Specialist Accountancy Services for Care Homes

As a care home owner, you might feel comfortable with hiring any accountancy firm. After all, it’s only a case of making sure the numbers are right! And while the firm you hire might know nothing about running care homes, they should still be able to reduce your tax burden, advise you on cost savings, and help you to reinvest your profits.

There are, however, quite a few problems with hiring a generic accountancy firm, and plenty of benefits of hiring specialist accountancy services for care homes. Let’s take a look at some of the reasons why you might want to choose the latter over the former.

Care home accountants understand

If you choose a specialist care home accountant, they have a keen understanding of how your business or organisation works. Running a care home is like no other type of business, and without being able to access that specialism – and that vital experience – you run the risk of losing out.

Accountancy services for care homes

Specialist accountancy services for care homes will also give you a refined and experienced outlook for all of your finances. You can rest assured that they understand the issues you face, such as the struggle to maximise your profit margins and the difficulties of cutting costs without affecting the performance of the service. As we discussed above, the specialist firm will know and understand all the angles of running a care home and will be able to offer you the right kind of help. A generic firm without that key experience will not – it’s as simple as that.

Tax efficiencies

All business owners struggle with taxation, of course. But by using a specialist accountancy firm with a strong understanding of tax requirements and the challenge of running a care home, you will benefit greatly. With the right tax advisor, you will be able to make your organisation as tax efficient as possible, without the threat of penalisation from HMRC.

Business advisors

A specialist accountant who understands what it takes to run a successful care home has a huge array of experience they can offer in the form of advice. It’s specialist knowledge that a generic firm simply cannot match, and whether you are looking to expand your business, look into new markets and areas, or just branch out further into the community, it’s vital to draw on that knowledge.

Conclusion

If you are running or managing a care home and need help with your finances, don’t underestimate what an accountant with industry-experience can bring. Here at OBC Care Home Accountants, we guarantee we can help improve your accounts, make you more tax efficient, and ensure that your business is in the best possible shape moving forward. Furthermore, we have all the experience and industry knowledge you need to draw on to make improvements to your organisation long into the future. Contact us today to discuss your requirements, and feel free to drop us a line by email or by telephone. We serve care homes in Eastbourne, East Sussex, Sussex, Kent, Surrey, London, South East, and all over the UK.

5 Reasons Why You Need a Specialist Care Home Accountant for your Business

A care home is a unique business model. If you’re not careful, the costs can become difficult to handle. That’s why you should make sure that you are using a specialist care home accountant for your company. There are many reasons why this is the right choice and will guarantee the longevity of your business.

Full Training

Specialist care home accountants have been fully trained to handle issues that business owners in this industry have. Experts in their field, accountants who specialise in home care, have years of experience working with similar companies and helping them to achieve their financial goals while keeping the costs as low as possible.

Help With Taxation

Business owners often struggle with taxation. If you don’t calculate the tax you need to pay carefully, you can be penalised by the government. You also need to make sure that you are paying the least amount of tax possible and a specialist care home accountant can help you do this. They will work to reduce your tax liabilities to the bare minimum, keeping your business model healthy and streamlining your company.

Access All the Services You Need

On top of this, with a specialist care home accountant, you will be able to access key services that you’ll need to keep your business financially viable. Accountancy like this provides everything from specialist management accounts to improvement reports. As such, you can be assured of a fully customised and personalised service package that is built to match your needs exactly.

Using a Focused and Driven Team

Many accountants have a realm of different responsibilities and clients in various sectors or industries. As such, their resources are often stretched thin to the point where the quality of service may dip from client to client. With specialist home care accountants, all the resources are pooled into one area. The accountant’s clients are working in similar fields with the same type of businesses. As such, the resources can be used in a more efficient way that is both cost-effective and allows for a high quality level of service.

Specialist Knowledge

When you use a business accountant, you are often looking for advice on the best way to manage your company’s finances effectively. While many accountants claim to have knowledge in this area, specialist care home accountants have specific training. As well as that, since they have experience working in this particular industry, they are uniquely suited to provide lessons from their experience. These accountants also have knowledge of how the care home system operates and what separates it financially from other business models.

As such, by using a specialist care home accountant, you can avoid the chance of receiving a cookie cutter service from a company that treats all business sectors the same. Specialist accountants know what makes your industry different and will provide a full service based on that knowledge.

