by Nathan Hayes | Sep 28, 2024 | Financial Operations, Leadership & Management, Practice Management
At Books & Benchmarks, we believe in keeping financial processes simple. Our chart of accounts can roll a P&L up to just eight line items. We prefer to keep the number of bank accounts and credit cards to a minimum for simpler operations. We think having fewer...
by Nathan Hayes | Sep 21, 2024 | Accounts Receivable/RCM, Financial Operations, Leadership & Management, Practice Management
When we talk about the best ways to improve profitability, we often point out that cost-cutting can only do so much to improve profits and cash flow. Most practices need encouragement to take risks and invest in growth rather than greater discipline in their...
by Nathan Hayes | Sep 14, 2024 | Cash Flow & Cash Management, Financial Operations
During a consultative call recently, I was asked one of my favorite questions: “Why isn’t the profit on my P&L in my checking account?” I’ve been thinking a lot lately about how ODs manage cash and cash flow (I even discussed it with my friend Adam...
by Nathan Hayes | Aug 24, 2024 | Financial Operations
One question we often hear from prospects is, “Why should I pay you each month when I can do my financials in 10 minutes?” And it’s a fair point. We market ourselves as time-savers for the practice owners handling their own bookkeeping. In addition to...
by Nathan Hayes | Aug 17, 2024 | Financial Operations, Practice Management, Risk Management & Financial Security
At Books & Benchmarks, we understand that some optometry practice owners prefer to manage their financials independently. However, for us to provide the best service, it’s important to work together closely. When practices share insights and details...
by Nathan Hayes | Aug 10, 2024 | Financial Operations
Occasionally, owners will ask us about using an accrual method of accounting versus cash basis. If your eyes are already glazing over, I understand. But let’s get technical anyway, starting with the difference between cash basis and accrual basis. What do you mean,...
