Charity and ‘not-for-profit’ organisations are key pillars on which all communities are based. Without their tireless dedication to their stated objects, the world would be a much poorer place and where the vulnerable or those outside of the ‘mainstream’ in our society would flounder. However, charities still have to compete for limited resources, and in times of economic uncertainty charity income can fluctuate wildly, which makes it hard to set annual budgets. In addition it’s essential to know where finances come from and whether funds given are restricted, so that when allocated they are put to the best use. To do this in the commercial world, organisations rely on specialised planning and analysis technologies, which are often just too expensive for the charity sector. But with the advent of ‘cloud’ technologies such as that employed by Financial Driver, this need no longer be the case.
Improving charity planning and reporting
Financial Driver is a hosted solution. This means that there is no software to buy, or any hardware requirements – you simply use any standard web browser from any internet-enabled device. Through simple to learn menus, administrators can quickly set up a system that allows you to manage projects and track how sponsorship money is spent. Options allow individual projects to be assigned to specific project managers where they can enter costs and the benefits to be realised. Similarly, those responsible for fundraising can plan subscriptions by donor and/or project. Financial Driver is then able to take data from the general ledger to track actual expense and benefit by project and location. It can provide management with summaries and consolidations of projects, as required. Reporting back to supporters is easy as is the ability to re-forecast during the year should funding or object requirements change.
Enterprise solution at a price charities can afford
Today, many charities use spreadsheets to plan and manage their funds. Although this is seen as a ‘low cost’ solution, it often results in wasted time, effort and resources that could be best used elsewhere. For example, a charity with 5 locations can easily spend 3 days a month, collecting forecasts and reformatting reports to show actual results. Similarly the budget process can consume 10 days each year in just handing out spreadsheets, collecting them in and consolidating them. Together this can cost the average charity around £6,300 per annum. In comparison, Financial Driver can eliminate these ‘non-value’ activities for less than half of the cost, allowing for those involved to focus on how funds are used. In addition, Financial Driver would ensure integrity of any numbers collected and provide users with far more flexible analyses.
Find out more
Financial Driver has everything you need to manage charity budgets. It provides a simple, effective solution that can help management ensure its monies are put to the best use on a continuous basis. By linking donations to projects and involving everyone in monitoring outcomes, charities are better able to cope in a volatile economic environment. If you are a charity or ‘not-for-profit’ organisation, see for yourself how Financial Driver could transform your planning, forecasting and reporting processes. For more information: