Hello Guys, so i joined this company as a fresh
Best Accounting software for an International Clinic
Answers
To figure out which accounting system is best for you, consider the following areas:
* number of people who will need to actively use it
* reporting capabilities for internal
* reporting capabilities for external compliance purposes
* necessity of integrating with other packages (Excel uploads, CRM systems, project management systems)
* cost structure (one-time vs. monthly subscription)
* intuitiveness, customizability, reliability
* protection against data loss
Sage50 has some limitations which annoy me as an accounting professional and I'll be happy if I never see it again.
QuickBooks Desktop Edition, which you can also get hosted in the cloud or hosted on a clinic server, has great data entry and reporting capabilities, and it has multi-currency as well. Get the Premier:
QuickBooks Online is not that great. It's slow, not that customizable, and even though it has one more VERY nice tracking feature than the Desktop edition, that doesn't make it worthwhile in most cases. And they charge per user, so it can get pricey quickly.
Xero is an excellent cloud-based software that has one price for unlimited users. It integrates well with MANY other applications, including multi-currency, CRM, expense reimbursement, and more. Without the add-ons, the software is pretty basic, but usually for medical practices there is a separate billing system anyway with better analytics.
Cloud-based systems are less likely to have data problems but how are people getting backups of those?
I'm sure you will get a lot of great answers from this community. I love the people here. And also feel free to message me privately if you'd like a customized back-and-forth conversation.
1
Thankyou so much for your reply. I think we will go with the SAGE 50 Peach Tree solution.
Anon
You mentioned your company is opening business in Qatar. Are you looking for accounting software to be used there? If so, you may want to explore local Qatar regulations regarding "approved accounting systems" (some countries have this), local taxes (can Sage or QB handle any Qatar taxes on sales and purchaes), local language and currency.
Also, do you see the company expanding into other countries and if so, will that require you to have a system that works in those countries too?
Finally, given that it is a clinic, what practice management/patient records and billing system do you plan for each clinic? Does that software need to be multi country and does it need to integrate to your accounting software?
Pardon the questions---but you may want to ask your colleagues some forward looking questions now, so at least you make an informed decision:)
Regards
Len
Thank you Mr. Green for the advise. I will make sure i raise those questions. :)
Explore the use of Quickbooks
Agree with Jaime, QuickBooks seems to be the best fit for your requirement and you should try enterprise version.
Not to over complicate the matter, but if you are opening offices in other countries and you have a separate entity for those, you'd need to evaluate the functional currency of those legal entities, which might lead to a multi currency consolidation (FAS52). You might want to look for software that can handle both multiple currencies as well as fx translation. If you don't need to produce consolidated GAAP statements, you might not worry about that, but if you do, better to prepare for it now rather than find out about it later.