Eye Care Professionals
Getting a clearer picture of financial health
Eye Care Professionals used cutting-edge technology for patient care, but old-school, manual processes for back-office work. The physician-owned business trusted Wipfli to transform its finance and accounting function, and now the back-office complements and supports the modern practice.
The Challenge
At Eye Care Professionals, accounting and bookkeeping practices were all managed manually. Without digital tools or automation, processes were extremely time-consuming and slow and didn’t yield timely financials. The physician-owners outsourced day-to-day bookkeeping and accounting to Wipfli and gained valuable, quality methods and tools.
The Solution
With deep healthcare, finance and accounting experience, Wipfli created stronger internal controls and more accountability over receivables. Wipfli also took over:
- Bill processing and payment.
- Bank and credit card reconciliations.
- Cash flow projections.
- Financial reporting.
- Payroll processing and reporting.
- Income tax planning and preparation.
- Employee benefits services.
Wipfli’s outsourced accounting services have been very helpful and are a great way to keep up with expenses. The overall communication from Wipfli has been excellent, with personal involvement from Wipfli on all levels, from payroll matters to ongoing business advice.
The results
Eye Care Professionals’ business manager is now free to focus on customer-centric tasks and other office responsibilities. And Drs. Carli and Knuth have better visibility into their business, plus peace of mind. Having transparent financials reduced the risk of fraud and helped the practice gain tighter control over inventory management and its vendor relationships. Now that financial statements are timely and accurate, the owners can use their financial data to create a clearer vision for their future.
