4 Common Financial Mistakes and How to Avoid Them

Getting financials right in senior living is about much more than just reconciling the bottom line. It’s about having all the data you need at your fingertips, streamlined processes, and sharing insights and conclusions with stakeholders so that the organization can more effectively navigate challenges and opportunities.

To gain a better understanding of the importance of having a fully integrated, cloud-based core financials platform, let’s explore three common mistakes many senior living financial teams make and how to sidestep them.

#1 Duplicating data entry   

If you’re entering the same financial data into more than one place—no matter how much of a perfectionist you are—you’re putting yourself and your business at risk. That’s because the odds of making an innocent mistake go up every time you have to re-key in information. Not to mention the hours wasted.

To avoid this, it’s best to have financials fully integrated into your senior living software suite. This way, you’re only entering data in one place, and it’s shared across the platform. For example, Glennis Financials integrates directly with Glennis Revenue and Glennis Care solutions, so all the data you need is automatically shared between solutions. This minimizes the risk of information being lost or missed, while helping to eliminate duplicate data entry and re-keying of data for reduced errors and improved accuracy.

Glennis Financials, powered by Sage Intacct, also enables you to enter transactions once and report on them across multiple financial standards, set custom guiderails for consistency and accuracy, and close continuously instead of saving it all for the end of the period.

#2 Sacrificing efficiency for "the way we've always done it."

You’ve heard that to grow, you have to step outside of your comfort zone once in a while.
This applies to the way you approach core financials. If you’re doing things the way you’ve always done them—manual data entry and paper checks—you’re missing out on improved efficiency, productivity and ultimately, growth for your organization.

Glennis Financials Accounts Payable can cut your AP processing time by 65% or more each year. Automated, configurable processes mean you work the way you prefer. You define the invoice workflows and approvals, so you have complete visibility into the entire accounts payable process.

Because Glennis Financials is completely integrated, you get one single view of quotes, sales orders, and invoices for a more accurate picture of Accounts Receivable.

#3: Misunderstanding the role of Artificial Intelligence   

Even with the widespread adoption and acceptance of Artificial Intelligence (AI) as a powerful tool, some accountants remain hesitant.

If we think of AI as an enhancement and not a substitute for human accounting, we’re on the path to higher productivity and better financial outcomes. AI can drive significant time savings, freeing up hours that would have been spent on data collection for higher level thinking such as analyzing results and providing valuable business guidance.

Glennis Financials harnesses the power of AI for the sole purpose of empowering senior living accounting teams. We provide instant access to multi-dimensional insights with dashboards and one-click drill-down to source transactions. Review thousands of General Ledger transactions in minutes. Eliminate the need to build reports outside of your financial solution. And access processes designed to grow as your portfolio grows—without increasing workload.

#4: Underestimating the power of customizable reporting 

While accounting is often seen as a black-and-white process, reporting for stakeholders requires you to analyze—and share—the data from different perspectives. The CEO wants one report while the community healthcare and operations leadership want another. CFOs and investors are looking for data that helps support business decisions, and so on.

It can be time consuming to manually customize financial reports for everybody. With Glennis Financials Reporting, you can maintain visibility into key operational and financial performance indicators—all while saving countless hours each month. It allows you to configure all the details that matter to all key stakeholders: investors, executives, division heads, department leaders and other staff across your business.

Customize reports by community, type of facility (independent, assisted living, or memory care), or portfolio. Group and compare entities to your reporting requirements by state, property size, department, and more. And easily pull reports which include trailing and year-to-date P&L, community NOI, balance sheets, bank reconciliations, sales, occupancy, rate and staffing data—anytime, from any device.

Reduce common mistakes with Glennis Financials

No matter how large or small your senior living organization is, Glennis Financials can connect every operation with powerful, cloud-based technology. Reduce errors, increase accuracy, gain visibility into every aspect of your company with an advanced, integrated financial platform designed to work the way you do.

Best of all, you can be up and running in days. If you’ve been doing things the way they’ve always been done, contact us for a demo to see how Glennis Financials can help you save time, simplify workflows, and ultimately boost revenue.