At a Glance…
Challenges:
• No-access to real-time reporting.
• Reconciliations were being carried out infrequently.
• Excel is prone to human error, or even data corruption.
Benefits:
• Saving 2-3 hours a month on reconciliations.
• Access to real-time data and reports at the click of a button.
• Tracking restricted spend has never been easier.
Objectives:
Charities have to have more control and visibility over their spending than for-profit organisations. Not only do they have to manage their restricted and unrestricted spending, but they also need to be able to track how grants and even, larger donations are being spent. And lastly, be able to report on them.
This was originally being done in Excel, and it was a laborious task for both Marie & Michelle to manage. It was time to implement a solid accounting solution, that allows flexibility, integrations and
transparency. Bringing reporting to real-time, and reducing manual data entry.
Solution:
It was clear that the key needs here were to a cloud-based accounting solution for flexibility and collaboration, but also to ensure there are automation in place to streamline the bookkeeping and reporting.
• SAccounting solution – Xero
• Month-End Reporting – Xero Reports
We made sure that there was a live bank feed in place so that reconciliations happen weekly, instead of at month-end. We also tailored the reports in Xero to mirror the requirements set by the board of
trustee’s, as well as making statutory reporting easier.
Benefits:
- Increased automation
Xero has the ability to adopt automation that you don’t tend to be able to do with the likes of Microsoft Excel. Leveraging Bank Feeds allow for transactions to automatically flow into Xero on a daily basis, meaning the reconciliation process is more easily manageable. - Real-time reporting
Xero has allowed both Marie and Michelle to be able to review the Profit & Loss in real-time, at the click of a button. They’re able to make strategic decisions, faster. - Improved visibility over spending
Xero has empowered Marie and Michelle to be able to have better control over their spending, in real-time.
