Imperial Health Charity is an independent organisation who set out to support hospitals to do more through grants, arts, volunteering and fundraising.
Over recent years, the charity encountered various problems with their Financial Management System, particularly when producing management accounts. Reporting on incoming and outgoing funds is of great importance for charities, as not-for-profit organisations are increasingly under pressure to provide financial transparency to their trustees. Therefore, the team set out to find an alternative which would continue to support and clearly show their great work.
With the charity’s old financial management system, Finance Director for the charity, Russell, stated a significant number of hours were spent transposing and organising data from the system, just to ensure the management account numbers were correct – a frustrating and time-consuming process! The team invested many hours into fact-checking their data, meaning there was often very little time left to discuss what the figures actually meant for the charity – an administration blockage!
Searching for a finance system to support the charities modern-day requirements, PS Financials stood out as the clear winner! The team saw immediate benefits once the system had been implemented, particularly a dramatic reduction in the number of hours spent on manual processes; suddenly the team had time available to invest in other important tasks.
“It’s so flexible; we can pretty much do whatever we need to with it!”,
“I can now update the management accounts in about five minutes,” said Russell, “Whereas it used to take me three days.” Russell went on to explain how much more confident he and the team felt using the new system, referring to the ‘reassurance factor’ now that the system has almost completely eliminated human error.
Total system flexibility allows budget holders to access accurate management accounts at any time and in any location. Any queries can be investigated using a built-in function which enables the user to drill down into the data, providing a full list of transactions. With transparency and reporting an increasingly important aspect for charities, business intelligence is crucial for Imperial Health Charities operation.
We asked Russell whether he believed PS Financials could be beneficial to other healthcare charities:
“Yes! The entire system is beneficial; it’s the whole package! For the price, there isn’t a better product available.”