Managing the finances of an aged care organization is no easy feat. The challenges of dealing with financing constraints, changes in government law, workforce concerns, and the usual business demands can be a pain, but it doesn’t always have to be that way.
Aged care institutions need to note that it takes a strategic financial management tool to help them achieve their business goals in this day and age.
Finding the right financial planning tool to fill the gaps in their financial planning needs is the first step. If they can incorporate the correct financial management tool into their overall aged care strategy, they’ll have a far greater chance of adjusting to changing market conditions in a way that promotes growth.
Updated Cash Flow Planning
Aged care companies have much to gain from having a finance management software with an efficient cash flow or cash management capability.
User-friendly, even automated, AR and AP bank reconciliations are an excellent illustration of the type of features that can simplify financial operations significantly for aged care institutions.
Control measures are vital in cash management and can save the finance team time and heartache to define permissions that prevent employees from ordering from the wrong source.
When this functionality is combined with advanced buying management systems, your company can save money by reducing cash held in excess inventory, improving on-time delivery, and increasing profits.
Improved General Ledger
The general ledger sits at the core of financial management. While others may not have access to the GL, its impact is widespread across the company.
Aged care financial software must have a robust GL to enable accounting controls and system security to protect the integrity of your financial data.
For example, to run efficiently and successfully, financial planning and management aged care software must-have features such as:
- Multiple book functionality for various financial accounting representations
- Post transactions to several accounts in multiple books
- Insert entries for any period in the current, next to, or consecutive years.
- Automate payments transfer between accounts without manual entry
- Define the periodicity of capturing and storing account balances.
- Merge multiple books or companies within a defined connection
Accounts Receivable Functionality
Using efficient Accounts Receivable functionality is crucial to running a lean financial department. It plays an essential role in your company’s financial health and stakeholder connections.
Having AR functionality that allows a financial department to predict payment based on customer behavior, for example, can significantly increase productivity.
Improved Quality of Care
With value-based payment models available through financial planning and management tools, aged care workers are compensated based on health outcomes instead of just services rendered. This model enables healthcare practitioners to help patients improve their immediate health and reduce their risk of chronic disease and long-term costs.
Financial Planning & Management Using Performance Canvas
Aged care organizations need a financial planning tool that can help them go beyond the limitations of spreadsheets to collect data and make credible projections quickly.
In the past few years, financial planning and management software has become both more accessible and more sophisticated. Real-time data access is now possible for businesses. From trend-spotting, fraud detection, real-time stock market data, and client segmentation, aged care leaders have more tools at their fingertips.
Performance Canvas Financials is an example of an effective financial forecasting and reporting software that can accurately gather and present data regularly and key performance indicators (KPIs) daily or quarterly. While it sounds simple, nailing reporting, budgeting, forecasting, and consolidation in a single tool is significant. This is the strength of Performance Canvas Financials. It is genuinely one tool for improving the finance process experience.
PCF offers a range of packages for small to large businesses looking to improve their FP&A. It is best suited for mid-sized to big enterprises with at least three FP&A personnel working on reports, budgets, and forecasts.
Get in touch with the team at Performance Canvas to request a free demo, and explore why it’s the tool your company needs to be ready for the future.