Working day 1

with outsourced financial services

Portsmouth Hospitals University NHS Trust, South East, Acute



The problem

The Trust needs to eliminate any delays in its monthly financial reporting because otherwise it will be unable to influence its business activities with enough urgency. Historically financial reporting would have been published between working days seven to ten each month, generating a potential delay in understanding and operational response time. A major perceived constraint to delivering faster financial information was the outsourcing of financial services and ledger management to a third party. This was considered to limit flexibility and control of transactional management.

The challenge

How might we produce accurate, timely and useful financial information with critical indicators so that the Trust can respond as quickly as possible with business decisions and focused actions?

The outputs

The ‘tangible’ products that came from our innovation were: The publication of financial statements to all Trust wide budget managers on working day 1 each month. A targeted report to the Trust Leadership Team covering key messages/actions and performance indicators. Tailored reports to each Divisional Management Team (4 in total) drawing out specific material issues alongside relevant points of action.

The outcomes

The benefits to the Finance team and the organisation experienced as a result of the innovation were: Provides the fastest route to sharing key messages and influencing behaviours in the organisation. Opportunity to ensure all procedures are fit for purpose, consolidate approach simplifying or removing non-value adding elements. Sustain Trust wide confidence in Financial capabilities. Strengthen confidence within the team and embrace cross team working. Show an ambition to push ourselves further and take pride in our work. Sharing best practice across the teams. Building a platform to promote further success.

The Innovation

Read the full innovation on working day 1

All the documents and resources relating to this innovation can be found in the downloads section at the bottom of the page.

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Working Day 1

Workshop outlining how organisations have moved to working day 1

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What the peer-reviewers said

“A great piece of work which was achieved in 4 months from many staff members involvement and ownership.”

“More Future Focused Finance as post-month-end is now about forecasting and ensuring the forecast is accurate so any forecasted overspends can be addressed sooner.”

“I think this submission has given detailed account of the steps needed to achieve a working day one reporting and as such should be commended.”

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Here are all of the documents and resources related to this innovation

Innovation E1

Working day 1 with outsourced financial services


Working Day 1 – Slides

Working Day 1 November 2022