
Challenge
The client was struggling with financial management as it expanded its services to support more social care clients with more employees. The organisation faced difficulties in tracking funding sources, managing restricted funds, and complying with regulatory requirements for reporting and auditing. The finance team, lacked the expertise needed to manage these complexities effectively, leading to confusion and inefficiencies.
Solution
We collaborated with the clients to provide tailored accounting solutions designed to meet their specific needs:
- Financial System Overhaul
We assessed their existing financial systems and implemented a robust accounting software (Sage). This software allowed for better tracking of income, expenses, and grant allocations. - Fund Accounting
We introduced fund accounting practices to help them manage restricted and unrestricted funds accurately. This ensured compliance with donor requirements and improved transparency in financial reporting. - Grant Management
Our team assisted in establishing a grant management system to track grant applications, funding, and reporting deadlines. This streamlined the process of applying for and reporting on grants, enhancing their funding strategy. - Budgeting and Forecasting
We facilitated a budgeting workshop with the board and key staff to create a comprehensive annual budget. Additionally, we implemented forecasting tools to help the organisation plan for future funding needs and financial stability. - Compliance and Reporting Support
We provided guidance on compliance with the Charity Commission’s regulations and assisted in preparing the annual report and financial statements for submission. This included preparation for their external audit, ensuring they met all requirements.
Results
After engaging our services, Community Care Network saw significant improvements in their financial management:
- Improved Financial Clarity: The new accounting system provided clear visibility into their finances, allowing the organisation to track expenditures against budgets effectively.
- Increased Compliance Confidence: With our support, they met all regulatory requirements, leading to a smooth external audit with no findings.
- Strategic Growth: The organisation was able to expand its services by 30%, reaching more community members and improving overall impact.
Client Testimonial
“Partnering with Jon and the team has been a game-changer for our organisation. Their understanding of our challenges helped us become more efficient, compliant, and successful in our mission to serve the community. We couldn’t have done it without their expertise!”
— Client business owner