Physicians: Remember to Add Quickbooks Accountant’s Copy to Toolbox

Medical practices often look for ways to maximize operational efficiencies, and they often need professional assistance with their accounting records – monthly, quarterly, or annual. How can a practice that uses QuickBooks® accounting software save time and money? The answer is by using an often overlooked feature known as the QuickBooks Accountant’s Copy (QAC). It allows outside accounting professionals access to client records without disturbing or slowing the business’ daily bookkeeping activities. Using this function, the client can minimize the accountant’s travel time and expense while maximizing efficiencies.

How Does the QuickBooks Accountant’s Copy Work?

Using simple commands built into QuickBooks, users can create, save, and email an Accountant’s Copy to the accountant. The QAC helps facilitate routine maintenance or generate year-end financial reports and income tax returns. When creating the QAC, the program automatically sets a “dividing date” in the accounting data. The establishment of the dividing date is comparable to freezing a moment in time. The accountant can work on the data in the file that was recorded before the dividing date – and can make adjusting entries, correct coding errors, or reconcile accounts. QuickBooks recognizes that the accountant is recording these activities and stores them for later integration into the “real” books of the client.

CRInsight

If Quickbooks used a simple backup copy of the data, then the client will be unable to continue working in the file until the accountant finishes any entries and restores the backup copy to the client’s computer. The client will experience downtime while the accountant has the data and a backlog of work for the client’s bookkeeping staff.

QuickBooks Accountant’s Copy Benefits

With QAC, the client can continue to record transactions as usual after the dividing date, which means there is no wasted time or risk of lost data. Once the accountant has completed the work, any recorded changes are easily imported back into the client’s QuickBooks data file. Quickbooks retains transactions that the client recorded after the dividing date, which the QAC data cannot overwrite. Once the QAC import is complete, then the client should have more accurate information that is more useful for operating the business.

CRI’s team includes professionals with QuickBooks experience who can guide you through building a QAC process that ultimately streamlines the accounting functions. Contact your CRI advisor to hammer out the details for providing accounting assistance so that you can spend your time where it counts: improving your business’ profitability.

2019-04-05T10:07:00+00:00February 12th, 2019|HEALTHCARE|