The Trust needs to improve the timeliness of quality financial management information to allow quicker decision making and facilitate appropriate corrective action by both the Trust Board and operational managers. This needs to be achieved with little/no reduction in accuracy of the information.
How can we move from reporting monthly financial performance at working day 7 to working day 1 so that as an organisation we spend more time influencing the position rather than reporting it?
- Standard report template for Working Day 1 rolled out across Financial Management
- Only Working Day 1 report requires update (this feeds other reports)
- Procedure note available for staff to follow
- Resulting in standard processes and work
- Quality reporting on day 1 to facilitate improved internal decision making
- Quicker & slicker
- Less errors
- Less inconsistencies
- Available earlier
- More time to invest in valuable commentary
- Budget Manager receive key information on working day 1, which facilitates good decision making
- Ability to update external stakeholders such as NHS E/I on day 1 as to the Trust’s overall financial performance
- Ability to adapt to the changing external environment