Month-end Packs

Great Western Hospitals NHS Foundation Trust, South West, Acute

The problem

The Financial Management team needed to assure both itself, senior finance management, as well as budget holders, that the Trust’s financial position was well-understood, robust, and triangulated. Otherwise, there was a risk that we might be unable to effectively communicate our financial story and underlying position. This could result in pressure from senior colleagues, the system, and the region.

The challenges

How might we establish a consistent reporting format that effectively serves divisions, directorates, the senior Finance team, committees, and the Board, that addresses all potential questions about the financial position, ensuring that we offer appropriate levels of assurance regarding financial position at multiple levels of consolidation?

What were/are the outputs?

The tangible outcome of our innovation was a pack that we could present to the CFO, offering an overview of the Trust’s financial position. This ensured that answers were readily available for any questions posed. This was especially beneficial when the system was quickly under financial pressure.

What were/are the outcomes?

The benefits experienced by the individual, team, organisation, and system as a result of the innovation were:

  1. Simplified monthly-end review process.
  2. Adoption of a consistent methodology, enabling benchmarking across teams.
  3. An ability to use various sections of the consolidated file for multiple audiences.

The Innovation

Read the full innovation on Month-end Packs

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

Read now

Innovation Q&A

Innovation Showcase December 2023

Watch here

What the peer-reviewers said

“Standardises processes and ensures consistency of approach/service offering.”

“The application streamlines the reporting process by eliminating the need for multiple versions of variance analysis and financial reporting files. It reduces admin-heavy tasks and saves time for the finance team, freeing them up to focus on more valuable activities.”

“This innovation is efficient and valuable, significantly improving financial reporting and assurance levels within the organisation.”

Get Involved Today