Fennell Financial has built an accounts department that specialises in the healthcare market. We understand the challenges you face and can work with you to find the solutions. We have helped many Care Providers outsource their finance department and therefore benefit from having the systems and controls that are usually only associated with Corporate Care Providers. This effective handling of your finances by those that know and understand the sector is crucial to the increasing profitability of your care home.

Using our expertise we have developed processes specific to the Care Providers sector to ensure that your profits are at the level they should be.

Our focus is on profitability, productivity and business growth.

 Review the Past

We produce detailed management accounts that go far beyond a traditional profit and loss statement. The accounts include care home specific Key Performance Indicators that allow us to benchmark your business not only against our other clients but also against industry trends.

 Forecast the Future

Profit and Loss, Cash flow and balance sheet forecasts are produced. This enables you as the care home owners to set goals and these are turned into forecasts that we will monitor against to ensure that your goals will be achieved. “You cannot hit a target you can’t see”

 Set Strategies and Plans

During the regular meetings with your “Finance Director”, we spend time working with you developing financial and business plans, concentrating on profitability, productivity and growth,

 Set Annual Budget

At the beginning of each financial year an Annual budget is built and agreed, this covers all areas of expenditure within the business and is strategically aligned with your forecast. This budget along with the financial forecast forms that basis of the Care Home’s business plan. This is a rolling budget, so it is updated and amended as factors change and variance is measured to ensure that budgets are being followed.

There are a number of ways in which our service can be delivered, but it can generally be broken down into two sections.

1/ The Processing Function, the role of a bookkeeper

2/ the Management Function, the role of a Finance Director

However, where Fennell Financial differ to your ordinary bookkeeper is that we are market experts in our field. Our understanding of the sector ensures that both the Processing and Management Function’s produce the type of information vital for increasing profitability with your Care Home.

Processing Functions

• Accounts receivable
• Accounts payable
• Credit Control
• Bank Reconciliation
• Ledger Maintenance
• Fixed Asset Register
• Payroll

Management Functions

• Profit and Loss
• Balance Sheet
• Ratios & Statistics
• Cash flow
• Occupancy Reports
• Payroll Budget Reports
• Liaising with Bank/Lenders
• Preparing Year end accounts for your Accountant

To find out what the right solution is for you call today to arrange a no obligations review 01162880463.