Financial Management

Management Accounting is an important part of managing any business.  In the care sector, the pressures of wage costs and supplier costs along with income pressures make close financial management ever more important.

Our key drivers in producing management accounting services are as follows;

  1. A clear understanding of client expectations
  2. Buy in from all key stakeholders (for example care home managers) to financial performance drivers and targets
  3. Sensible expectations and deliverable targets to measure performance
  4. Accurate information
  5. Timely information
  6. Experienced dialogue to help you fine tune financial performance

With these principles in place our solutions can be tailored to ensure you have an efficient, cost effective and robust financial reporting and management solution delivered by Careport.

  • PRODUCTION OF MONTHLY MANAGEMENT ACCOUNTS

Careport have vast experience of providing a management accounting service to clients.  Why are we different?  Because we dovetail specific and tailored Key Performance Indicators (KPI) from our operational experience, the information becomes more focused and more relevant.  Full KPI, Profit & Loss, Balance Sheet and Notes sections are produced on a monthly, quarterly or six monthly basis to suit your business needs.

In addition, we work with auditors and external accountants ensuring streamlined year end accounts and tax planning process is facilitated.

  • SUPPLIER/PURCHASE LEDGER PROCESSING AND RECONCILIATION

Our Financial Services team provide a hands on financial management service on a day to day basis.  This includes management of your sales and purchase ledgers, chasing debtors and ensuring cash collection is kept up to date along with dealing with stubborn debtors.  Our global reach also assists us in improving margins and supplier prices by use of our group purchasing power.  We also work with dedicated partners to further add value with your consent with regards to central purchasing, time and attendance and in home management systems to streamline the process of financial management.  Please note that this service is only delivered if we are also preparing management accounts on your behalf.

  • PAYROLL PREPARATION, PROCESSING AND DEALING WITH PAYROLL QUERIES;

Our payroll solutions range from in house payroll for smaller clients for a cost effective solution to Careport management of payroll with a payroll bureau partner for larger clients.  Our solutions include dealing directly with payroll queries from staff and ensuring end of year returns and end of employment returns are also supplied such as P60, P11d and P45 for staff as required. Client/Sales Ledger processing, management and enquiry handling.

  • BUDGETING & CASH FLOW ASSESSMENT

Careport have a comprehensive monthly care home budgeting model that builds up a monthly profit and loss account, cash flow and balance sheet from resident income, payroll and supplier costs centre assumptions upwards.  This provides a robust budgeting model for each care home we work with which can be consolidated at group level and integrated to provide Head Office costs where applicable.  The model is essential for ensuring you have visibility of business performance, debt service, investor return and re-investment dynamics covered.  And if you use our management accounting services, we compare the budget to actual performance for you. 

In addition, our ongoing management accounting services include rolling short term cash flow forecasts (daily and weekly forecasting) and covenant testing on behalf of you, your bank and investors.

For more information please contact us.