Financial Driver today announced its support for charities and ‘not-for-profit’ organisations, with a low-cost enterprise planning, forecasting and reporting solution. For many years the charity sector have had a hard choice when it comes to planning and reporting systems. They have had to either stick with their cumbersome spreadsheets or spend considerable amounts on mainstream software solutions and implementation fees that would otherwise have been spent on objectives. However, cloud-based Financial Driver now provides a powerful alternative that is simple to learn, requires no additional software or hardware, and whose costs are more than offset by the savings it generates.
The accurate planning and tracking of performance is a vital activity for every charity. Today’s uncertain economic environment means that charity income can fluctuate wildly, which makes it hard to set annual budgets. In addition it’s essential to know where finances are coming from and whether funds given are restricted, so that when allocated they are used appropriately on projects that give the most public benefit in line with charity objects. Financial Driver helps charities to do this by allowing:
- Income to be tracked by source and type of fund
- Expenditure to be planned by project and the types of fund being allocated
- Actual results to be monitored, highlighting income areas or projects that are outside of what was planned.
- Feedback from project managers on forecasts and the benefits being delivered
- Budgets to be re-allocated as appropriate in line with forecasts and objectives
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.
Charities know better than most that every penny saved is a penny that can be used for the public benefit. Financial Driver 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. To find out how your charity may be able to benefit from Financial Driver, visit www.financialdriver.com/charity/, or call direct on 0800 193 898 (UK).
Financial Driver is a modern planning and reporting application that is easy to learn and quick to set up. It automates the collection of budgets and forecasts from different departments, which are then consolidated to provide a range of management reports. The same system can also be used to track actual performance and provide on-line comparatives to management at all levels.