Finances are an integral part of any organization’s success. The financial aspects of organizations are important, and it is important to analyze them from time-to-time. In particular, the process of analyzing their financial status burdens organizations with a diverse sense of operation such as healthcare organizations. The financial analysis process that majorly contains accounting can be fruitful using appropriate accounting tools. Therefore, a financial manager ought to employ the use of a proper financial analysis tool considers the diverse nature of the financial systems in most organizations. The modern world of technology has provided such tools, which have proved to be significant in the financial analysis process. One particular tool that has stood above average standards is the Multiview Financial Software.
Multiview financial software is an accounting tool that helps organizations perform a fully-fledged financial analysis. This financial accounting tool helps organizations seeking a financial analysis process that conforms to their existing operations (Multiview, n.d.). In view of this, this tool is appropriate for use in a healthcare organization. The accounting tool also provides organizations the capability of visibility of corporate data. Therefore, the employment of this accounting tool ensures the process of analyzing the financial status of any healthcare organization is swift, informative, and successful (Boykin et al., 2014).
A typical healthcare organization has lots of data and finances to manage. These come from the numerous operations including the admission of patients for care, insurance claims to be made, and payment of permanent and temporary staff, patient’s billings and purchasing of tools and equipment to be used in the hospital (Hosein et al., 2017). In such an environment, numerous financial transactions take place. Managing such a volume of financial transactions would require a medical accounting software. In this case, the use of Multiview Financial Software will streamline the accounting processes in such a facility. The software will also cut back on errors that relate to manual data entry.
From the perspective of an accounting professional, the application of the software will involve some important aspects of an organization’s financial status. Examples of its functions will include preparing operating statements, statements of cash flows, balance sheets, statements of changes in net assets, liabilities, total assets, and owner’s equity among other benefits. However, a medical accounting software like Multiview fully caters for the special needs of healthcare organizations. These special needs arise from the complexity of the data related to the field of health care. Medical organizations, therefore, deem it necessary to use the right type of financial accounting software that aligns with the organization’s financial accounting needs. Furthermore, a financial software or tool must encompass a wide variety of components that are usable in the broad variety of financial operations that take place in most healthcare organizations (Nowicki, 2008).
Consequently, Multiview is an appropriate software for healthcare organizations since apart from keeping accurate financial records, it also since complies with the rigorous laws of the privacy and safety of patient data (Boykin et al., 2014). The application of a medical software such as Multiview Financial Software puts into consideration the common features of medical accounting, which include medical materials management, CMS billing, patient insurance, integration of manual records with electronic medical records, and financial reporting among other mundane features.
Multiview, is an accounting software that includes 14 modules, and a variety of configurations that make it suitable for use in any industry. Furthermore, this software includes the core components of financial analytics and reporting, which includes the implementation of the general ledgers, accounts receivable, and accounts payable and operating statements (Wager et al., 2017). Moreover, the software provides impeccable balance sheets, detailed statements of cash flows, and changes in the net assets. The software, therefore, prepares all the required financial reports that are significant in evaluating the financial status of any organization (Multiview, n.d.). Particularly, the software has specific components that make it available to the medical industry. The various configuration allowances in the software give the software a specific flexibility that makes appropriate for the handling of the financial, patient and staff data (Cunningham et al., 2016). Correspondingly, the configurations make the software cost-effective since it does not need any fine-tuning through additional programming, which makes it appropriate for the rapidly growing market of medical accounting software.
Multiview meets the requirements of the General Accepted Accounting Principles (GAAP) by ensuring that it maintains the minimum level of consistency in an organization’s financial statements. The importance of meeting this consistency is to enable the provision of useful information to investors (Cunningham et al., 2016). The features of the Multiview Financial Software comply with the issues of balance sheet item classification, revenue recognition, and outstanding share measurements in attaining the compliance with GAAP. Moreover, Multiview is an appropriate tool for the determination of an organization’s financial status since it relates to the commonly accepted ways of reporting and recording financial information.
Indeed, Multiview is a wholesome accounting tool that provides a detailed way of managing an organization’s finances. This software tool is also significant as a medical accounting software given that it caters to the special needs of healthcare and social welfare organizations. Besides, Multiview is a financial tool that focuses on the intricate components of financial management. The software is, therefore, an essential financial tool that ensures the finances of an organization are in an appropriate condition. Furthermore, Multiview’ provides detailed financial reports that adhere to the GAAP, which guarantees the quality of their reports in providing reliable information on the financial status of an organization.
- Boykin, A., Schoenhofer, S. O. B., & Valentine, K. L. (2014). Health care system transformation for nursing and healthcare leaders: Implementing a culture of caring. New York, NY: Springer Publishing Company, LLC.
- Cunningham, Frances, Ferguson-Hill, Sue, Matthews, Veronica, & Bailie, Ross. (2016). Leveraging quality improvement through the use of the Systems Assessment Tool in indigenous primary health care services: Mixed methods study. (BioMed Central Ltd.) BioMed Central Ltd.
- Hosein, M. R. P., Hassanzadeh, M., & Hashemi, S. S. (2017). Evaluating the benefits of new financial system (accrual accounting) establishment in medical and health care sciences, Guilan University. International Journal of Economics and Financial Issues, 7(3), 286-291.
- Multiview. (n.d.). Features. Retrieved from https://multiview.software/
- Nowicki, M. (2008). The financial management of hospitals and healthcare organizations. Chicago, IL: Health Administration Press.
- Wager, K. A., Lee, F. W., & Glaser, J. P. (2017). Health care information systems: A Practical approach for health care management. New York: John Wiley & Sons.