With a number of factors of accountability and dynamic funding sources, accounting professionals in group well being facilities face advanced 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 completed.
The fitting know-how might be like an assistant, automating duties and placing vital knowledge at your fingertips. Utilizing know-how to streamline even some processes can liberate an incredible 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 simple to handle a number of price range eventualities, perceive encumbrances, and automate your inner controls for the best stage of accuracy and transparency.
Approval workflows that mechanically 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 lets you construct systemic controls into every particular grant to make sure any booked monetary exercise is compliant with obtainable budgets and contract restrictions. When bills are mechanically allowed or declined based mostly on the parameters you’ve established within the system, you possibly can really feel assured figuring out that you just received’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 operating month-to-month experiences with out having to scramble to make last-minute corrections and adjustments in a pivot desk.
Constructed-in encumbrance monitoring
When your software program permits you to encumber bills on the grant stage and mechanically 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 must spend time manually manipulating your financials offline or with mock bills and extra journal entries.
With fund accounting software program, you get an additional stage of management over grant expense monitoring and reporting. Every little thing within the grant document is out there in a dashboard or built-in report. No must 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 strains of service, your price range is rarely ultimate. You want software program that provides the pliability of multi-scenario budgeting and forecasting by funding supply. And grant-specific budgets aren’t reliant in your group’s fiscal yr, so you possibly can plan extra appropriately by the grant time period as a substitute.
Plus, you possibly can create a number of eventualities and preserve them separate out of your permitted price range till the grant is awarded and also you’re prepared. You possibly can simply pull a misplaced grant out of your price range and mechanically see the funding hole that has simply been created. Within the time it might take you to reformat the price range and do the calculations, you possibly can have the report despatched to your management with suggestions on tips on how to change 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 embody all the knowledge you want with out additional work. You possibly can evaluate billing between service strains or areas, plus you possibly can 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 choices and suggestions to your board. For instance, you possibly can determine if a specific 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 earth of group well being, particulars matter for each your sufferers and in your accounting. Lots of your funding sources include restrictions and wonderful print. You don’t need to lose a grant since you missed a reporting requirement.
With the best fund accounting system, you possibly can connect non-financial info, corresponding to a grant award letter and reporting necessities, on to the mission. With the small print for every grant at your fingertips, everybody on the staff is aware of what is required and when.
Get Extra Management Over Your Day with Blackbaud Monetary Edge NXT®
The fitting fund accounting software program could make a huge impact on the way you spend your time. As an alternative of updating a number of spreadsheets and spending hours formatting experiences, you possibly can dig into dashboards constructed particularly in your group well being must determine developments in your spending and group wants. Expense administration processes grow to be automated, as a substitute 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 can be working to make their communities higher. Let the system do the work so you can also make extra influence.
Are you prepared for a fund accounting system that may get rid of 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.
