Client Case Study – Membership Organisation
Streamlined bookkeeping and financial management that helped improve a consistently negative balance sheet valuation to a positive one in 2021.
Freedom in Numbers began working with this particular client towards the at the beginning of 2020 after being approached by a board member after their internal financial controller resigned.
Being a large membership organisation, it was extremely important that the finances were kept tidy. The organisation was planning to go through a period of digitisation to improve the processes and overall management of the organisation.
Had recently begun to implement Xero, but internal controls and processes were poor and the team were struggling to cope with the change.
Many of the processes and reporting were manual and labour intensive.
Bad debts were increasing, and control were lax to chase and collect from customers.
Strategy for change
✔ Consistent monthly reporting with video and voice over commentary, to make it easier for the board and teams to understand how their contribution is helping grow the business, and improve profitability.
✔ Full digitisation of processes to improve efficiencies in the organisation, with bookkeeping support for internal team members.
✔ Full Business support with management reporting and cash flow planning to improve the understanding of the business finances by management to help make better business decisions.
Impact to the business
Regular customised financial reporting to management, helping them with better decision making.
Time saved by automating repetitive tasks to allow the team to work on key areas of the organisation.
500% increase in balance sheet reserves, turning a negative balance sheet into a positive in 2021.
Bad debts reduced by 90% year on year, increasing cash flow to the organisation to drive further improvements.
How did you feel before you started working with us?
“In a state of panic. Our internal financial controller had just implemented Xero and then resigned, and the internal finance team didn’t have a full knowledge of how to use it yet.”
What would have been the result if you kept feeling & working the way you were?
“We would have struggled to implement the changes needed to move into a better financial future for the organisation. Management wanted change, and we felt we couldn’t deliver it the way we were working.”
What specific success have you had from the work we’ve done with you so far?
“The finances have dramatically improved. With the help of Freedom in Numbers, we have been able to implement our plans to digitise the organisation, taking efficiencies when recommended to reduce the time wasted on menial tasks, and drive the business forward.”