With a number of factors of accountability and dynamic funding sources, accounting professionals in group well being facilities face complicated challenges.
Not the least of these challenges is the truth that there may be by no means sufficient time within the day to get all the pieces performed.
The precise expertise will be like an assistant, automating duties and placing essential knowledge at your fingertips. Utilizing expertise to streamline even some processes can unencumber an amazing period of time, so that you spend much less time on guide reporting and monitoring and extra time analyzing and elevating actionable info that drives bottom-line monetary influence.
Fund accounting software program with sub-fund capabilities makes it straightforward to handle a number of finances eventualities, perceive encumbrances, and automate your inside controls for the very best degree of accuracy and transparency.
Approval workflows that robotically implement compliance
Grants are the spine of many group well being facilities. And with that type of funding comes vital compliance necessities.
A fund accounting system with a segmented chart of accounts allows you to construct systemic controls into every particular grant to make sure any booked monetary exercise is compliant with accessible budgets and contract restrictions. When bills are robotically allowed or declined based mostly on the parameters you’ve established within the system, you may really feel assured realizing that you just gained’t overspend in opposition to your grants.
No extra juggling a number of spreadsheets and questioning if all the pieces was entered appropriately. Think about working month-to-month experiences with out having to scramble to make last-minute corrections and modifications in a pivot desk.
Constructed-in encumbrance monitoring
When your software program permits you to encumber bills on the grant degree and robotically relieve these encumbrances when the expense is booked, you all the time know the precise standing of funding availability in actual time. And also you now not have to spend time manually manipulating your financials offline or with mock bills and extra journal entries.
With fund accounting software program, you get an additional degree of management over grant expense monitoring and reporting. All the pieces within the grant file is offered in a dashboard or built-in report. No have to export info to spreadsheets, manipulate the info, after which make it presentable.
Separate budgets and multi-scenario budgets
With dynamic funding and a number of traces of service, your finances is rarely ultimate. You want software program that gives the pliability of multi-scenario budgeting and forecasting by funding supply. And grant-specific budgets aren’t reliant in your group’s fiscal 12 months, so you may plan extra appropriately by the grant time period as an alternative.
Plus, you may create a number of eventualities and hold them separate out of your authorised finances till the grant is awarded and also you’re prepared. You possibly can simply pull a misplaced grant out of your finances and robotically see the funding hole that has simply been created. Within the time it might take you to reformat the finances and do the calculations, you may have the report despatched to your management with suggestions on tips on how to exchange that funding.
Intuitive dashboards and experiences
When your software program is constructed for the distinctive challenges of group well being facilities, the dashboards and experiences embrace all the knowledge you want with out further work. You possibly can examine billing between service traces or places, plus you may shortly determine anomalies and developments in areas like price per affected person.
With clear knowledge in your monetary efficiency, it is possible for you to to shortly and proactively floor essential info to make enterprise selections and proposals to your board. For instance, you may determine if a selected location isn’t billing sufficient to offset its price so your management can determine if it must be consolidated with one other location.
Simplified doc administration
On the planet of group well being, particulars matter for each your sufferers and in your accounting. Lots of your funding sources include restrictions and positive print. You don’t need to lose a grant since you missed a reporting requirement.
With the proper fund accounting system, you may connect non-financial info, akin to a grant award letter and reporting necessities, on to the undertaking. With the main points for every grant at your fingertips, everybody on the crew is aware of what is required and when.
Get Extra Management Over Your Day with Blackbaud Monetary Edge NXT®
The precise fund accounting software program could make a big effect on the way you spend your time. As an alternative of updating a number of spreadsheets and spending hours formatting experiences, you may dig into dashboards constructed particularly in your group well being must determine developments in your spending and group wants. Expense administration processes change into automated, as an alternative of you chasing down approvals each time somebody is out of the workplace. With Blackbaud Monetary Edge NXT, you get accounting software program constructed for organizations which might be working to make their communities higher. Let the system do the work so you may make extra influence.
Are you prepared for a fund accounting system that can eradicate guide processes whereas additionally offering clear accountability? Take a look at our on-demand Monetary Edge NXT product tour and begin taking management of your day.
