When it comes to quality eye exams and patient care, Eye Care Professionals has always used the most cutting-edge technology, up-to-date equipment, and innovative tools. But when it came to its own bookkeeping practices, the organization had only old-school basics in place. All of its accounting and bookkeeping practices were manually managed with no automation, creating an extremely time-intensive process that did not yield timely financials. The optometrists decided it was time to reshape their back office to complement their modern practice.
Situation
When it comes to quality eye exams and patient care, Eye Care Professionals has always used the most cutting-edge technology, up-to-date equipment, and innovative tools. But when it came to its own bookkeeping practices, the organization had only old-school basics in place. All of its accounting and bookkeeping practices were manually managed with no automation, creating an extremely time-intensive process that did not yield timely financials. The optometrists decided it was time to reshape their back office to complement their modern practice.
Strategy
Wipfli quickly picked up the back-office work and seamlessly began performing day-to-day bookkeeping while expertly managing the accounting function. As a result, this freed up Eye Care Professionals’ business manager to instead focus on customer-centric tasks and other office responsibilities. Among the comprehensive FAO services Wipfli provided were:
- Processing and paying vendor bills.
- Reconciling bank and credit card accounts.
- Creating cash management support through the use of projected cash flow tools.
- Preparing financial reports.
- Processing payroll and reporting.
- Conducting income tax planning and preparation (entity and personal).
- Providing employee benefit services.
Benefits
Now armed with much more information and better visibility into the business, Drs. Carli and Knuth have completely turned their back office around. The physicians-owners not only have the peace of mind that comes with better internal controls and the reduced risk of fraud, but have also experienced several other benefits including improved vendor relationships and better inventory management. With Wipfli’s FAO services, the owners have also established accountability on receivables and have cleaned up their financial statements.
In addition, the owners have a better vision for the future of their business and are able to focus on what they do best—deliver quality patient eye care.
