Job Description
Financial Reporting Produce accurate, timely and appropriate monthly financial and performance management information for the Division(s), including the monthly management accounts within the timescales determined by the organisation. This will involve the collection, collation, and processing of complex data from a variety of sources into appropriate information to allow input into the computerised ledger. To support in providing a financial management reporting service with a focus on identifying trends, risks, and opportunities, communicating these to senior finance staff, services and to the senior management team in such a way that its use informs management decision making. Further, to understand all aspects of finance including income and expenditure reporting, patient level costing, activity currencies, contracting arrangements.
Provide to the Senior Finance Business Partner the information to present the monthly corporate reporting position with detailed understandings of variances and drivers pertaining to the divisions covered. Review and authorise, and where necessary, calculate accruals, prepayments, and adjustments to be reflected in the monthly management accounts and maintain a clear audit trail by means of adherence to financial procedures. Produce and review year- end financial projections to assist in the management of budgets. Produce monthly variance reports and graphs to explain the in-month and year-to-date financial variances, quality check month end reports for accuracy.
Present complex financial and performance information to the Division(s) Management Team, other senior managers, and clinical staff at a range of forums including regular Service and Division Board meetings, as well as one-to-one meetings with individual budget holders. Ensure that monthly financial performance information is communicated to budget holders within the Division(s) and that any issues raised are addressed in an appropriate and timely fashion. Respond to queries from internal and external auditors. Maintain an awareness of activity and contract performance against targets.
Financial Planning Contribute to the development of and maintain an awareness of corporate and clinical objectives and facilitate their achievement by the provision of a comprehensive financial management service. Work to achieve agreed objectives within finance and the Division, acting as the lead financial specialist for that Division. Work closely alongside the Heads of Service and Budget Holders in the annual financial planning process for the Division(s) including identifying, co-ordinating and quantifying Service Developments, Cost Pressures, Cost Improvement Programmes (Cash Releasing Efficiency Savings) and Capital Bids to support the annual objectives, working alongside the transformation team to support in development and monitoring of such plans and programmes. Lead the annual budget setting process for all specialties, within the Division for which they are responsible, in line with the organisations timetable.
Prepare a budget booklet for the Division(s) giving a detailed breakdown of the calculation of each budget. Obtain the signed agreement of each individual budget holder within the service to the proposed budget. Ensure that the combined budget reconciles to the control total set as part of the annual financial planning process. Identify threats to the financial stability of the Division and agree rectification measures with the relevant clinical or non-clinical managers.
These plans will require monitoring thereafter to ensure that overall financial viability is being maintained. To utilise service line reporting and patient level cost information within the portfolio of units where available and support where necessary in the development of these tools. To support managers and clinicians in understanding the detail behind this information, in identifying opportunities and in using this information to influence decision making. Resource Utilisation and Financial Control Support the production of business cases within the Division(s), including leading the financial appraisal.
This will involve analysis of highly complex data and the application of recognised investment appraisal techniques to proposals to facilitate decision making and ensure that developments can withstand robust financial scrutiny. The Finance Business Partner will be required to have sufficient knowledge of the Divisions cases to be able to explain the reasoning behind calculations and recommendations. Assist in the negotiation of SLAs with external organisations for services provided by and received by the organisation to ensure that income is maximised and best value for money is achieved, respectively. Ensure that financial arrangements contained within Service Level Agreements with external organisations for services provided by or received by Division(s) are implemented to ensure that income is received, and expenditure is appropriately authorised, respectively.
With the support of the procurement department, negotiate external contracts with suppliers. Take the financial lead on evaluation of tenders, as appropriate, to ensure that best value for money is achieved. Financial Policies and Procedures Train and provide advice to budget holders within the organisation to enable them to comply with Corporate Governance requirements as set out in the Standing Orders, Standing Financial Instructions and Scheme of Delegation. Ensure that there are appropriate internal controls in place to manage expenditure appropriately and reduce the risk of fraud and other losses.
Quality Assurance To ensure that the process of financial management takes into account the need to enhance the quality of care provided to our patients. To help ensure that the process of financial management provides complete, accurate, timely and consistent information, in line with recognised best practice. Review and update financial procedures and processes and implement required changes to ensure compliance. Other Support the contracts team in liaison with commissioners and negotiation of contracts where specialised input is required on a specific area of the contract.
Participate in the planning, development, and implementation of Financial and Operational IT systems, for example the Electronic Staff Record, reporting tools etc. The post holder will undertake other duties as may be required to achieve the organisations objectives, commensurate with the grading of the post Staff Management Be responsible for the day-to-day co-ordination of finance staff (management accountants/finance assistants), providing practical/specialist training and appropriate delegation of work to staff. Be responsible for the day-to-day management and supervision of finance staff (management accountants/finance assistants), including motivating junior staff to meet deadlines and targets, recruitment, appraisal, implementation of HR policies and Finance policies (e.g., Standing Orders, Standing Financial Instructions) and dealing with performance issues. Be responsible for the personal development of finance staff (management accountants/finance assistants).
Education and Training Maintain in depth specialist knowledge - theory and experience - of financial and accounting procedures, financial aspects of NHS legislation and NHS financial policies Participate in the formal training of financial and non-financial staff in financial and performance matters. Ensure that Standing Financial Instructions (SFIs) are followed, involving training, and advising staff and monitoring compliance. Where breaches are discovered, ensure appropriate action is taken, in compliance with appropriate policies. Assist in the development and maintenance of Financial Management training programmes for non-finance managers at all levels throughout the organisation, including participation in the Finance
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