Accountants for Care Homes & Care Providers
From payroll and resident funding to occupancy, cash flow and compliance, care providers face distinct financial challenges.
We provide specialist accounting and outsourced finance support that helps owners and management teams understand their finances and make informed decisions.
Specialist accounting and outsourced finance support for the care sector
Running a care home comes with financial challenges that most businesses simply do not face. Complex staffing arrangements, mixed sources of resident funding, local authority and NHS payments, occupancy levels and regulatory requirements all directly affect cash flow and profitability.
GDG Accounting Services provides specialist accounting, payroll and outsourced finance support for residential and nursing care homes, care providers and growing care groups.
Based in the West Midlands, we can support care businesses locally and throughout the UK.
Accounting that understands the care sector
Good care home accounting is about much more than preparing annual accounts.
Care providers need to understand what is happening financially across their organisation throughout the year, from staffing costs and occupancy to outstanding funding and the true cost of running each home.
We provide the day-to-day financial support, reporting and advice owners and management teams need to make informed decisions.
Annual Accounts & Compliance
We can manage your statutory accounts, corporation tax requirements and year-end financial reporting, helping ensure your business remains organised and compliant.
Bookkeeping & Cloud Accounting
We maintain accurate, up-to-date financial records using cloud accounting platforms such as Xero, QuickBooks or Sage.
This gives owners and management teams much better visibility of income, costs and cash flow throughout the year.
Care Sector Payroll
Care payroll can quickly become complicated.
We can support payroll involving:
- Varied shift patterns
- Bank and temporary staff
- Overtime
- Sleep-in and on-call arrangements
- Holiday calculations
- PAYE and HMRC reporting
- Workplace pension auto-enrolment
We can also help businesses monitor payroll information for National Minimum Wage compliance.
Management Accounts for Care Homes
Year-end accounts tell you what has happened. Management accounts help you understand what is happening now.
We can create management reporting around the figures that matter to a care business, including:
- Occupancy
- Resident fee income
- Staffing costs
- Agency expenditure
- Operational overheads
- Margins
- Cash flow
- Performance by location
For multi-site operators, reporting can be structured so management can compare the financial performance of individual homes.
Cash Flow Forecasting
Cash flow can be particularly challenging when income is received from several different sources and payment times vary.
We can help forecast expected income and expenditure, including payments from local authorities, NHS funding and privately funded residents, giving management greater visibility over future cash requirements.
CQC Financial Forecasts & Financial Information
Financial stability forms an important part of running a sustainable care service.
We can help prepare financial forecasts, business planning information and supporting financial documentation required when establishing, acquiring or developing a care service.
A Fully Outsourced Accounting Function for Care Providers
For care businesses that do not need, or do not want, to build a large internal finance department, GDG can provide a wider outsourced accounting function.
We can work alongside your existing team or take responsibility for substantial parts of your day-to-day finance operation.
Resident Billing & Income Management
Care home income can involve several different funding arrangements, sometimes for the same resident.
Split-Fee Invoicing
Producing regular invoices and maintaining records where fees are split between sources such as:
- Self-funding residents
- Family contributions
- Local authorities
- NHS Continuing Healthcare (CHC)
- Other agreed funding arrangements
Funding Reconciliation
Matching payments received against invoices and remittance information to identify outstanding amounts, discrepancies and potential funding shortfalls.
Fee Uplifts
Updating billing following agreed annual fee increases, local authority rate changes or contractual price increases.
Credit Control
Monitoring overdue balances, issuing statements and helping management maintain visibility of aged debts from private and public-sector funding sources.
Contact us today
To discuss the accounting and financial support your care business needs.
Supplier & Expenditure Management
Controlling expenditure is particularly important in a sector with significant staffing, food, energy and property costs.
Agency Staff Invoice Reconciliation
Matching agency invoices against approved shifts and records to help identify discrepancies or duplicate charges.
Expense Categorisation
Allocating expenditure accurately across areas such as:
- Staffing
- Agency costs
- Catering
- Medical and care supplies
- Housekeeping
- Utilities
- Property maintenance
- Equipment
Supplier Payments
Preparing supplier payment runs for management approval and maintaining accurate supplier records.
Ledger Control & Reconciliation
Accurate accounting records give owners and managers confidence in the information they use to make decisions.
We can manage:
- Bank reconciliations
- Balance sheet reconciliations
- Accruals and prepayments
- Deferred income
- Resident personal allowance or comfort-fund transactions
- Fixed asset registers and depreciation
Fixed asset records can include specialist care equipment such as profiling beds, hoists, laundry equipment, vehicles and other capital expenditure.
Cloud Accounting & Finance Systems
We can help establish and maintain an efficient digital accounting environment using platforms such as Xero, QuickBooks and Sage.
Where appropriate, we can also work with information generated by other systems used within your care organisation, including rostering, payroll and care management platforms.
The objective is to reduce duplicated administration and give management access to reliable financial information.
Support for Care Home Growth, Acquisition & Expansion
If you are buying another care home, expanding an existing operation or developing a new facility, financial planning becomes even more important.
GDG can support you with:
- Financial due diligence
- Business valuations
- Forecasts and financial modelling
- Funding information
- Acquisition planning
- Management reporting
- Financial information required when establishing or developing a care service
Whether you operate one home or are developing a multi-site care group, our support can grow with your organisation.
Why Work With GDG Accounting Services?
Care businesses need an accountant who understands that financial performance is closely connected to occupancy, staffing, funding and operational management.
We combine traditional accounting and tax support with practical management information and outsourced finance services.
That means we can support you with everything from statutory accounts and payroll through to resident billing, management accounts and a fully outsourced accounting function.
Looking for an Accountant for Your Care Home?
Whether you need a new accountant, better management reporting or want to outsource more of your finance operation, talk to GDG Accounting Services. We can support individual care homes and multi-site care providers across the West Midlands and throughout the UK.
Contact us today to discuss the accounting and financial support your care business needs.
Frequently Asked Questions
Do you work with care homes outside the West Midlands?
Yes. Although GDG Accounting Services is based in the West Midlands, cloud accounting and digital working means we can provide accounting and finance support to care providers throughout the UK.
Can you handle accounting for different sources of resident funding?
Yes. We can help maintain and reconcile income involving private residents, local authority funding, NHS Continuing Healthcare and other funding arrangements.
Can you provide a fully outsourced finance function?
Yes. Support can extend beyond annual accounts and bookkeeping to include resident billing, supplier invoices, reconciliations, credit control, management accounts and other day-to-day finance processes.
Can you help with care home payroll?
Yes. We can provide payroll support for care organisations with different working patterns, bank staff, overtime, sleep-in arrangements and pension auto-enrolment requirements.
Can you produce management accounts for individual care homes?
Yes. Management reporting can be structured around care-sector metrics including occupancy, fee income, payroll, agency costs, overheads and profitability. For groups, this can also be reported by individual location.
Can you help when buying or opening a care home?
Yes. We can provide financial modelling, forecasts, due diligence and other accounting support when acquiring, establishing or expanding a care business.