In this increasingly technological age, crucial business functions such as accounting are becoming more cumbersome and time-consuming when done on paper – and much easier after being switched to a digital system instead. Tasks such as issuing receipts, invoices and reporting can be automated, while ‘paperwork’ can be saved electronically. This does away with the need for capacious physical storage and allows files to be shared instantly and securely with those who need to access them.
Beginning the process
If you are already running a digital care management system at your care home, such as Care Vision, the process of switching your accounts over to it is straightforward. Care Vision contains many accounting support tools, including links to accounts software, procurement and supplier management functions, expenses and invoicing templates and accounts reporting capabilities. If you are starting from scratch, begin by working out what you need from digital accounting tools – and the best way to obtain them. If you can simply add functions to an existing management system and then teach yourself and your team how to use them to their fullest potential, this can save a lot of time and money.
Create a road map
Once you have worked out what you need – and how you can get it up and running, decide on a suitable timeline for putting digital accounting systems in place. This will also involve confirming budgets for it, as well as training team members on how to use the technology to their fullest advantage. Decide who is going to be responsible for which functions – and who will need access to the system and for what. Time spent planning, training and allocating digital tasks now will save a lot of hours of admin and accounts processing further down the line.
Safety first
Make sure that your systems are security protected – and that your cloud-based storage is also protected from unauthorised access and cyberattacks. Accounting information is a highly sensitive aspect of business operations, especially when it involves personal and banking details of residents and their families. Keeping financial information secure is also an important part of providing accurate, compliant financial reports. Have strong passwords in place with additional security measures and sign-in levels as appropriate. This keeps client details and payment agreements confidential, as well as protecting company accounts and other sensitive data.
Receipts and expenses management
Handling receipts has always been a paperwork nightmare, with little bits of paper needing to be kept safe until they can be processed. By moving the process online, scans can be taken of receipts and stored or shared as required. Software can interpret the scans to calculate expenses automatically. This reduces errors and speeds up the process to reimburse staff if they have used their own money to fund travel, supplies, accommodation or training. Being able to pay expenses sooner helps foster goodwill between managers and staff, while automatic calculating and payment processes keep expense accounting accurate and up-to-date.
Invoicing and chasing payments
In a similar vein, being able to pay suppliers quicker and send out invoices promptly will keep relationships positive between you and your clients and suppliers. Errors are hopefully eliminated and accounts can be checked 24/7 wherever you are, so long as there is internet access. Clients can keep closer track of their own accounts with you, while the system can send out reminders and track payments automatically. Digital accounting also helps you with your cash flow, as you don’t have to spend ages manually following up late payments or trying to work out which clients have paid and which still have outstanding invoices to settle. In addition, using software to chase late payments takes away a lot of the tension around dealing manually with a difficult area when it comes to client relations.
Auditing and reporting
Finally, the onerous task of auditing and sending financial reports for HMRC, board members, residents’ family queries, accountants etc. is made far easier when the information is already in electronic form and at your fingertips. Speed can often be the essence in situations like these; however accuracy should never be compromised to deliver a swift report. By using digital accounting methods and tools such as those that come with Care Vision, users can enjoy the very best of both worlds.