If you are running a care home, you need the right person or company handling your finances with staff who know your business industry as well as you do. That’s exactly what you’ll get with OBC Care Home Accountants. Contact us to see how we can help.

EXCLUSIVE: Care UK hospitality chief offers food for thought

Care UK Food and Services Director Jon Bicknell tells CHP that constant innovation and the drive to always do better is what drives him.

“We are on a journey of improvement,” Jon told me when we met at Care UK’s soon-to-be opened Snowdrop House in Ware, Hertfordshire.

Jon’s raison d’être is to permanently strive to provide a better dining experience for Care UK’s residents.

Having been brought up in a care home in the 70s in his family’s business, Jon went on to pursue a successful 20-year career in the hospitality sector leading food development and procurement with big brands within  Allied Domecq and Punch.

Having joined Care UK three years ago, Jon has used his experience to develop new standards of excellence in hospitality within the group.

“When I came back to the sector, there was still plenty of home cooking going on in Care UK homes but I wanted to make sure that our focus was even more on fresh food cooked from scratch,” Jon said.

Jon is also a big advocate of locally sourced produce with over 30 suppliers delivering fresh meat, fish, fruit and vegetables to its 113 homes.

“It used to be the same in the hospitality sector years ago but not anymore,” he said.

Jon has raised the bar at Care UK through implementing his Dining with Dignity initiative.

Dining with Dignity is focused on improving the meal time experience for residents by introducing innovations in everything from food procurement, catering equipment, cutlery and tableware to attracting the best chefs.

His search for constant improvement has led him to scour the country for the latest innovations in cutlery and tableware.

Bespoke cutlery and crockery, including blue coloured plates for people with visual impairment, have been purchased from Churchill in Stoke-on-Trent.

Jon said food consumption across the group’s homes leaped by 7% in the first three months following the adoption of the new-style plates.

Crockery innovations also include deeper plates designed to prevent spillages and make food easier to eat whilst dispensing with the need for the plastic plate guards seen in so many care homes and medical settings.

The freshest produce is purchased through wholesaler Brakes along with 32 local fruit and vegetable suppliers.

In the kitchen, Care UK boasts state of the art Rational cookers. Jon swears by kitchen innovations such as the Rieber Cook & Hold which prepares and keeps food fresh until it is ready to serve. The Vorwerk Thermomix is another essential innovation in helping to prepare tasty food and sauces to the right texture to aid with swallowingfor residents with conditions like dysphagia.

In the dining areas, Victor serving units help residents who are unsure of what meals to choose by displaying menu options.

Jon and his team of chefs review care plans to ensure that fortified meals are served to people at risk of weight loss.

A la carte seasonal menus incorporate personal likes and dislikes on a three week rota introduced by Jon.

Jon and his team carry out regular training visits to ensure that homes are maintaining the best possible meal time experience.

His attention to detail runs to providing the best linen tableware and napkins provided by Whitakers.

“You will never see any plastic tablecloths in our homes,” Jon said.

Tackling odours and maintaining cleanliness is also a key part of Jon’s role.

“I wanted to introduce the ‘Lenor Comfort effect’ into our homes when I joined by ensuring we provide the best quality, freshest smelling bed linen and clothing,” Jon told us.

Jon said introducing 2 Pure Hygiene’s OdorBac spray had worked wonders in tackling odors at some homes where despite continuous and conscientious cleaning, smells had previously lingered.

Jon’s infectious enthusiasm and dedication to do better has had a tangible effect on customer satisfaction levels which have climbed from the lower 7s out of 10 to above  8, since he joined the business.

“We have great suppliers, we have really invested in training our people and always add further value so we can always keep improving,” Jon commented.

What You Need To Know About Care Home Accountants

Do you have a care home, or are you planning to start one? Are you seeking an accountant for your care home? The first step towards starting your care home is to look for a qualified and experienced care home accountant. The care home industry is rapidly growing as more people are looking for alternative residential home care and nursing home care.

Care home accountants are more than standard accountants are. Their services transcend normal accounting services are they are geared towards helping care homes manage their resources. Care home accountants service delivery is specific to the care sector. The care sector includes nursing homes and residential homes, among other services. They work closely to ensure that any changes in the care sector is addressed and applied accordingly. They work to ensure that business advice and tax planning is readily available to their clients. Below are some of the other services that care home accountants provide.

