Owning and managing an assisted living community means continuous change is inevitable. As your community grows, so do the intricacies of managing it. Whether you are adding a new community or just expanding an existing one growth means additional challenges, and having the right tools in place from the start is key. Here we discuss a few things to keep in mind, so you are ready when the opportunity for growth appears.
Does Your Current Accounting Solution Have Features for Multi-Community Management?
Chances are growing means adding additional communities, and more than likely, you still have QuickBooks as your accounting solution. Did you know that QuickBooks is not well equipped to handle multi-entity situations? Constantly logging in and out of different QuickBooks companies trying to manage your facilities will add a lot of time to your accounting processes, which in turn is causing inefficiencies and costs you money. Investing in a robust platform that is designed for single and multi-entity communities will allow management to run the reports they need with ease regardless of the make-up of your communities. A robust solution should allow you to enter occupancy data that can be used to report revenue and expense metrics by room or unit, which is essential information in keeping your finger on the pulse of your business.
The Need for Different Reporting
With company growth, you will need to adjust the reports management relies on. More data means a lot more information to process. Having a solution that allows you to modify and expand your reporting with ease is key to keeping the correct information in front of the key stakeholders. This will also have an impact on productivity and allow management to make decisions based on the best information possible, all while saving time and money. Additionally, streamlining the way you present your financial information by using dashboards can be key to keeping your management team up to speed on how their individual communities are performing.
Mobile Access to your Growing Data
When you and your team are continually on the go, you need anytime, anywhere access. Growing your business means adding more data and possibly even staff to help with managing the growth. Using a cloud-based solution will offer you the flexibility to access your data when you need to from the office or remotely.
Maintaining HIPPA Compliance Requirements
Maintaining HIPPA compliance not only applies to yourself and your staff, but it also means protecting patient data. And as your business grows, so might the Protected Health Information (PHI) data in your accounting system. Making sure the solution you choose for your assisted living community is compliant with the Health Insurance Portability and Accountability Act (HIPPA) is a must if there is any risk that you will have PHI in your accounting system. Sage Intacct’s accounting solution provides you with a HIPPA compliant system that so you can be confident that your financial data meets HIPPA requirements.