Digitisation


be done away with, allowing all kinds of documents to be attached to the relevant line item in the finance system. It spells the end of searching the office for the right piece of paper. Workflows for authorising spending can be digitised, so that invoices or expense claims do not have to sit in an in-tray waiting for an overworked budget holder to approve them. Instead, the user can view, query, or approve them online, making for a more efficient process as well as enabling better cost control. And it is possible to link the finance system with care records systems such as the almost ubiquitous EpicCare software and Fusion Care Home Management, as well as with thousands of other business applications. All this should take a great deal of pressure off the finance team, freeing them up to concentrate on higher-value work. But beyond a big improvement in efficiency, a move to the cloud should put financial decision makers in better charge. The system will provide a single source of truth, eliminating the risk that contradictory information lurks elsewhere. Decision makers should be easily able


to see a dashboard of financial data and drill down from a comprehensive view to close-up scrutiny of any budget or line item. Reporting can be quick and flexible, providing quality management information in real time.


All this means the crucial decisions about controlling costs, investing in the right areas and staying abreast of training and development can be based on the current situation rather than waiting for a lengthy and laborious month-end process.


What to look for in a new finance system If you are scoping out a move to a new finance system, the first questions to ask about each option are: Is it cloud? And is it true cloud?


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Decision makers should be easily able to see a dashboard of financial data


In 2023, the idea of storing valuable and sensitive data on servers on your own premises, with all the resulting risks of theft and damage, should not really be a consideration. Cloud computing is used in all areas of work and personal life and should really be the only option. However, it is important to understand the difference between true cloud software and hosted – sometimes called ‘fake’ – cloud. The latter is an on-premise system that has been adapted to work in the cloud, rather than being designed that way from scratch. Hosted cloud systems store your data in a segregated area on the vendor’s servers, which means you pay hosting fees and face higher costs when you need to upgrade. With true cloud, however, your data is


distributed across a shared infrastructure, ensuring security and scalability. Updates and security fixes are applied seamlessly in the background while you work. True cloud reliably enables hybrid


working, allowing as many users as necessary to log on wherever there is Wi-Fi or a data signal – whereas with ‘fake’ cloud, access tends to be slower, with the risk of the system crashing when it is overloaded by users. After addressing these fundamental


issues, you will want to be armed with a list of key questions to consider during your research and buying process: n What financial information and reports would you like to see regularly? Do you need to report differently for different stakeholders?


n Who needs to use the new software? Be sure to consider non-finance staff who require access to some part of the system – to handle expenses or authorise


invoices, for example.


n Will you require the system to deal with multiple legal entities? If so, how easily does it handle intercompany transactions and how efficiently will it produce consolidated accounts?


n What do the system’s other automation features look like? Will it make short work of bank reconciliation, for example? Can it simplify your workflow approvals processes?


n What access will you need to old financial data? What arrangements does a new vendor offer for transferring that data to the new system? (Beware of existing suppliers who will try to stop you in your tracks by quoting exorbitant fees for continuing access to your old data. The right system will be able to import all this information so you can make a clean break with your old supplier.)


n How does a product integrate with other software that you might already have? Consider your patient record system and any other software you might use for tasks such as business information, expense claims, purchase orders and invoicing. Does the package employ an open API (application programming interface) to allow it to be linked with most software? Does it work with popular products like Zapier and Besyncly, which enable users to easily set up their own integrations between their choice of thousands of applications?


n How wedded are you to spreadsheets? If you want to keep using Excel for analysis and reporting, will the software offer live integration so the figures in the spreadsheets and the finance systems stay in sync?


n When it comes to pricing, is everything included in a standard package? Or are some features offered as add-ons at an extra charge? You need to be clear on this to ensure you’re comparing like with like.


www.thecarehomeenvironment.com February 2024


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