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.
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.