Ten Services Provided By Care Home Accountants

  1. They provide advice and support to their clients at the initial stage of either purchasing or selling of care homes and other structures of investment
  2. They work with their clients to annually prepare their accounts
  3. Care home accountants work to make sure that future businesses and investments of their clients are strategically and effectively planned out
  4. These accountants enhance any available tax relief opportunities while working towards reducing any future taxation opportunities.
  5. Care home accountants realize the lonely feeling that being manager provides. Thus, it works with your home team to ensure that theirs unity and teamwork within the business. This will then create a feeling \of belonging that will help to make sure that ideas keep flowing within the team.
  6. They advise on more fruitful ways of increasing the value of your care sector business with the aim of maximizing the profits of the business; theses accountants acknowledge that there is more to business success than just cutting down on costs.
  7. Care home accountants offer traditional accountant compliance services such as advice on VAT, statutory audit services, payroll services, and bookkeeping, among other services.
  8. The accountants work towards helping the client find ways of financing their new projects and developments.
  9. They handle any issues related to property while looking at exiting strategies in a bid to protect the finances of the client.
  10. They provide twenty-four-hour guidance on management of finances

You could try out OBC’s care home accountants. They provide flexible and pro-active services to their clientele in a bid to skyrocket their service delivery. In addition to their amazing service delivery, their experience speaks volumes about this group of care home accountants. They have worked with regional and national Chartered Accountant firms in the past. They provide services such as planning of taxes, buying and selling of client homes, strategic planning of businesses, team building, maximizing profits, and service compliance strategies, among others. For more information on OBC, visit their website on www.carehomeaccountants.com or reach them through 01323 720555 or mo@obcaccountants.com.

How Specialist Care Home Accountants Can help you to Grow Your Business

Accountants are more commonly considered when it comes to tax time. You need someone to handle all the paperwork and make sure you pay your tax bill on time. Did you know accountants are useful for much more than that? That is especially the case for specialist care home accountants.

care home accountants OBC

Your accountant will be able to help grow your business. Here are three ways that care home accountants will help you.

Aid with Your Financial Decisions

How do you know if that other care home is worth investing in? Should you switch medication suppliers? There are so many questions that involve finances and not all decisions are straight forward. While one decision may look easy at the beginning, there are long-term complications that you need to be aware of.

As a care home owner, there are high chances that you have no idea what the figure breakdowns mean. Well, there’s no need to worry. Care home accountants will be able to step in and help at every turn.

Specialist accountants will have already worked in your industry. They know about any tax implications and where money needs to go. They’ll have seen the paperwork and financial details in the past, so will be able to sit do with you and explain them. They’ll help you make a more information decision to make the best one for your business growth.

Make Sure You Know Your Tax Deductions

There are so many tax deductions available for care homes. Specialist care home accountants will already be aware of them. There’s no need for them to go searching for obscure answers and potentially causing you to lose out on thousands and having to pay more tax.

The accountants will make sure you are aware of every little deduction you can make. This is above and beyond the regular business deductions. Anything for medications, employees, and future tax breaks coming up will be considered.

And you won’t need to apply them. You’ll just need to make sure the paperwork is there to prove them and then let your accountant get to work. That extra money you have can be invested back into the business, and your accountant will help you make those decisions as already mentioned.

Reduce the Chances of Being Inspected

Inspections are a hassle and can result in your business being closed, in extreme cases. You never know when an inspection is coming, so you need systems to show your business is well led, financially secure, safe and responsive to your clients needs.

Specialist care home accountants have seen the most common faults arising where care homes are inspected. They also know the best steps to avoid tax investigations – like making sure your tax paperwork is filled in correctly the first time. They will help you save the right types of receipts just in case you are investigated and then handle the investigation if and when it occurs.

You get to spend your time on the other elements of your business. You get to focus on employee happiness, resident care, and marketing to offer the care to those who need it.

If you’re still on the fence about specialist care home accountants, it’s time to make a decision.

Getting a specialist will help you grow your business in so many ways. You don’t just get tax help, but help to prevent tax investigations, and also relevant management information to help with financial decisions, and much more.

