I would love to hear from other group practice owners about how they manage their payroll from an accounting and basic banking perspective using information they get from Simple Practice.
I currently have my operating bank account where all payments are deposited. I have a payroll account also. I had a system that worked well when my practice was small where I would transfer the income that needs paid out to my contractors into the payroll account at least weekly. My system was too time consuming (excel spreadsheet itemizing each payment) so now I run an Income Received report in SP to try to figure out each week what needs to be transferred and held in my payroll account until it is time to pay my contractors.
Also, I use Quickbooks. Simple Practice does not allow me to figure out what income received is allocated to which office location (I have 2 physical offices and 1 telehealth location in SP) so there is no good way for me to allocate money received in the bank/Quickbooks to the locations that I have to determine if each location is independently profitable. I was curious how other practice owners with multiple locations addresses this issue.
Thanks for any input you are willing to share!
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