Work smarter: Delegate your finances

In the intricate world of Practice Management, where time is of the essence, finding ways to streamline financial tasks is a game-changer. This quick guide offers a fresh approach to lighten your load, leaving you with more bandwidth for the substantial aspects of your role.

CREDIT: This is an edited version of an article that originally appeared on Practice Index

Efficiently delegate financial tasks by concentrating on significant aspects, choosing a capable team member from your admin staff. This quick and resource-free process not only saves Practice Manager time but also enhances staff skills, with an estimated weekly time saving of over half an hour, contributing to staff development in line with E3.2 and E3.3 Key Lines of Enquiry.

Step one: Assess your invoice process

Take a closer look at your existing workflow for handling invoices. Are they all routed through you? Is there an established purchase-order system?

Step two: Embrace accountability

Consider implementing a purchase-order system. Though it might seem a bit tedious initially, it lays a solid foundation for robust financial management, introducing clarity and accountability.

Step three: Delegating invoice checking

If a purchase-order system isn’t feasible, delegate invoice checking with controlled precision. Ensure accessible delivery notes for efficient cross-referencing. Depending on your filing system, guide your staff member to the supplier file or set up purchase ledger access.

Step four: Streamlined checking protocol

Instruct your team member to cross-check incoming invoices against previous values per item. This ensures immediate identification of any discrepancies. The delivery note should align with received goods and then be cross verified with the invoice. If everything matches, the invoices can be greenlit for payment, while any discrepancies are flagged for deeper scrutiny.

Step five: Diligence for a smooth transition

If your current checks have been less robust, conduct a thorough review before delegation. Compile an average list of non-clinical purchases for the last 12 months and seek competitive deals from suppliers. Regular audits post-delegation will ensure a steady financial course.

For added assurance, audit regularly after delegating. Keep a keen eye on invoice values and cost per item compared to the previous year or the last six months. It’s a savvy way to maintain financial control.

By adopting this strategic approach to delegation, you can streamline your workload without sacrificing financial oversight. Give it a shot and witness the tangible time savings!