The E-Payment Solution
- 1.Billing manager identifies which amounts have been deposited to the practice’s bank account.
- 2.Provide a staff member a list of electronic payments that were received on a daily, weekly, or monthly basis. Then, the billing manager would log in to MetLife and match payments to the practice management software, as well as the bank account. Giving bank access has been the easiest way for billing managers to reconcile electronic payments, many owners may not be comfortable with giving a staff member access, even if it is just view-only access, to the bank accounts.
- Practice owner prepares a monthly reconciliation report for your billing manager.
- Together, they review and reconcile all received electronic payments to the practice management software.
Leave it to PracticeCFO:
Our Accounting Control process has become a dream tool to handle the electronic payment nightmare. This add-on service helps practices reconcile the cash flows of the practice. At month end, we work with staff to effectively match our day sheets to our bank statement. Some staff training is involved, and the outcome is having your cash flow, pm software, and bank statement reconcile. Best of all, it allows the practice owner to spend more time doing what they do best, producing.
Richard Ybarra, Director of Accounting, PracticeCFO