Insights Article

How a shared accounting service pays for itself

July 17, 2023 | by ProviderCFO

If you own or run a direct care facility, you know how important it is to keep accurate financial records. Unfortunately, managing your finances can be a time-consuming costly process. That’s why more and more organizations are turning to a shared accounting service to help manage their finances and gain information to make meaningful decisions.

Shared accounting services are becoming increasingly popular among direct care providers (Assisted Living, Skilled Nursing, Home and Community-Based Services). They are cost-effective and actually help you save money in the long run. With a shared accounting service, you can easily access your financial records, track and monitor spending, generate reports, build KPIs, and more. Plus, you don’t have to worry about hiring, training, and managing an in-house accountant or accounting staff. You have financial experts working with you, while still maintaining control of your business.

Here are three benefits of outsourcing your accounting and finance function(s):

1. Cost savings: A shared accounting service can save you money on turnover, give you access to software you wouldn’t otherwise have budget for and by giving you live data, they can save you time on making decisions that impact your P&L. Lastly, if you only need a .75 accountant, that’s all you pay for and you can stop worrying if that person has enough to do for their 40 hours you’re paying them for.  

2. Time savings: By using a shared accounting service, you can save time by getting back-office tasks done quickly and efficiently. You can also quickly access your financial records and generate reports without any hassle. Also, think of YOUR time that you could save by not having to manage everything.

3. Improved accuracy: With a shared accounting service, you can be sure that your financial records are accurate and up to date. This can help you make informed decisions about your business and gives you data that you can operationalize.  

A shared accounting service, like ProviderCFO, can save you time, money, and effort in the long run. Plus, it can help improve accuracy and increase productivity. If you are looking for a cost-effective way to manage your finances, a shared accounting service might be right for you.