Managing Practice Finances

This is the foundation workshop to the PMA programme – a series focused on the business management of general practice – where practice finances and accounting systems are explained in a user-friendly, interactive way. The web workshop will also take a look at your accounting system, the PCN landscape, Superannuation, Understanding your accounts and Cashflow forecasting. The group work encourages participation so that individual issues can be explored.

Overview: This is the foundation workshop to the PMA programme – a series focused on the business management of general practice - where practice finances and accounting systems are explained in a user-friendly, interactive way. The web workshop will also take a look at your accounting system, the PCN landscape, Superannuation, Understanding your accounts and Cashflow forecasting. The group work encourages participation so that individual issues can be explored. 

The module will be delivered as an interactive web workshop with practical guidance to enable participants to map the techniques and outcomes onto their own practice. 

Objective:  Participants will gain an understanding of practices finances and how to understand the accounts produced by your accountant.  You will also gain an understanding of practice finances, Primary Care Network finances and how important managing these areas lead to reduced financial risk in the ever-changing world of general practice.

Programme

Session One

Overview of your Accounting System

• What comprises your accounting system?
• Source records
• Software

Financial Controls and Maximising your income streams

• Financial Controls
• Contract Income
• CQRS
• Reimbursements
• Claims
• Contract Changes 2021 and looking ahead
• Other Income Streams
• Tracking your Income

Primary Care Networks and the future of Primary Care

• PCN Funding Overview
• PCN Accounts

Superannuation

• Estimate of Pensionable Profits Form
• Pension Forms – Type 1 and Type 2
• Timeline
• Tier rates
• Examples

Hints and Tips

• Pension and Tax Payments
• Non-NHS Income
• Final Pay Controls

Session Two

Understanding Accounts

• Accounting Terminology
• Types of Income and expenses
• Debtors and Creditors
• Current and capital accounts explained
• Drawings
• Variance analysis
• Financial Benchmarking

Understanding Accounts – Activity

The Power of the Cashflow Forecast

• Levels of complexity
• Using Excel
• Other options
• Interpretation

Q&As and CLOSE