Re-evaluating processes and introducing new systems within your business can be difficult to navigate. Our business services team helped a Derbyshire charity encountering challenges in obtaining timely and reliable internal management information (MI). We worked with our client to transform their management accounts process, ensuring efficient and accurate reporting.
The client
Our client, Derby City Mission, is a local registered Christian charity, established in 1989, dedicated to supporting individuals in need.
They reached out to us in late 2022 as they were having issues obtaining timely and reliable internal management information. Their internal resources and systems were limited and needed both reviewing and supporting to meet internal management and external auditor requirements. Our client approached us to discuss how we could assist in re-evaluating their processes to maximise efficiency.
How we helped
During the initial scoping calls with our client, we discovered that their current approach involved duplicated processes and using a system that did not support the format of the information they required.
As our client is a charity, they needed the ability to produce clear reports to show the performance of each department and compare expenditure to funding and donations. These reports had to be presented to their board in a clear and concise manner.
Our client’s old system forced them to export basic reports and manually edit them to display the correct data, which was both time consuming and increased the risk of human error.
We helped our client by transitioning them to Xero software, which has the capability to produce management accounts reports using data within the system. With the new software, they can now obtain the exact information they need at the click of a button, utilising custom reports and transaction category tracking.
We also assisted our client by liaising with their external auditors to ensure the auditing process was as smooth and pain-free as possible.
The result
- Transitioning our client to Xero software improved the efficiency and accuracy of their reporting processes, allowing them to meet both internal management and external auditor requirements with ease.
- Streamlined the management accounts process and helped our client to understand which tasks can be actioned internally and which require ongoing assistance from our business service experts.
- Given our client more time to focus on their core business activities by eliminating the need for manual accuracy checks through the automation of the reporting process.
After working with our client for several months, we made significant progress, despite further internal changes within their team. We now have an effective process, meaning our client can review management information in a concise format, typically within two weeks of the month-end. It has developed their ability to make timely decisions based on accurate data.
Our client is very pleased with the progress we have achieved together. Our business services team’s involvement has helped to mitigate any potential issues and facilitated a seamless audit experience.
Simplify your financial management
Want to simplify your financial management? As a global Xero Partner, we offer modern accounting solutions that simplify your processes and boost efficiency. Get in touch with a member of our business services team today to see how we can make a difference.