5 ways we can help improve financial efficiency for hospices

1. Integrate your systems: integrating back office finance with payroll, fundraising, and ePOS solutions offers huge potential for efficiency. By ‘joining up’ your software, you reduce – and in some cases eliminate – manual processes plus the risk of errors that can often accompany it. Avoid your information sitting in silos so you can easily access the data across your different systems, without manual intervention.

2. Automate financial processes: many processes within the finance function can be simplified or automated, reducing the burden on your finance team. Spend your time producing management information for better decision making. Sign off invoices electronically, and make filling out timesheets and expense claims a breeze. Say goodbye to paper pushing and rekeying of information. Gain back valuable time to better serve the organisation.

3. Better financial reporting: with multiple stakeholders including trustees and budget holders, it’s important that everyone’s kept in the loop. Having the capability to report more easily across every area and activity within the hospice is vital. Being able to carry out analyses from within the system – not spreadsheets – ensure that everyone is working with one set of data. Better data helps to facilitate better decisions.

4. Lower income generation costs: from the running of shops and fundraising events to collecting donations and legacy funds, the breadth of activity undertaken by any hospice is huge. By automating the management of income generation, organisations can avoid high administration overheads. With the right financial software, you can ensure that a higher proportion of funds are spent on providing the best possible care.

5. Grow the cause more quickly: as a hospice grows it can often become just as complex as a larger organisation. Putting the right systems and processes in place from the beginning will help
your organisation to scale in a much more manageable way. It’ll instil good practice in the coming years as the hospice continues to grow – whilst keeping the back office headcount to a minimum.