Case study: PHSO replaces finance system
Not-for-profit organisations face multiple pressures. It’s crucial to deliver against the varied requirements of beneficiaries, donors and employees, whilst demonstrating efficient use of funds and grants. At the same time, it’s vital to ensure compliance with new reporting requirements, achieve complete financial transparency and communicate effectively and efficiently with all stakeholders.
At TouchstoneFMS, we are dedicated to providing business management solutions which meet the specific needs of the not-for-profit sector. Our solutions use proven technologies to enable you to cost-effectively streamline operations, increase efficiency and gain organisational insight.
We can equip you with reliable business reporting across all aspects of your organisation, including financial reports such as automated SORP compliant reporting, fund accounting, activity-based cost recovery and partial VAT reports.
We deliver streamlined integrated financial management solutions that enable greater efficiency and cost-control across your organisation. For accurate measurement and targeting processes, our systems provide a central source of data on students, employees, donors, partners and suppliers.
We also enable government agencies to deliver increased and improved services whilst containing costs. Modernising public administrations requires a new approach to technology. You need business management solutions that can increase efficiency, improve economic viability, enhance process transparency and help you communicate with the public. We can equip you with them.
As well as the demands of complying with changing legislation and regulatory requirements, the not-for-profit sector is having to maintain proactive and effective communication with donors, members and volunteers.
Above all, not-for-profit organisations need to demonstrate that the funds and contributions raised are being used effectively and delivering value to their stakeholders.
To meet these challenges, financial information systems must be quick and easy to implement, cost effective, simple and straightforward to use, and contribute to efficiency savings by streamlining operations. Your financial systems must be flexible, able to automate fund accounting and allocation tasks, handle complex requirements, able to streamline and consolidate budgeting processes, and provide detailed and customised reporting.
The solutions available to not-for-profit organisations include:
There are a number of types of charities within the not-for-profit sector, each with its own specific demands:
Charities, institutes and associations
Charities are all too often constrained by the limitations placed upon them by out-of-date, unreliable and inflexible systems. In order to access the information you need, you have to rely on consolidating data from multiple systems through re-keying or manual data entry. All the while, you are under pressure to become more efficient, more flexible and deliver the best possible service to your beneficiaries
Education and research
Education and research institutions are experiencing multiple pressures. To attract students, you must deliver the best levels of service, facilities and efficiency. You need to ensure you attract the maximum levels of funding and donations, and you need to demonstrate efficient use of those funds. What’s more, if you are a registered charity, you must also ensure you comply with the latest legislation and reporting requirements.
Government departments today are under pressure to be more accessible and to cultivate more effective relationships – with both the people they serve and the private sector. Improving service delivery without increasing costs poses many challenges. Competing budget priorities, information integration difficulties and the process of change itself can be daunting. E-government is a global reform movement that is helping public sector organisations to use the internet to more efficiently deliver and receive services and support.