Description:
The Hospital Financial Services Department is responsible for meeting financial information requirements of both internal and external customers, including budgeting and planning, reporting, financial analysis and statistics, accounts payables/receivables and general accounting.
Responsibilities include but are not limited to:
- Completes daily/monthly journal entries for key transactions – revenue, expense accruals, balance sheet items, capital and other areas as assigned.
- Supports preparation of monthly financial statements, reports and analysis.
- Responsible in reconciliation of deferred revenue, provincial grant funding, deferred capital contributions and other monthly account reconciliations assigned by the Director.
- Prepare and submit electronic submission of data to the MOH, MLTC and other ministries within prescribed timelines (ARR, MIS Quarterly Submission, SRI Quarterly Reports, Revenue Occupancy, Community Quarterly Reports)
- Timely collection of statistics from departments for internal reporting and MIS submissions; Analyzes and seeks clarification from departments on statistics submitted.
- Prepare annual charity return submissions and statistics Canada reporting.
- Assists in the completion of financial schedules and financial statements at year-end audit for the Hospital and program required audits.
- Ensures accuracy and integrity in general ledgers, labour distribution and financial reporting
- Assists and/or prepares quarterly/monthly reporting required for external stakeholders including, LHIN/MOH/Other funders/donors etc.
- Provides complex, value-added financial analysis and evaluative financial services in a timely and accurate manner, applying financial insight to developing plans, close gaps or identify alternative actions and make recommendations
- Works closely and collaboratively with the financial planning and analysis team for reporting, analysis, proposals, and special reports
- Develops funding schedules, highly sensitive for year-end audit purposes, to track Ministry of Health & Ministry of Long-Term Care funding changes, on a monthly basis.
- Develops deferred revenue reconciliation schedules to ensure timely and accurate monitoring in the changes to deferred revenue.
- Designs and implements balance sheet and cash flow budgets.
- Provides advisory services and recommendations to staff and management on accounting, financial policies and procedures, budget assumptions, financial results and projections, service levels.
- Applies continuous improvement principles and initiatives to enhance financial processes while ensuring the integrity of financial data. Performs all duties in compliance with Baycrest policies and procedures, OHRS and accounting standards.
- Undertakes special projects, as assigned.