Exciting News! New Features in Our Bookkeeping Services
Innovation in Accounting
When it comes to innovation in accounting, it’s a kind of ‘do or die’ situation. There is a global service evolution happening that simply cannot be ignored, no matter what industry you are in. Accounting practices have to keep up in order for your business to maintain high levels of productivity and growth.
We live in a world of digital transactions where consumers make rapid decisions and want on-demand services at their convenience. According to an article in Financier Worldwide, “Financial services firms must embrace the opportunities offered by innovation and further integrate disruptive technologies, such as artificial intelligence (AI), advanced analytics, robotics, the cloud and blockchain, to enable new services and capabilities.”
By embracing innovation in accounting, businesses can adapt and stay relevant. Tyagi Group Accounting is doing just that. Innovation is at the core of our financial services, so we can make your bookkeeping, taxes and financial advisory more accurate and deliver faster, better results to empower your health practice.
In the context of this worldwide service evolution, this blog highlights some new innovative and future-forward features in our bookkeeping services here at Tyagi Group. Here’s a short summary:
Overview of New Bookkeeping Features
Benefits of These New Features For Clinics
How to Leverage These New Features
Stay Ahead with Tyagi Group
Wondering how you can stay innovative as a health practitioner in Canada? Click below to get our FREE time-saving bookkeeping template. It helps you leverage digital tech to streamline your monthly bookkeeping tasks and enjoy more time with your patients.
Overview of New Bookkeeping Features
Tyagi Group is very proud to offer our health professionals financial services aligned with international innovation trends while remaining locally relevant and helping you stay compliant with Canadian accounting and tax regulations. Over the years, we have found ways to utilize AI and data analytics in a way that works for us and our clients. So, let’s dive into our new bookkeeping features and their service details!
1. We reconcile practice management software to QuickBooks to make sure you are audit-proof
Since the health industry is so vast, including midwives, chiropractors, naturopathic doctors, and even personal trainers, we often find that each practitioner uses a different practice management software. While it’s perfectly okay for you to adopt the software that best suits your productivity needs and meets your client demands, it can pose a problem regarding audits.
To prevent your audit from falling through due to incorrect information or format, we reconcile your existing software to QuickBooks so that you are 100% audit-proof and geared for successful outcomes.
2. Monthly bank reconciliation
Health practitioners like you are likely to run up several transactions in a month. As we transition to cashless payments and different ways of transacting, such as mobile apps, data reconciliation becomes crucial.
A bank reconciliation simply means comparing your business accounting records with your bank statements to ensure accuracy and consistency each month. It can prevent fraud and theft from your bank account.
Our team is experienced in bank reconciliation and up-to-date with the latest technology and bookkeeping methods to ensure your books are tightly secured, and all in-flowing and out-flowing money is accounted for.
3. We add receipts to all transactions in case of CRA audit
The CRA may choose to audit a business based on certain factors, such as frequent tax return errors or other indications of non-compliance. While our goal is to keep you compliant and error-free, if you’ve been doing your own accounting for a while without professional help, chances are you could be audited at any time.
But don’t worry; it’s not all doom and gloom because there is a way to pass your audit and remain on the good side of the CRA!
As one of our bookkeeping features, Tyagi Group can add receipts to all your transactions, which will help you stay accountable to the CRA and deter any unfavorable consequences for your business, such as unwanted fines.
With this innovative accounting feature and our proven techniques, you can save money and stress in the long run. We help you maintain crystal clear records all year round so you can put more energy into running your practice.
4. Manual entries to make sure sales, expenses and GST/HST tracking is correct
If you’ve been using automated systems to track your sales, expenses and GST/HST, that’s great! It means you’ve realized the enormous benefits of digital innovation for streamlining business productivity.
However, when it comes to accounting best practices, we are passionate believers in the power of double-checking! While automation is great, errors or breaks in connection can occur, affecting your data's accuracy.
To combat this problem, we’ve beefed up our bookkeeping services to include a protective feature that will give you a double layer of assurance that your records are correct. The Tyagi Group team will implement manual entries to complement your system-automated entries and help you identify and rectify discrepancies.
Benefits of These New Features for Clinics
So, now that we’ve revealed our showstopping bookkeeping features, you may wonder why we’re so excited to share them with you. Well, this is particularly exciting news for health clinics because our bookkeeping services are not your average run-of-the-mill. We offer boutique services that have invaluable benefits for clinics in particular.
Tyagi Group was founded on the principles of providing a tailored, personalized service for health industry professionals who need specialist financial services that deal with their day-to-day nuances. From health industry taxes to HST tracking, cash flow statements and payroll, our bookkeeping features are sculpted to your needs. Even as we adapt to keep up with the digitally evolving landscape, you, our clients will always be our primary focus.
These are the unique advantages of our bookkeeping features for health professionals:
We understand Jane (and other practice management softwares) inside and out.
We know the key metrics you want to see in your financial reports, which we provide monthly.
We understand how to calculate practitioner pay and can process payroll.
In addition to these feature advantages, Tyagi Group takes an education-based approach to assisting and advising our clients. We are not the kind of accountants you will only hear from during tax season. We check in with you regularly, providing resources, online courses and empowering knowledge so you can take control of your financial future.
In a rapidly advancing world, this is the only way to survive as a health business. Why leave your finances to chance when you have a supportive team at Tyagi Group and the right tools at your fingertips to help you make INFORMED decisions?
How to Leverage These New Features
To aid you in leveraging new features, we’ve taken the initiative to prepare a really quick and easy-to-follow implementation guide. That's because we know your priority as a health professional is your patients, so we’ve tried to make your bookkeeping as effortless and time-saving as possible!
Here is your 5-step implementation guide to leverage Tyagi’s bookkeeping features:
Start by browsing our website, looking at what we do and our holistic approach, and reading some of our client testimonials.
Next, pause to consider what’s lacking in your health practice finances, what’s confusing you, and how you think we can boost your bookkeeping process.
Book a FREE discovery call, and let’s begin the conversation about which bookkeeping features would best suit your business and what you hope to accomplish.
Take advantage of our online resources, like the free bookkeeping template and others that will help you save time and stay on track with your finances.
Finally, empower yourself even more by reading some of our blogs or signing up for one of our courses.
Conclusion: Stay Ahead with Tyagi Group
Staying ahead in today’s fast-paced world is not easy for any business, health practitioners included. As a clinic owner, you will face unique challenges that need to be met by an accounting team that understands your industry, clients, and financial goals. And, of course, innovation plays a big part in all this, which is why you also need a financial services provider that can embrace innovation without losing its personalized touch.
To recap:
Innovation is essential in modern accounting to keep up with changes such as cashless payments, data analytics, fraud prevention and more.
Work with a bookkeeping firm like Tyagi Group that knows how to leverage innovation, such as AI and evolving software, to take your financial health to new levels.
Our bookkeeping features and benefits include monthly bank reconciliation and consolidation with QuickBooks, managing software like Jane, and manual entries for heightened accuracy.
We keep you audit-proof, on track with your accounting records and stress-free all year round with everything from payroll to taxes sorted!
It’s easy to leverage our bookkeeping features by booking a discovery call and taking advantage of our online resources.
Ready for a transformational Tyagi Group partnership? For bookkeeping services that will take you from frantic to focused in minutes, book a discovery call with our expert team today.