How specialist Care Home Accountants can assist your business

Specialist care home accountants can enable you to save money, enhance profits and assist you in planning for the future. However, there are numerous other ways in which a tailored accounting service can help your business, such as:

Compliance

care home accountantsCompliance is a major part of any organisation, but managing it is often considered as one of the most stressful elements of being a business owner; this is where a team of care home accountants can assist.

Annual audits, accounts preparation, payroll and regular accounting are just some of the ways a specialist service can reduce your compliance burden, while letting you concentrate on the other aspects of running a care home.

Developing your business

At some point, you might want to consider expanding your business beyond its current size. For instance, you could be considering purchasing another home or even expanding to a chain of homes; you’ll appreciate that such an expansion requires considerable planning and expert advice.

However, specialist care home accountants can talk you through the financial side and the implications, like Stamp Duty Land Tax and Capital Gains tax, while also offering advice to limit tax liabilities as your business develops.

Business Support

Business owners can often feel like they are struggling on their own, especially in industries that require high levels of dedication like the care home sector; therefore, it’s vital to have a good team that works well together.

However, sometimes it can feel difficult to know where to start when it comes to bringing the team together and getting more involved in the running of the care home.

To cater for these needs, OBC Care Home Accountants provides a team leadership and motivation programme to encourage the business to keep moving forward, and to get the team working as one, helping to relieve the pressure on the care home owner.

To find out how are experts can help you, contact our team on 01323 720555 or email info@carehomeaccountants.com

Why not request a free 70 point tax planning checklist by emailing Michael Ogilvie at mo@obcaccountants.com stating “70 point tax planning checklist” in your subject title?

What can specialist care home accountants offer your business?

care home accountantsWorking with a team of specialist care home accountants offers many benefits to your business. For instance, they’ll understand the sector better than most accountants and they can offer advice that is tailored to your business. And there are plenty of other areas where they can assist.

Here are some of the ways specialist care home accountants can help your business.

Saving your business money

Every business can benefit from saving money, and taxes are a complex area where company owners can often end up paying more to the HMRC than they should. However, a specialist can work with you to find legitimate savings that you might not have considered, such as tax breaks to keep your tax bill down.

Another area where an accountant can enable you to save money is through tax planning to help reduce your tax liabilities.

Planning for the future

At some point, you might want to expand your enterprise, and to achieve this you’ll need to undertake some careful strategic planning. By working alongside specialist care home accountants, you’ll have access to a business advisor who can help you plan your future success and offer advice to allow your care home business to keep moving forward.

Maximising your profits

In recent years, many care homes have had to close their doors because they are no longer viable; a progressively competitive industry and the increased minimum wage are just some of the factors that have contributed to these closures.

However, specialist care home accountants can provide the expertise you need to maximise your profits without cutting corners, while allowing you to continue to offer a high quality/best value service to your clients.

Maximising profits, saving money and planning for the future are some of the benefits of working with specialist care home accountants.

For expert advice, contact our team on 01323 720555 or email info@carehomeaccountants.com.

Why not request a free 70 point tax planning checklist by emailing Michael Ogilvie at mo@obcaccountants.com stating “70 point tax planning checklist” in your subject title?

Tips on Finding the Right Care Home Accountant for Your Business

So you know you need a specialist care home accountant for your business. Now you just need to find that specialist. Not all accountants will be right for you. Here are tips on finding the right care home accountant for your business.

Someone with Experience for Your Particular Business

care home accountantIt’s not just about finding a specialist accountant within the care home industry, but within your specific care home business. Your accountant does more than help with tax returns. Your accountant will help you make business financial decisions and aid in the growing of the company. Finding someone who knows your exact business will be vital to ensure this is done well.

Check for Evidence of Results

Look carefully at the website and other online evidence of success. That will you will discover case studies and evidence of working with care home businesses like yours. Have they testimonials to show credibility and understanding of care home like yours

Find Out about Availability

When you start a care home business, you will usually need to speak to your accountant more often. As your business grows and expands, you gain some experience and can make more decisions yourself. Make sure your care home accountant is available for the amount of time that you need. Find out if the accountant is experienced in dealing with your type of experience in the care home industry.

Do your research into care home accountants to make sure you find the best one for your business. Look out for accredited accountants with experience in your exact industry and availability to suit your needs. You’ll have someone who is invaluable to your business.

