Managing finances for a not-for-profit organisation can be uniquely complex. Recently, we partnered with a not-for-profit that was grappling with several challenges:
- Diverse funding sources: Each required tailored management and specific reporting.
- Complex reporting requirements: Regular acquittals for various funding streams added administrative pressure.
- Evolving project needs: Shifting financial requirements created uncertainty.
- Multiple locations: Coordination and communication were increasingly difficult.
Their financial processes were manual, outdated, and time-consuming. These inefficiencies not only frustrated the team but also hindered their ability to focus on their mission.
How We Helped
At POD Business Solutions, we work to provide smarter solutions for our clients. Here’s how we helped streamline their financial operations:
- Simplified financial management: We migrated their systems to Xero, offering better accessibility, automation, and ease of use.
- Improved financial clarity: We restructured their chart of accounts to support project-specific reporting.
- Enhanced budget management: By supporting the creation of organisation-wide and project budgets, we addressed a key board requirement for improved financial insights.
- Tailored board reporting: We designed a custom report pack to meet their specific needs.
- Streamlined expense management: Virtual debit cards were introduced, eliminating reliance on petty cash and shared cards.
- Increased control over payments: We implemented a supplier bill approval workflow to ensure an audit trail for approvals.
- Reduced manual data entry: Bank feeds were set up to automate transaction recording.
- Optimised fundraising processes: We recommended and implemented an integrated application for donations, replacing manual processes and saving valuable time.
- Ensured compliance: We identified areas of potential non-compliance and worked with the organisation to establish robust processes.
The Results
Our solutions had a significant impact on the organisation:
- Operational efficiency: Streamlined processes saved time and effort.
- Financial clarity: Better reporting provided the board and team with valuable insights.
- Peace of mind: Compliance and improved systems gave the organisation confidence in their financial management.
What We Can Do for You
Have questions or need guidance? Contact us to learn more about how we can assist.
