Care Home : Growth in EBITDA margin by 42%
Care Homes is generally a leveraged business. With prudent financial management, Care Home Owners can make extremely profitable business and grow it by acquiring more care homes while bad financial management can lead to selling of Care Homes.
Further, due to CQC there is a constant pressure on ensuring all standards are met and you do not cut corners for cost management.
With Corient’s expertise on Care Home Accounting and PACE Framework, you can ensure your business is profitable, keeps growing and you are meeting covenants of your loans.
Below are our Accounting services for Care Homes:
- Purchase Ledger- Account for all Purchase Invoices and ensure these are allocated to correct Property
- Sales Ledger- Raise Sales Invoices, maintain Service User Master, split invoices between councils and service user, undertake correct accrual of income, etc
- Payments- Make payments to suppliers and employees
- Credit Control- Follow up with Councils and Service users to collect money, reconcile accounts on regular frequency and ensure accounts are upto date and accurate
- Petty Cash- All petty cash given to your Centre Managers is accounted on weekly basis and cash is tied up to penny
- Bank Reconciliation- Allocate Cash against invoices and ensure bank is upto date every time and all time
- Payroll Services- Process employee payroll on weekly, bi-weekly or monthly basis. Undertake RTI and Pension submissions, make payments to HMRC, manage student loans, SMP, SSP and attachment of earnings
- Management Accounting- Prepare Management Accounts by each Care Home, calculate EBIDTA, etc
- Covenant Calculation- We calculate covenants on monthly basis and ensure we advise you on actions to be taken wherever covenants are not met. We also prepare accounts as per banks on a quarterly basis
- KPI Management- We prepare a Analytics report for each of the care home. Some of the KPIs include income per service user, staff costs per service user, other costs per service user, bed utilisation, etc. This helps you to review business and make changes to business accordingly
Contact us to learn more about our bookkeeping services and accounting services for care homes.
What Clients Say?
Chris H
“Using Corient Business Solutions to manage our accounting function has not only saved us cost but it has also brought tremendous improvements to our accounting process. We now get monthly Management Accounts within days of the month end, with analysis across all cost centres something we never had previously. The ‘Management Dashboards’ give us an up to date snapshot of all the vital information we need to run our business effectively. The team at Corient understand our industry and business needs well. They are very supportive and proactive in delivering what they promise.”
Max W
Corient has been dealing with my books for couple of years and they are hands on and understand the care sector well. The team is professional and approachable. I get to see the Management Accounts on time. Overall I am very impressed with the friendly, reliable and high quality service provided by Corient and would have no hesitation in recommending their services to other businesses.