Overview:
This is the foundation workshop to the PMA programme – a series focused on the business management of general practice – where practice finances and accounting systems are explained in a user-friendly, interactive way. The web workshop will also take a look at the understanding of practice accounts, tax and cash-flow forecasting. The group work encourages participation so that individual issues can be explored.
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. You will also gain an understanding of practice finances, Primary Care Network finances and how important managing these areas lead to reduced financial risk in the ever-changing world of general practice.
Content covered:
Hints and Tips
- Understanding tax and the tax system
- Non-NHS Income
- Final Pay Controls
Understanding Accounts
- Accounting Terminology
- Types of Income and expenses
- Debtors and Creditors
- Current and capital accounts explained
- Drawings
- Variance analysis
- Financial Benchmarking
Understanding Accounts – Activity
The Power of the Cashflow Forecast
- Levels of complexity
- Using Excel
- Other options
- Interpretation