Keeping a pulse on your veterinary practice’s financials should be as easy as checking a patient’s medical record. Yet, most Merchant Service Providers don’t offer intuitive credit card processing systems to streamline the work put into financial reporting. Luckily, there is software that offers an all-in-one solution to simplify and streamline reporting efforts for you and your team. Say hello to the Virtual Terminal.
The end-of-day close takes time and can cause your front desk staff to stay late to batch out sales totals each day. With the Virtual Terminal, your batch-out process is simplified and, if you prefer, automated. Instead of printing and collecting long batch receipts at the end of each day, batch reports are automatically created and logged in your Virtual Terminal. You can manually settle batches with the click of a button or set your account to automatically settle batches at the same time every day.
Batch reports include the amount processed, total refunds and the number of charges and refunds, as well as the net processing for that batch. You can drill into individual batches to view all the transactions included. A major plus? You can also view unsettled batches to get an idea of your processing for the day.
The Virtual Terminal goes a step further by producing deposit reports in real time, which simplifies your bank account reconciliation process. You don’t have to wait until the end of the month to receive bank statements in the mail to line up the batch and deposit totals. The Virtual Terminal enables you to accomplish your accounting goals with more visibility and in a quicker time frame.
Getting insight into your practice’s performance over time can require hours of preparation. Even understanding it on a day-to-day basis requires manual work, which eats up precious time out of your day. The Virtual Terminal produces custom reports showcasing the practice’s performance, as well as year-over-year reports broken down by month.
Custom reports can show different time periods by day, week, month or year, and can be broken down by account for multi-location practices or large vet hospitals with various departments such as internal medicine, critical care and diagnostic imaging. These reports can give you greater insight into which location or department produces the most revenue. Use year-over-year reports to compare the current and previous year’s performance, and pinpoint what times of the year your practice thrives.
With the help of the Virtual Terminal, your team can get out of the office on time and deposit reconciliation can happen in minutes. You’re able to maintain a constant pulse on the practice to see how sales are going and make projections for the future.
Do you think a Virtual Terminal would streamline reporting for your veterinary practice? Tell us how below, we’d love to hear about your use case.
Editor's Note: This post was originally published in May 2018 and has been updated for comprehensiveness and accuracy.