Create FINANCIAL RECORDKEEPING SYSTEM
Here are five easy steps in creating a simple financial recordkeeping system: Capture, Check, Record, Review, Act:
1. CAPTURE the information. If it isn't there, it doesn't exist. As you start your practice, get in the habit of capturing everything, so it becomes automatic. Just be sure everything you capture includes a description of the item, the amount, and the date.
2. CHECK. Every two weeks, spend an hour going through everything and checking it.
3.RECORD. Recording means putting your financial information into useable form. Do this monthly. Input the information into a spreadsheet or accounting software. You might also find that online software works well for you.
4.REVIEW. After your financial information has been recorded each month, print out reports. Include a comparison with the same report information from last month.
Remember, CCRRA- Capture financial information for your practice, Check it every other week, Record and Review the information monthly, then Act as necessary to keep your financial situation moving smoothly.