Developing a detoxification program is crucial for any rehabilitation or drug treatment center. Whether a program requires establishing an entirely new platform or is part of an existing treatment is a question. The program development process requires intelligent strategies to ensure appropriate financial support for the management. Detoxification programs should be based on a well-structured planning process and explicitly acknowledge what a detoxification program contains. The new program will sustain high costs for the workplace, employees, inventory, and equipment before receiving payments.
For this purpose, you might require a significant amount of initial investment. Here’s a list of the most impactful methods for streamlining successful accounting procedures in a rehabilitation center.
Cash is Controlling
Cash control is one of the most crucial aspects of an internal accounting system, and only several individuals should be authorized to access an institution’s cash deposits. Also, they must be guided to keep the bookkeeping records updated and accurate. The financial records for every cash deposit must be held within the premises of the drug treatment center. Occasionally, you must compare these records to the bank statements every month.
Pre-paid cash deposits must be kept secure until they need to be withdrawn. It would be best to make authentication processes to inspect who reviewed the cash register. Lastly, make approvals an obligation from the appointers regarding cash refunds and payroll taxes.
Division of Duties Among the Employees
You should split cash handling and accounting duties among the work staff and departments. Remember to spread the cash reporting responsibilities evenly to avoid any theft by collusion. This can be made possible by assigning the managers the task of checking all the cash transactions that occur within the drug treatment center.
Documentation
Every cash deposit must be duplicated and maintained correctly to avoid any uncertainty. The documentations include cash journals, cash receipts, and canceled checks. These documents are also utilized as a paper trail to inspect any cash losses and deviations between the bank statements and internal records.
Information Security
Confidential and essential documents should be locked and accessible only to reliable employees. You must implement online and manual security measures to ensure the welfare of financial records.
You can also build an administration team network to protect confidential financial data. Another feasible option is to connect with a security network firm.
Audits
The company’s internal auditors might not be as accurate as the external ones. Sometimes, your business must outsource its financial dealings, so you must opt for external auditors not directly connected to your rehabilitation or drug treatment center.
Remember that external auditors have a right to know the truth about the financial status of your company, even if it contains negative pointers. Appointing external auditors for the monetary tasks will prevent expensive lawsuits and economic disorders.
Trial Balances
Applying an authenticating system for a company’s accounting will add reliability and balance to the bookkeeping records. However, there’s a possibility of errors, and it proves the authenticated system wrong. Determining ratios daily or weekly provides well-organized insights into the current financial system, allowing the detection of uncertainties along the way.
Approval Authority
It contains specific bookkeepers and accountants who will approve types of cash transactions. It will enhance the responsibility to record finances by ensuring that official authorities thoroughly analyze and legalize those transactions. Fortunately, requiring approval for more significant expenditures and payments prevents corrupt team members from engaging in fraudulent activities.
When an accountant identifies a market requirement for detoxification services, potential financial aid and other resources should be recognized and checked to review if such support is sufficient. It would help if you covered both initial operating costs and implementations. Also, it might be possible to get strategic partners to grant resources, connect with the planner, provide workspace, or help acquire funding. Community organizers that need to develop detoxification and treatment services are more likely to become partners in the future.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
