Finance and Accounting

Three people discussing finance

Finance and Accounting Management Solutions

At Serco ASP we can provide a wide range of ISO 9001 accredited Financial Services; from producing statutory accounts and advising on the accounting of capital projects to the transactional processing of invoices.

We work with our clients to ensure the most effective financial processes are in place for all stakeholders.  We recognise that non-Financial budget managers need processes that do not distract from clinical care and so provide a single access point for ordering, non PO approval and budget statement enquiry.

Through our integrated Purchase to Pay processes Serco ASP pay around 500,000 accounts payable invoices a year, 40% of which have a purchase order.  When raising a purchase order commitments are visible from the moment the requisition is raised, and electronic authorisation ensures robust application of spend and financial controls. The remaining invoices are processed through our Invoice Approval System, which allows end users to electronically authorise invoices within their delegated limits and budget commitments.

Over 52,000 accounts receivable invoices are issued each year, and within our service provision Serco are able to support in the recovery of outstanding debtors.

What does the service offer?

Depending on your service design, our finance and accounting solutions can benefit your business by offering some or all of the following services:

  • Workflows to authorise both invoices and purchase orders in line with customer authorised signatory records and schemes of delegation
  • Credit Control to manage the recovery of debtors
  • Efficient and accurate payments, including NHS Contracted Out Services VAT treatment
  • Effective income collection
  • Treasury Management
  • VAT and CIS returns
  • Balance sheet reconciliations and control
  • Charitable Fund accounting and Charity Commission compliance
  • Dedicated customer service centre
  • Command and control performance management tools and dashboard reporting
  • Improved audit trails through integrated software including Authorised Signatory records
  • Stringent anti-fraud controls and procedures
  • NHS Capital Accounting specialist services
  • NHS Accounting expertise and guidance

At the heart of our business is innovative technology which ensures quality and customer service. Using Enterprise Resource Planning (ERP) workflow, we ensure quality through streamlined quality transactions with automatic validation and verification points embedded in our workflow technology, alongside dashboard reporting capability.

The benefits of Serco ASP’s fully managed services are:

  • Paperless solutions to all aspects of Financial Services
  • Improved financial control and visibility of information
  • Reduced operating costs
  • Improved compliance and audit outcomes
  • Secure data management
  • Data Structures that facilitate reporting requirements
  • Access to specialist project services

Our unique blend of expertise ensures that we are able to deliver quick and smooth transitions for clients and by understanding your business we quickly become an extension of your team.

For more information or to find out how your business might benefit from our servicesContact Us

Striving to be the preferred supplier of shared services to the UK Health Sector