Optometry Accounting made simple
Optometrists are experts at helping their patients see things clearly, but running a professional practice is challenging because Optometrists need to become business owners. Optometrists must continuously evaluate the costs and benefits of buying another piece of equipment or hiring more staff in order to offer higher-value diagnostics and eye care procedures. Reconciling direct billing to insurance companies can be a full-time job on its own. If the practice sells eyeglasses, they need to finance a massive stock of inventory, stay up to date with current trends, and invest in manufacturing equipment to stay ahead. Retail rents are high, and it can be tough to compete with the ‘big players’.
Did you know?
The average independent optometrist spends 8-15 hours / week on accounting, payroll, and direct billing – earning nothing for this time
Canadians change their eyeglasses every 2.7 years, but the average optometrist doesn’t use systems that track these cycles on a patient-by-patient basis
25% of eyeglass wearers in Canada buy multiple pairs of glasses.
Optometrists with effective and integrated billing systems get paid by insurance companies the next day
An integrated optometry accounting and eClaim billing system streamlines operations; freeing up your time and giving you better information to make more informed business decisions. Outsourcing bookkeeping for optometrists gives you more time to increase the size of your practice by seeing more patients.
Here are some of the ways we help optometric practices thrive
- Help setup direct billing systems like Optosys and the Telus eClaim system
- Track your eyeglass and contact lens inventory and place direct orders with vendors like Optometric Services Inc (OSI)
- Identify sales trends so you know which frames sell best and which frames have the best margins
- Develop and utilize a customer relationship management (CRM) tool to target promotions and increase sales
- Keep track of expenses and expense reports
- Manage the accounting for your optometry practice, making sure it’s always up to date and consistently accurate
- Handle your time-tracking and payroll so that your employees, contractors, and the CRA are always paid on time and accurately
- Prepare your year-end financial statements
- Prepare your year-end corporate tax returns
- Help you develop a methodology for reporting your complex GST, if required.
- Analyze and optimize your corporate structure for tax purposes
- Beautiful cash flow budgets and forecasts that give you insights into your future
- We’ll help you interpret your Optometry practice’s financial results and give you ideas on how to improve them
- Specific KPIs such as sales by associate, sales by service line, busy hours, marketing ROI and more.
- We work with business owners to create cultures that work. We help with everything from Leadership to hiring and team development, to business strategy and marketing
Your cpa for optometrists: Quickbooks, Xero, we help optometric practices thrive
We know the challenges that you are facing because we have helped optometrists from the startup phase to purchasing their first buildings and expanding into multiple offices. Whatever system you’re using now, we’ll meet you where you are and help you build a system that works. Let us manage your optometric practice’s reporting, accounting, and payroll so that you can spend more time creating clarity and growing your business.
to manage payroll, time-sheets, bookkeeping, and documents. They are responsive and thoroughly understand the needs of young entrepreneurs.
It is so refreshing to have someone who can guide me in making decisions that are in my business’ best interests.”
~ Bonnie Kwok Professional Optometry Corporation
Up late planning tomorrow? Up early checking the bank balances? We are right there with you every step of the way, no matter how big or small your business is.
It all starts right here, imagine the possibilities.