Overview

This workshop is where practice finances and accounting systems are explained in a user-friendly, interactive way. The session will give you an overview of your accounting system and walk you through a set of Practice Accounts.  It will also cover superannuation and update you on the financial changes to expect for 2025/26.  The module will be delivered as an interactive web workshop with practical guidance to enable participants to map the techniques and outcomes onto their own practice.

Objective

Participants will gain an understanding of practices finances and how to understand the accounts produced by your accountant.  Good financial management should lead to reduced financial risk in the ever-changing world of general practice.

Programme

Managing Practice Finances – Overview

Understanding Practice Accounts and update for 2025/26 covering:

  • GP Practice Accounts and what they tell us
  • Income Streams
  • Superannuation
  • Update on finance for 2025/26

Overview of your Accounting System

  • What comprises your accounting system?
  • Source records
  • Software

Financial Controls and Maximising your income streams

  • Financial Controls
  • Review of 2024/25 in readiness for your 2025 Accounts meeting
  • Contract Changes for 2025/26 and looking ahead
  • CQRS
  • Reimbursements and claims
  • Other Income Streams including PCN income
  • Tracking your Income

Superannuation

  • Estimate of Pensionable Profits Form
  • Pension Forms – Type 1 and Type 2
  • Timeline
  • Tier rates
  • Examples

Understanding Accounts

  • Accounting Terminology
  • Types of Income and expenses
  • Debtors and Creditors
  • Current and capital accounts explained
  • Drawings
  • Variance analysis and Financial Benchmarking