Case Study: How Ramsay Brown helped Cheshire Road Resolve an Unusable Accounting System
Xero accounts were incorrectly set up, the bank did not reconcile. Cheshire Road Surgery needed help properly setting up their cloud-based accounting.
The doctors and staff at Cheshire Road Surgery, a GP Practice in North London, offer the highest standard of patient-centred healthcare, while outsourcing their accounting. They came to Ramsay Brown with an unusable Xero accounting system after paying another accounting firm to set it up. Without a functional Xero account, the bank balances in Xero did not match up with the actual bank balances. It was impossible to reconcile the bank accounts. As such, the practice could not place any reliance on the accounting system accuracy.
Cloud-based accounting solutions are immensely important tools for medical accounting. Xero is a cloud-based accounting software platform that aims to help small businesses save time, make it easy to reconcile accounts and get paid faster. However, if the platform isn’t set up properly, it creates confusion and a lack of flexibility. To sort out their Xero complications, Cheshire Road Surgery engaged Ramsay Brown. The first priority was to reconcile the transactions in Xero against the client’s records. Beginning with a CSV file of bank balances and transactions, Ramsay Brown was able to reconcile the transactions in Xero against the client’s CSV file. The main issue was identified in the initial set up of Xero. Once it became apparent that the initial set up did not include a current bank balance, it was understood that Xero automatically assumed the bank balance when Xero went live was nil. This also caused Xero to not pick up additional entries from the bank.
Ramsay Brown was able to set up Xero with the correct opening bank balance and add the missing transactions to reconcile the account. As a result of properly setting up the Xero accounting software, Cheshire Road Surgery now has an up to date, useful accounting system in place. They can now keep track of their practice’s finances and make forward plans. With Xero, Cheshire Road Surgery gains the ability to be flexible and transparent with their accounting, which dramatically improves workflow and their experience.
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Ramsay Brown are extremely knowledgeable and experienced in Xero and talked me through the whole process, and also showed me how to get the most out of our online accounting system. Not only has the issue with Xero been fixed, it is now really simple and easy for me to do our online bookkeeping from now on. They are extremely patient and always on hand to answer any questions! I’ve haven’t looked back since joining Ramsay Brown.”Jessica Benson, Practice Manager, Cheshire Road Surgery
Having an effective accounting system is a prerequisite for sound decision making in a practice. Make sure that the system is properly set up by a firm of accountants with expertise in this area.
Laurence Slavin, Partner, Ramsay Brown