The Finance service supports customer requirements in relation to financial accounting, transaction processing and the submission of periodic returns and key elements of final account processes.
Financial and Accounting advice
Interpreting and implementing national guidance and/or new technical initiatives in respect of the customer’s accounting.
Strategic and/or specialist financial advice in respect of:
- Taxation (including VAT, PAYE and other forms of relevant taxation)
- Pension matters
Managing, on a day-to-day basis, the financial and associated ICT systems that enable our customers to manage their finances effectively and in a timely fashion.
Advising on financial systems development and changes, and the challenges or opportunities these might present to the Customer.
Payment Processing – management and processing of payments (including supplies and payroll) as required, including reconciliation of payroll files and processing of suppliers’ payment runs. This includes Better Payment Practice Code reporting and any similar reporting requirements.
Sales invoicing and receipts processing – management and collection of receipts as required, including processing income received against sales ledger.
Management of third party interfaces on our Customers’ behalf with respect to any existing finance provider.
VAT, Pension and Statutory Returns – calculation, management and pay over of all statutory payments and liaison with and management of the Customer’s relationship with external bodies, as far as appropriate.
- Balance Sheet Control
- Cash Management
- Debtor & Creditor Management
- Asset Register Maintenance
- Ledger Integrity
Analysis and internal/external reporting and governance
- Supporting the preparation of annual accounts including the delivery of a year-end timetable, which clearly assigns the suppliers and the customers’ responsibilities
- Ensuring that all budget holders and finance teams within the Authority are appropriately briefed and trained in respect of their responsibilities in relation to delivering complete, accurate and timely information within the financial systems that the production of the accounts is derived from
- Production of a Trial Balance and agreed working papers to arranged deadlines. Completion of specific annual accounts templates on behalf of the customer
- Agreement of Balances as required by NHS England for Management of the Creditor & Debtor balances and Income and Expenditure, ensuring NHS transactions are correctly identified and reported for the national AoB exercise
- Supply of supporting analyses or information relevant to the supplier’s responsibilities – including information to support production of FIMS returns for the Authority’s submissions to the Local Area Team(s), ensuring internal deadlines are met and agreed templates are completed
- Compliance with NHS England ISFE requirements/deadlines for ledger maintenance and monthly reporting
- Periodic Board Reporting – production of a suite of finance and accounting reports and KPIs, including dashboards summarizing key financial information for inclusion in the customer’s board reports, as appropriate
- Ad hoc Requests for Returns – completion of ad-hoc requests within existing planned resources
- Publication of expenditure – provision of base financial information and completion of required documentation in order to publish any expenditure, either over agreed de minimus levels or which is novel or contentious, in accordance with DH and/or HM Treasury requirements
- Internal Audit & External Audit Liaison
- Input into the annual internal audit plan
- Support of any internal audits undertaken
- Liaison with external auditors in audit planning and appropriate assistance and cooperation with external auditors to enable the timely completion of the external audit of the annual statutory accounts (and associated regulatory returns)
- Input into regular updates of implementation and completion of internal or external audit recommendations which require provider action or oversight
Counter Fraud Support
- Support of counter fraud investigations undertaken within any provider area of responsibility and management of recommendations that arise
- Management of the implementation of counter-fraud training
- Support, as required, the Government’s National Fraud Initiative
- Provide support to the customer to ensure that it complies with internal Financial Policies and protocols including:
- Input into and management of delegated approval limits as defined by the customer
- Compliance with and support to mainten and update approved signatory lists
- Support and advice on policies and procedures as well as maintenance of records of the customer’s relevant policies and procedures
- Audit Committee Support, including attendance and the provision of routine and ad hoc reports
Benefits to our customer
- Financial accounting and transactional finance services delivered on time and to professional and technical requirements
- Economies of scale drive value for money for customers
- An annual assurance statement is provided by eMBED to support final accounts requirements of customers