Why Choose a Specialist Care Home Accountant to Grow Your Care Home Business

care home accountantsThere are plenty of accountants to choose from and all will offer help with tax returns and financial decisions within your business. However, if you operate a care home, you need to find out if they are a specialist care home accountant. This is essential to grow your care home business, and here are three reasons why.

They Understand the Nature of Your Business

No industry is the same, especially when it comes to finances. A specialist accountant within the care home industry will know just how important certain spending is. They know where you need to put your money and the risks that are worth taking. A general accountant will know the books, but won’t be able to help best with your financial and business growth advice.

They Have Experience Within the Industry

Not only do specialist care home accountants know how important certain spending is, but they have seen other care home businesses grow or fail. They take that experience to make sure they either replicate the growth or avoid the failure with other businesses in the future. Those without specialisation may be playing a guessing game, putting your business at risk.

They Know How to Handle the Business Size

If you’re just starting out, your care home will need a different type of growth compared to those who have been established for decades. Specialist accountants understand this and will know the best steps to take to help your specific business. The focus is on your exact size for your particular industry and not just for a general consensus for a new business.

Make the best decisions for your business by hiring a specialist care home accountant. You will not regret it when your business succeeds and grows as a result.

Why You Need a Specialist Care Home Accountant

Rather than producing your own care home accounts information, you shoulder hire an accountant. Don’t just hire any accountant, but specialist care home accountants. This is the best way to make sure all your accounts are not only correct, but relevant, to allow you to make the right decisions at the right time for your business.

Care Home Accountants OBC

An accountant isn’t just good for your tax return needs. Here are the top reasons you need a specialist care home accountant for your business.

Handle Your Size of Care Home

Some care homes have just a handful of patients. There are others that cover multiple floors and have to handle patients and families. A specialised accountant will know all about the different sizes, different types of businesses, and all types of financial implications that they bring.

The experience from specialised care home accountants will help when it comes to new care home businesses. You’ll get financial advice that works for others within your industry – and others of your size. You step away from the general and focus on the exact details to help your business thrive and expand, while putting your patients first.

Your Financial Paperwork Is Handled

Immerse yourself in the business where your knowledge is. You may be great with the patients but struggle with the paperwork. There’s no need to wear all the hats in the business and leave your patient care suffering because of it. When you hire specialist care home accountants, you get to spend the time in the business where it’s most needed.

There will be some decisions that you need to make, but you can focus more on the patients in your care. You get to make sure families are happy and staff members put the patients first.

At the same time, you can focus on the employees. You make sure they are happy and productive in the workplace, boosting their commitment to caring for the patients.

Handle the Complex Audits

Care home finances tend to be complex. There will be money coming from different elements, various tax rates to remember, and money going in different directions. It’s too much for the care home managers, especially when it comes to audits.

Rather than pulling your hair out, you can let the ones with the expertise handle it. Specialised accountants within the care home industry will already be aware of the various financial implications. They know the paperwork that needs filing and will be ready as soon as an audit comes your way.

It’s time to get your care home business in order. Keep the finances on track and the rest can run smoothly. Rather than try to tackle it yourself, why not outsource or hire specialist care home accountants. You instantly benefit in the ways above. It’s time to focus your time where your business needs you.

Make the Best Pension Planning Decisions

There’s nothing worse than looking into all the different pension provision options available. You have staff who you need to think about too. With a good accountant, you’ll find the best possible pension planning options to keep all the hard decisions to a minimum.

Those who are specialised in care home finances will have experience in dealing with different religions, cultures, and more. They can look into your current finances and find the appropriate advisors to explain any of the pension provisions you’re interested in.

Rolling Forecasts and Management Accounts

It is amazing how few Care Homes have forecasts let alone up to date “rolling forecasts for the next twelve months” or even up to date  management accounts.

That is fine when all is going well, but as soon as you have a few empty beds or any significant unplanned expenditure, you will need your bank’s support and that will only happen if you can show you are totally on top of the relevant management information.

Specialist Care Home Accountants know what Key Performance Indicators (KPIs) are crucial for car homes , and will have the software to produce the information, promptly, reliably, and relatively effortlessly to pin point the decisions that need to be made for the ongoing success of your care home.