How to Use Bookkeeping Software for Medical Transcription Work - dummies

How to Use Bookkeeping Software for Medical Transcription Work

By Anne Martinez

If you’re planning to start out medical transcription work with just a client or two, there’s no need to run out and purchase industrial-strength bookkeeping software right off the bat. You just need something you can use to record income and expenses, keep track of who owes you what when, and stay on top of tax matters.

If you have time on your hands, you can cruise around the web searching out and test driving free financial software. If you’d rather not, go straight to your favorite software outlet and pick out a version of Quicken or QuickBooks — they’re both made by Intuit and widely supported by banks and financial services.

Plus, there are plenty of how-to books and people who can help you out if you end up getting stuck.

Here are some of the differences between them:

  • Quicken Home & Business: Quicken is a personal financial management system. It’s primarily used to track household finances and investments, but the Home & Business version adds the ability to generate invoices and automatically categorize expenses as business or personal.

  • QuickBooks: Essentially the go-to software for small businesses, QuickBooks is slightly more intimidating than Quicken but feature rich. It’s strictly business — no personal finance or investment tracking. Even the base package allows you to track multiple clients individually, track receivables, and create statements, which Quicken does not.

    More accountants and tax professionals know QuickBooks than Quicken. Come tax time, you can often just provide access to your QuickBooks data file, and they’ll take it from there. You can upgrade from business basics to a full-blown payroll management, inventory tracking, Swiss Army knife of business accounting, if you ever need to do so.

As you’ve probably guessed, QuickBooks costs more than Quicken; however, many people consider it well worth the extra money. Of note, you can transfer your data from Quicken to QuickBooks, but not the other way around.

If you purchase software to manage your business finances, make sure to deduct it!