Care Home Finances Are Complicated: Here’s How To Save Time And Get Them Under Control

The finances of a care home group can get very complicated.

Some of the headaches include:
• The group uses different accounting software and the systems don’t speak to each other.
• A resident can be funded from several sources, such as the NHS, an insurer and multiple relatives.
• Bills might need to be split across multiple homes, legal entities and residents.
• Funds received need to be restricted to a certain use.
• Different care homes have their own systems for purchasing, invoicing and payment runs.

All this leaves your staff bogged down in repetitive, often manual and frustrating work
The right accounting software can simplify all this, automate the tasks that take up time and give you a clear and accurate picture of the business’s finances.

A single source of truth
iplicit’s accounting software offers a “single source of truth” – one central system which gives you a complete picture and with an intuitive and user-friendly interface.

iplicit frees up staff time and provides better information by:
• Handling intercompany transactions, so transactions are correctly allocated to the correct entity.
• Smoothly consolidating the accounts, without lots of manual intervention.
• Easy visibility, enabling you to switch from a group overview to a detailed look at any site, legal entity or transaction.
• Ensuring users in any entity or site can access only the parts of the system relevant to them.
• Each resident has a unique identifier, so it’s easy to track where funding has come from and where it has been spent.
• Easy tracking and reporting when funding is restricted for specified purposes.
• Integrated document storage, with invoices and purchase orders stored alongside the relevant line item.
• Simple approval workflows so spending decisions can be made promptly and are properly recorded.
• Improved cost control and forecasting.
• Easy integration with other software in use in the company.

Efficiencies such as these eliminate many hours of chasing paperwork, rekeying data and manipulating figures in spreadsheets.
iplicit’s software puts accurate, real-time data into the hands of managers. You can always see what’s going on across the business without having to wait for hard-pressed staff to finish a laborious month-end close.

Find out more about iplicit, visit www.iplicit.com/who-we-help/care-homes or email info@iplicit.com