Managing the books for any type of retail company is a demanding process. For medical supplies stores, it can be particularly tricky because, in addition to the end user, you also have to consider health billing companies. It’s one of the many reasons why integrated accounting software is becoming increasingly popular.
While the majority of businesses in this sector utilize some form of software automation to manage their financial records, many have yet to experience the speed and efficiency that a comprehensive business management software program can provide. This may sound like a generic term, but this type of system can be readily adapted to work with any type of medical retail outlet, including:
- Medical supply stores
- Medical wholesalers
1. Fewer Errors, More Efficiency
One of the greatest advantages accounting software offers medical retailers is an increase in efficiency. That’s because you can control all of your financial information using a single database. Plus, it’s tied in with all of your other critical business operations, including:
- Point of sale
- Inventory Control
- Customer relationship management
As a result, there’s no need to operate a standalone accounting software module. This greatly reduces the possibility of data entry errors because you’ll no longer have to input the information multiple times.
2. Detailed Reporting Capabilities
Say goodbye to those manual accounting formulas. Once you input data into a business management system, it will analyze the information and provide detailed financial reports that will help you:
- Understand company strengths and weaknesses
- Measure company growth
- Make informed business decisions
3. Customized Billing Options
The vast majority of your customers will have some form of private or public health insurance coverage. Those levels of coverage will vary from provider to provider, and by the type of product being purchased.
Accounting software gives you the ability to separate the amounts owed by the customer and the health billing company, both on the invoice and in your accounting system. This enables the customer to clearly understand what they’re paying for, and it allows the storeowner to maintain detailed records.
4. Instant Access to Account Information
It’s important for medical supply companies to maintain accurate account information. You never know when you’ll have to go back and dig up files, either for a health insurance provider or a customer.
Rather than rummaging through boxes of paper documents, you can easily access past records with a few clicks of a button. For added security, vital company data can be backed up on multiple hard drives, or transferred to a cloud-based storage system.
To learn more about cloud-based business management software, read our post: Are Cloud-based ERP Solutions Worth Considering for Retail Stores?
If you require an accounting software program that provides seamless integration with your inventory control and point of sale operations, call Windward Software. Our Windward System Five program helps you manage every aspect of your business.