The Importance of Financial Management Tools for Aged Care It is critical to understand that increasing financial success is not just for large aged care organizations. According to the Australian Government Aged Care Financing Authority's 2015 report on Factors Influencing the Financial Performance of Residential Aged Care Providers, a significant portion of the industry can achieve better financial results. Stronger governance, better financial management, better asset management, and administrative efficiencies can all lead to such improvements. The report's key findings summarised that, in most cases, providers with any combination of size, location, ownership, and resident care profile can achieve an effective level of financial performance. Essentially, organizations with strong disciplined management are more likely to achieve higher financial performance. Important aged care financial management functionality When it comes to financial management tools, there is a lot to consider, and regardless of which application your organization uses, it is critical to determine which functionality best meets your needs. Here is a summary of some of the valuable elements of the Epicor Financial Management platform, broken down into four key pillars, to help discuss financial management functionality that could help your business. The General Ledger General Ledger (GL) is central to financial management. While other departments in your organization are unlikely to have access to the GL, its impact is widespread. It is therefore critical that your aged care software has a strong GL to enable accounting controls and system security and ensure the integrity of your financial data. For example, to operate efficiently and effectively, your aged care software should be able to do the following: 1. Through multiple book functionality, you can enable flexible financial accounting representations. 2. Create a chart of accounts for each book. 3. Post transactions to multiple accounts in multiple books at the same time. 4. Post entries for any period in the current, following, or succeeding years. 5. Without manual entry, automate the allocation of funds across multiple accounts. 6. Define the frequency with which account balances are captured and stored. 7. Consolidate data from various books and/or companies. Get in touch today and get books of accounts sorted for your aged care business.

1. BOOKKEEPINGFOR
AGEDCAREBUSINESS

2. WE HELP OUR CLIENTS MANAGE
cash flows and costs to make their
business viable and also in knowing
the financial position of their
business.

3. At Meru Accounting, we have a deep understanding of the aged care
business and the business nuances of the aged care business.
We assist in managing
receivables ensuring
that cash receipts are
perfectly managed for
business.
We also advise on the
best software that you
can use for your aged
care business.
Also, we help you in
integrating the
operational software
with your accounting
system so you can have
efficient reporting using
both the systems.
Our Philosophy

4. WE HELP
YOU TRACK
THE COSTS
various cost centres
helping you know
profits
Type of Packages
Provided to Individuals
Costs in Facilities
across Different
Locations
Profits by Individuals
build from businesses

5. WE AT MERU ACCOUNTING ASSIST YOUR
AGED CARE BUSINESS WITH:
increases accounting
efficiency and helps
you in better
management of your
books of accounts.
Providing
bookkeeping
services on a day-
to-day basis so that
we do not miss a
single transaction.
Assisting you in
converting your
traditional accounting
software to Xero
Better payroll
management with
us.
We track and record
every invoice, receipts,
records and bank
transactions and
ensure that nothing is
missed.

6. THANK
YOU
We look forward to working with you