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How We Streamlined Daily Deposit Reconciliation for an Australian Dental Practice

Befree streamlined bank reconciliation process for australian dental practice

Executive Summary

This Australian dental practice struggled to confirm if daily collections across nine payment channels matched actual bank deposits. Befree introduced a Daily Total Reconciliation Spreadsheet and a structured bank-matching process for reliable, same-day cash visibility. The process uncovered an uncredited bank deposit batch, which was resolved with the bank. This has strengthened the practice’s financial controls through more reliable bank reconciliation and boosted cash flow confidence.

Client Snapshot

Industry: Dental Healthcare
Geography: Australia
Operational Context:Streamlining the bank reconciliation of payments received through multiple channels (Services: Bookkeeping & Daily Reconciliation)
Engagement Focus: Daily Deposit Reconciliation, Multi-Channel Payment Tracking, Bank Reconciliation Accuracy, Cash Flow Visibility, Financial Controls & Compliance, Dentist Payment Support

Background

The client is an Australian dental practice offering general and specialist dental services. Like most dental practices, patient payments come through a wide range of channels, cash, cheques, EFTPOS, HICAPS, CDBS, Medicare, DVA, Openpay, and direct patient payments, each with its own settlement timing and reporting format.

Client Challenges

With collections spread across so many payment methods, the practice needed a reliable way to confirm that everything collected each day was actually banked correctly. Manually cross-checking these across multiple systems left little room to catch missing or delayed deposits quickly, and the practice had limited day-to-day visibility into whether its bank balance truly reflected what had been collected.

Befree’s Strategic Solution

We developed a Daily Total Reconciliation Spreadsheet, which is updated daily by the Practice Manager with collections from all payment methods. Our bookkeeping team reconciles these records against actual bank deposits, identifies any variances, and communicates with the Practice Manager to ensure timely resolution.

Results & Business Benefits

Befree’s reconciliation process enabled the practice to identify a bank deposit batch that had not been credited despite being deposited. The issue was reported to the client, who worked with the bank to have the missing funds credited. Some of the key benefits include:

  • Timely and accurate daily reconciliation of all payment methods.
  • Early detection of missing or delayed bank deposits, allowing enough time to rectify any errors or misses.
  • Accurate tracking of cash and cheque deposits.
  • Simple reconciliation of EFTPOS and HICAPS settlements.
  • Separate tracking of CDBS receipts to support timely monthly dentist payment calculations.
  • Improved financial controls and faster issue resolution.

This proactive approach has improved reconciliation accuracy, strengthened cash flow monitoring, and provided the practice with reliable daily financial visibility.

This engagement demonstrates Befree’s proactive approach to solving complex, multi-channel reconciliation challenges for healthcare practices, turning daily bookkeeping into a genuine early-warning system for financial discrepancies.