For many practices, month-end means paying salaries and suppliers and hoping the bank balance holds. But a proper month-end close is what turns a busy practice into a well-run business.
What a good close covers
- Revenue and claims: all billing captured, remittances matched, unpaid and short-paid claims listed.
- Cash and bank: daily cash-ups checked, bank accounts reconciled, with USD and ZWG kept separate.
- Expenses: supplier invoices captured and statements reconciled.
- Payroll and tax: PAYE by the 10th, VAT by the 25th if registered, and the next QPD in the diary.
- Stock and assets: consumables counted and new equipment recorded.
The numbers that matter
Beyond profit, track a handful of measures every month: the claims collection rate, debtors over 90 days, revenue per patient, new patients, profit margin and how many months of costs your cash covers.
Aim for this: management accounts ready within 15 days of month-end, and discussed in a meeting where every number is explained and actions are agreed.
Why it matters
A reliable close makes audits painless, makes bank finance far easier to obtain, and lets you act while there is still time: chasing a slow payer, fixing a coding problem, or deciding whether that new piece of equipment really pays for itself.