, so I feel we made the right choices.
Anyone who has suffered the pain of switching software providers knows how frustrating this can be, and it was therefore important to ensure that any choice made would stand the test of time. I also felt that any system that was similar to systems our clients had already used would help minimise the pain in transition. In the end I chose to back QuickBooks for most of my clients as many had used software from the company in the form of Quicken or QuickBooks desktop.
Both QuickBooks and Xero are constantly developing and improving. The updates all occur behind the scenes so that you do not need to do anything. When you go into the software you may notice new buttons or features, but no big scary changes.
Realistically both QuickBooks and Xero can do everything most dental practices will need and a lot more. Both include features such as:
- Importing bank statements
- Automatically coding entries based on rules
- Reconciling bank
- Purchase ledger
- Excellent reporting
- Attaching invoices to entries – so you can click on an entry in a report and see the invoice
Is it a good idea to link the software to my clinical software?
This is debatable, but so far I am not convinced it is necessary or brings sufficient benefit. This is something we have done before but it can add levels of complexity and issues that then need to be dealt with. To be done correctly, you would need to ensure that the financial side of the clinical software was being maintained to high standards, which a lot of dentist assume is the case but is often not when interrogated fully.
So which package should I use?
The most important advice is talk to you accountant first. One of the benefits of the software is the collaborative working that this online software enables. As your accountant can access your data, they can also support you to ensure you get the most out of the system. So, it is important that they know the system as best as possible to help you get the most out of it. If your accountant is not interested in what software you use, I would consider whether you need to change your accountant first!
How much does it cost?
The full version of QuickBooks online through your accountant should cost less than £20pcm.