Bookkeeping

Debits and credits are the basis of any accounting system. For accounting records to be correct and complete, great care must be taken by capable individual(s) who understand the impact that their work can have on an organization. All members of the Healthcare Accounting Team are fluent in the accounting topics that affect their clients. Working as a team who support one another, Healthcare Accounting’s Representatives are never on their own if faced with a challenge.

In a culture that is specifically designed to best serve its clients, members of the Healthcare Accounting Team are always encouraged to ask questions and seek guidance from their fellow members whenever the need arises. This removes any ‘guesswork’ that many financial professionals are unfortunately forced to make on a regular basis when they have nowhere to turn when faced with uncertainty.

Budgeting

We recognize each client is unique, even though they operate within the same sector. We learn all we can about the operations of every client we serve.

Preparing realistic budgets, in particular, requires a considerable amount of knowledge of any organization’s operations. Budgeting provides an excellent opportunity for Healthcare Accounting and its clients to come together and plan for anything and everything that can potentially affect the business over the next fiscal year.

Working together as one team, the budget process allows the Healthcare Accounting Team to integrate with the Management Team of its clients to come together and work as one for the best possible result.

Accounts Payable

Although a seemingly simple and routine task, the Healthcare Accounting Team do not perceive the accounts payable function in this manner.

With its significant impact on cash flow, the scheduling and processing of accounts payable needs to be appropriately managed to contribute to the organization’s well-being. Healthcare Accounting’s Representatives always ensure that invoices are properly approved by the organization’s Management Team before any payments are issued.

Accurate coding of invoices is also a very important step in the process that is not taken lightly. Choosing one code over another can significantly impact the organization’s results, and the Healthcare Accounting Team is very aware of the implications involved when these types of decisions are addressed.

Accounts Receivable

Most of Healthcare Accounting’s clients are funded by Governments at the Municipal, Provincial, and Federal levels. That being said, there is often a portion of each client’s revenue that requires regular billing and overall accounts receivable management.

From the preparation of the invoices, through to the banking of the deposits, and all of the steps in between, the Healthcare Accounting Representatives will take a leadership role to ensure its clients receive payment for the billable services they provide. There is no need to engage a collection agency while Healthcare Accounting is around.

Payroll

There is nothing that can damage the morale of a good employee more quickly than making an error that affects their monthly pay cheque.

The Healthcare Accounting Team, who work confidently with several platforms, always ensure that payroll entries are reviewed multiple times before processing occurs.

While the Healthcare Accounting Team always strive to compensate the employees of our clients correctly 100% of the time, errors can occur. When they do, the Healthcare Accounting Team springs into action and makes this their first priority. This situation will remain a priority until the problem is fixed and the individual is pleased with the outcome.

To Healthcare Accounting, it is equally important to maintain open and honest communication with any individuals involved as it is to compensate the employees accurately.

Audit Co-ordination

Although Healthcare Accounting does not provide external audit services, we do have a lot of experience in this area with our clients.

Some of our team members have been Auditors in previous positions they have held, and this has allowed the Healthcare Accounting team to better understand the process from the Auditors’ perspective.

Healthcare Accounting Team members enjoy working closely with external Auditors and understand their needs and requirements well before they begin their site visit. Representatives acknowledge that the key to a successful audit is preparation, preparation, and preparation.

The Healthcare Accounting Team view the audit process as both an opportunity to showcase the work they have accomplished over the past year as well as a learning experience where ideas for improvement can be discussed with fellow Accountants.

Financial Reporting

Financial reports can be generated not only for internal purposes, but also for external stakeholders such as the organization's funders.

Recognizing the numerous stakeholders involved in any organization, Healthcare Accounting’s team approach allows them to increase their level of support when the demand is present at busy periods during the year.

With their combined knowledge and experience, the Healthcare Accounting Team will efficiently complete any financial report that is needed, on time.

Cash Management

Even in today’s day and age of electronic banking and automated payment processing, the term “Cash is King” can still apply.

Many of Healthcare Accounting’s clients are not-for-profit charities, and a lack of resources is a common challenge that they have addressed many times. Recognizing the cash requirements of an organization is only the first step in developing a strategy that will allow an organization to effectively operate when cash constraints are prevalent.

Using their proven tools and techniques, the Healthcare Accounting Team will gain an understanding of their client’s operations, take an inventory of the available resources, determine the various priorities, identify any potential risks, and come up with a cash management strategy to improve the situation, often in a matter of days.

HST Recovery

The Healthcare Accounting Team is very knowledgeable with HST recovery and the recent rulings that directly apply to their clients.

Do not be swooned by those tax recovering agencies who call you up out of the blue and offer terrific HST returns.

While Healthcare Accounting acknowledges that some of these agencies are comprised of knowledgeable individuals, the potential charges that can be incurred are astronomical, sometimes reaching levels of 30{8321e6cc5daa5b0537e06f09af0f3eb6b4a3107dd655041c71c57cf80cd7bd08} to 40{8321e6cc5daa5b0537e06f09af0f3eb6b4a3107dd655041c71c57cf80cd7bd08} of the total taxes recovered. The preparation of HST claims is a relatively straightforward process, and Healthcare Accounting will structure their charges accordingly.

Training & Education

Have you recently hired an employee within your Finance Department who is not meeting expectations?

Even if you are not ready to engage Healthcare Accounting’s services for this role, they wish to help. If a lack of training is the culprit, an assigned Healthcare Accounting Representative can provide the required coaching and mentoring necessary to bring the employee up to speed.

Likewise, if there are members of your Management Team whose eyes glaze over every time the finances of the organization are discussed, Healthcare Accounting can provide them with the understanding they require to succeed.

System Implementation

We can assist with the planning, implementation, and transition to a new software system for your accounting process.

Is your accounting software not meeting your expectations? Or, perhaps your organization is transitioning to a new software which has made the individuals involved feel overwhelmed with the process? This is normal.

Take a deep breath and give Healthcare Accounting a call. The Healthcare Team has a lot of experience in this area.

Just like its clients, Healthcare Accounting acknowledges that every software is unique. Breaking this project down into simple, manageable steps is the key to success here. Healthcare Accounting can provide the roadmap, and assist with any of the steps along the way to complete the transition relatively pain-free.

Consulting

We can provide our accounting expertise in the healthcare industry to identify areas of your organization that have room for improvement.

While the Healthcare Accounting Team excels when presented with an opportunity to support its clients in a long-term arrangement, sometimes all you need is to give your existing Finance Department a boost.

If you feel like you have the right puzzle pieces in place, and do not understand why the finance area is struggling, contact Healthcare Accounting. Representatives will gladly join you for a visit and take a look ‘under the hood’.

Thanks to Healthcare Accounting’s significant experience working with many organizations over the years, they have seen it all. Healthcare Accounting’s Representatives will create the plan(s), process(es), and guideline(s) for your organization’s in-house financial support to adopt and implement. Improvements are right around the corner, and the Healthcare Accounting Team will not rest until this occurs.