The aged care sector in Australia has unique requirements with regard to financial management. A high-growth sector that is under pressure to ensure compliance, accurate reporting and transparency create demands on the CFO and finance team in the aged care sector.

Financial management solutions for the aged care sector need to focus on compliance and reporting whilst delivering an automated solution that helps companies in the sector reduce costs and increase visibility across key data points.

Sage Intacct financial management provides solutions for the accounting, purchasing and reporting of financial and related Key Performance Indicators (KPIs) across the aged care sector.

Sage Intacct is a cloud-first solution with built-in functionality for standard workflows and operating procedures. For example, the automation of the purchasing process with built-in workflows for purchase orders, purchase order approvals and spend based on user-based criteria can be easily implemented to help streamline the purchasing and approval structures within an aged care organisation.

As aged care companies grow there is often a requirement for a multi-company configuration across new entities and development projects. Sage Intacct has out-of-the-box functionality for multi-company, inter-company, eliminating entries and consolidation reporting. Project accounting functionality provides the ability to manage revenue and costs by project.

The general ledger within Sage Intacct allows for dimensional analysis. As an example of the power of dimensional analysis, an aged care business might consider using dimensions to report on divisions, locations, projects or funding types. This dimensional analysis can be used to produce P&L reporting by the metrics that have been set up in the dimensional analysis. This powerful reporting puts powerful information at the fingertips of managers who can make informed decisions about expenses, funding and cost allocation.