01 July 2014
Align your reporting - Update your Chart of Accounts
Australian Government has introduced a range of initiatives and reforms designed to re-shape aged care in Australia.
For aged care providers, these changes represent significant remodelling of financial and strategic planning.
In order to stay ahead of the curve, you should review and update your Chart of Accounts NOW to enable better data management that aligns with the reforms. In particular, you need to ensure that your Chart of Accounts aligns with the change in resident funding to RADs and DAPs.
Bentleys has developed the Standard Chart of Accounts template for Aged Care to standardise reporting methodology and facilitate financial analysis across your three main business streams – Care, Accommodation and Services.
This Chart of Accounts template will enable more informed financial supporting analysis for accommodation pricing plans and easier completion of year-end general purpose financial reports.