Why it is critical to have a Sound Bookkeeping and Accounting process?
Businesses set on a larger scale own much more developed resources than small-sized businesses, so as to escape any conflicts regarding bookkeeping, owing to which they can easily withstand damages that arise due to problems with accounting. But still, Bookkeeping has an important part in the small and mid-sized businesses, but as it happens, they are highly susceptible to issues because of the lack of resources. It is observable that Bookkeeping should be done carefully, as it is quite essential to the respective business. Business can profit from Accounting in the following ways:
Avoiding Tax Errors and Penalties
Tax for businesses involves an intense and exact calculation of various financial activities occurring in an entire year to calculate income, expenses, etc. Mistakes with these calculations can easily introduce errors with taxes and eventually, invite penalties from the taxing organizations. Paying taxes hurts small businesses a little, but what hurts them more is paying additional penalties raised due to tax errors. Bikham can help you in accurate bookkeeping that can help the businesses avoid such errors and penalties.
Escaping Budget Forecast and Planning Troubles
Finance counts for the business performance. And, decisions that are made to secure the future of the business rely heavily on assumptions delivered by the performance in the previous term. Bikham Accounting ensures that you remain up-to-date with all the required performance reports. From the employee allowances to infrastructure expenses to demand calculations, all these forecasts requires financial input and they can only be predicted via analysis of the correct and recent accounting data.
Managing Cash Flow without Catch 22 Situation
Accuracy with the correct bookkeeping is the only way to stay on top of cash flow management. Keeping bills and receipts for every cash expense is one of the basic practices that come in handy for maintaining an efficient cash flow. Bikham helps you keeping the books updated with these expenses timely that helps further. If there are delays with updates, some expenses might go ignored and business can lose out on the cash flow structuring.
Immunization against Growth Hampers
Investing into the right resources and expanding into the right trades takes flight on the fine analysis of the current capabilities in terms of the funding available with the businesses. That, directly or indirectly, depends on the act of bookkeepers. In case, the bookkeepers are not able to provide the business with the error-free reports of current accounting status, the growth plans are most likely to fall flat. Bikham helps you to stick on your growth plans by error free bookkeeping and accounting. Because our bottom line is to grow your bottom line
Answering to Investors is Easy
TThe way towards answering your speculators about significant data regarding the account status of the organization is not anymore a stress. From outlines, diagrams to arrangements of information introduced to the financial specialists are in fact derived from the Record books. Bikham gives you such administration reports in a convenient way, whenever you need it.
Legitimate Record Keeping as Required by Law
Accounting keeps record keeping appropriately sorted out the way you want. This makes the recovering procedure of all your records very simple, if the need arises for the same. That’s where Bikham comes in. Be free from all your worries and keep your money related perspective in place. Accounting can easily depict the difference between progress and bankruptcy, and it can also lead to a huge profit for your business.
HOW TO KEEP ACCOUNTS RECEIVABLE FLOWING?
Unless you are actually in the collection business, there is a good chance that you have quite a few higher priorities than managing your company’s accounts receivable. You might even delegate that task out to an assistant or employee without much thought.
However, when those receivables stop flowing into your bank account, all of a sudden the accounts receivable department becomes a top priority. In order to prevent serious accounts receivable problems before they get started, here are 13 quick tips to make sure your receivables continue flowing smoothly.
Place Due Dates on Everything
Every single bill, statement, or notice that you send out to a client or debtor should contain the exact and up-to-date information about how much they owe you, when that amount is due, and when it will be considered late.
Bill Clients Before Due Dates
It is a common practice for companies that bill in Net-30 terms to wait until the entire 30 days have passed before sending a bill to their clients. However, many companies are known for paying bills in the order that they come in the door. That means you should always get your invoices out as early as possible. This gives the client plenty of time to budget their payment, and it also increases your chances of getting paid sooner.
Address the Bill to the Person Making the Payment
Addressing your statement to the person who is in charge of the finances instead of the overall company is a nice personal touch that just might make a difference if that person has to make the tough choice on which bill to pay this week and which one to worry about next week.
Keep Good Client Records
Knowledge is power, and the more you know about your clients, the more power you have. Learn as much as you can about everyone who works at every company you deal with and keep all that information in some type of CRM software. This will ensure that you have an alternate contact should your primary contact suddenly leave a specific company.
Have a Plan in Place
You need to have a specific plan in place for how you expect to operate at every single step in the billing and collection process. This removes the need to make any decisions under the stress of a difficult collection, you are simply following the plan.
Make the Calls
Your most likely point of contact with all of your clients and debtors is the telephone. When your billing and collection plan calls for you to place a phone call inquiring about a payment, it is vitally important that you actually make the call. Don’t put it off until tomorrow.
Keep Making the Calls
While it is incredibly easy to rationalize putting off making the initial collection call, it might be even easier to rationalize putting off the follow-up calls. Don’t fall into this trap. If you don’t make the calls, you are throwing your best chance to collect payment out the window.
Set a Limit
If a customer falls behind in their payments, at some point you will have to decide when to stop doing new business with them until the old business is resolved. This decision is much easier if you make it in advance and include it in your billing and collection plan.
Charge Interest and Late Fees
The rules vary from state to state, but if you are allowed to charge interest and late fees, you definitely want to do so as a partial compensation for your aggravation. However, you are going to want to make sure that you are well within your legal right to do so before adding the charges.
