Accounting software will save one day a month in man hours
The British Ballet Organization (BBO) will implement accounting software from Advanced Exchequer (Advanced) to support a major re-branding project and future growth. The solution will go live in January 2016 alongside the organisation’s rebrand launch and is anticipated to save at least one day a month in reduced administration.
After 85 years, the BBO will be changing its brand name and identity to better reflect the international nature of the organisation and the dance services that it provides in order to improve support for its membership and encourage future business growth.
The evident flexibility of the software was considered a key factor for choosing it for the organisation during the exciting period ahead.
Advanced was chosen from a shortlist of five software providers due to the solution’s rich functionality which enables flexible reporting and, as the organisation is a registered charity, support for partial VAT exemption.
The accounting solution will be used to manage the exam, membership and student fees, purchase order processes, as well as creating budgets and forecasts based on different scenarios. It will also empower managers to generate reports that provide up-to-date snapshots of their income and expenditure throughout the year.
Alan Dawes, Head of Finance, British Ballet Organization, says,
“The capability of the Exchequer software offers great possibilities as we undergo this exciting re-branding project. It has the functionality to support our growth and can evolve with us to future-proof us for continued expansion.”
Prior to implementing the software, reports could only be created by one person who would then send them out. Staff will now be able to set the parameters of their search and the information will populate a spreadsheet. Source documents, such as invoices, are also available at the click of a button.
Dawes adds, “Staff will be able to see information whenever they want without relying on one person being available to run reports for them. This will ensure the data is up-to-date and accurate, enable potential discrepancies to be identified as early as possible and save time.
“The software will enable us to carry out more detailed analysis as information can be broken down into different categories and locations. This will allow for more in-depth budgeting and forecasting and will save approximately one day a month in the time taken to prepare financial management reports.
“As a charity we have to closely monitor and audit our cash flow. Having used this software before, I am confident that it will greatly enhance our understanding and the traceability of our finances, which is vital in the not-for-profit sector.”