In the event that you have to take a client or debtor to court, you will want to have voice recordings of all of your telephone calls. The rules for recording phone conversations also vary from state to state, so you should make a point to notify the client or debtor that you are recording the call.
If you are attempting to collect debt in California, where the laws are very strict, the recording may come in handy as proof that you followed all of the regulations.
There will be situations where the client or debtor simply can’t live up to your agreement. You should have a contingency plan built into your billing and collection plan to allow for negotiations
Much like the collection phone calls you have to make, collection letters can only be successful if you actually send them. Don’t put off writing and sending them!
Pull the Trigger on Collections
If your plan calls for you to turn an account over to a collection agency at a certain time, do not hesitate to pull the trigger and turn the account over right at that time. Every day that goes by exponentially decreases the odds of your collection agency recovering the amount owed, so don’t drag your feet!
Should You Outsource Your Medical Billing? With the increasing business demands and its complex processes, keeping track of every operation is quite difficult and the company gets overburdened with a lot of work stress. To handle the increasing customer base, an organization has to increase its resources and staff, which is very costly and time-consuming. On the other hand, outsourcing call center services are more reliable and cost-effective solution to handle the customer’s queries such as placing an order, replacement, refund, technical problems and much more. To know more click here: https://goo.gl/zJqy7C
To run a business free from unwanted crisis, the IT resources should be backed up with an effective IT Solution Team. An experienced and skilled IT Solutions team can rescue your business from serious scenarios such as hardware failure issues, software corrupt issues, database problems, security breaches, network faults and much more. Bikham B2B IT Solutions team can troubleshoot each and every tech issue with their experienced & tech-savvy skills. To know more click here https://goo.gl/z7neAX
Manage all your accounts from anywhere and take control of your cash flow with real-time customized reports. With Bikham Accounting Services, manage your bookkeeping immaculately with years of experience and effective money-making skills to achieve your business profits. To know more click here https://goo.gl/6XByxP
Revenue Cycle Management (RCM) is also referred as the lifeline of any medical practice. Many physicians sometimes mistakenly find a Revenue Cycle Management Company similar to Practice medical billing company. RCM medical billing is more extensive than medical billing which involves coding and billing, denial management, claim processing, patient payments, and revenue generation.
End to end revenue cycle solutions for an increased revenue stream involves time management and the practice workflow that starts at the time of registration. Here, eligibility for patient’s insurance policy is ascertained, co-pays are collected, and finally, medical bills are submitted on time for the claim processing by using correct ICD-10 coding.
An efficient RCM medical billing system is a crucial benchmark for RCM success. This can be further accomplished by carrying out an appropriate Practice Management system or hiring a reliable outsourcing Revenue Cycle Management Company.
Workflow of End to End Revenue Cycle Solutions
- Scheduling of Patient’s Appointment and Eligibility Verification
The moment a patient make an appointment, the process of RCM medical billing begins. When a new patient visits the office, it is essential for the front-desk staff to collect and verify accurate patient’s demographic and insurance information. Also, it is crucial for the front-desk staff to be equally skilled and qualified in dealing with the new and returning patients effectively. Your claims may be rejected right away in case of even any minor error. Always ask for any change in information, in case of a returning patient and also remind them of their any past pending-payments.
Complete and Compliant Clinical documentation
Clinical documentation of every patient should be complete as per the CMS guidelines and compliant with ICD-10 coding standards for daily decision making.
- Submitting complete Superbill from A Provider
The Superbill contains the bills of overall diagnosis and procedures performed on the patient, presented with correct ICD and CPT codes. Submitting a Superbill is the most crucial phase of the RCM medical billing workflow. Physicians can only get paid for their services provided with the accurate information in the Superbill.
Patient payment and Copays collected
In a routine practice, Copays are obtained by front-office staff during a registration process. But, in case of emergency situation or peak rush- hour, patients may be asked to pay before leaving the practice.
Billing and Coding
A CMS certified Practice Management System can enable a physician’s practice to code with ICD-10. That’s why the hiring of professional coders can enable healthcare practices not only in managing the complex nature of the codes but also ensure quick claim processing on a single submission.
An accurate claim creation is the most critical phase of the RCM medical billing workflow. The revenue of end to end revenue cycle solutions depends on the acceptance of the submitted claims. So, it is essential that the claims have error-free details and is also submitted on time.
Processing of Claim
In the recent times, providers have to face a huge revenue loss in their practice due to claim denial or delayed reimbursements. Therefore, to avoid such a serious concern all front desk officials, coders & billers, and clinical staff should be more vigilant to provide accurate details during a claim submission.
Receiving of Payment
The RCM medical billing workflow completes whenever the providers receive their payments for all services. Denied claims are generally informed through ERAs. In such condition, the cycle of claims processing will start to use your considerable time and resources.
Bikham is the leading healthcare Revenue Cycle Management Company in India that primarily focuses on offering End to end revenue cycle solutions and RCM medical billing services. With our innovation and technology-driven services, we offer exceptional RCM medical billing solutions to our clients. We have successively maintained a proven track record of high performance and efficiency since past more than 13 years.
Benefits of choosing Bikham as your preferred Revenue Cycle Management Company:
- Strict adherence to industry ¬specific guidelines
- Delivering high-quality end-to-end revenue cycle solutions
- Ensure faster payment processing, zero delays, and minimum denials.
- Managing aged AR clean-ups and bad debt reduction
- Allow healthcare practitioners to focus on their business or practice.