As a finance leader in the hospitality industry, the process of choosing financial software to use may seem like an insignificant one. After all, there are plenty of other important things to think about – such as cash flow, venue hire and more. But financial software is still important, and it can in fact help you solve some of these pain points. Here’s how to choose the right package for you.
- Topic:
- Finance
Not for profits are an important part of the social side of Britain’s economy – and they fulfil a whole variety of roles, from campaigning to service provision. Sadly, all sorts of financial management problems can beset this sector. Strained resources may mean there isn’t enough salary available to pay people to adequately manage finances, creating a vicious cycle – while the constant threat of funding loss is always looming large.
- Topic:
- Not For Profit
With the British construction industry understood to be adding over £110bn a year to the economy, it may seem to some as though finance leaders in this industry are blessed with a decent amount of cash to play with. However, the reality of the situation is that finance leaders in this sector often have to deal with issues such as unpaid invoices, itinerant labour and more – and this can go on to cause problems. Here are some of the main ways that poor financial management in construction can lead to issues.
- Topic:
- Finance
Britain’s construction industry is large – and with demand coming from all sorts of sources such as house builders, infrastructure projects and more, it’s unlikely to shrink in the long term. With bricks and mortar the key commodity in construction, the thought of all these many firms moving their finance functions into a virtualised, in-the-cloud computer may seem a little counter-intuitive, but that’s far from the case – and moving to the cloud is actually a very smart decision.
- Topic:
- Finance
Time to read: This is a five minute read
Managing and understanding how well a project is progressing can be a nightmare for the budget holder, project manager, board or trustees. And it should be a huge concern for finance teams too. Accurate and timely project costing directly impacts how efficiently the not-for-profit organisation’s funds are utilised – and the prospect of future funding. Here are six key issues you need to look out for to help address inefficiency and bottlenecks:
- Topic:
- Finance
Time to read: This is a five minute read
Getting the most from every pound spent is key for all Not For Profit (NFP) organisations. But are funds being used in the most efficient manner? And what projects are wasting valuable time and resources? Here are the top four you should take a closer look at:
1) Bid and grant projects
Organisations are often under pressure to find new sources of income to replace what were previously reliable revenue streams. This might mean obtaining new skills, new people and new ideas but often organisation’s lack targeted recruitment or don’t utilise the best staff for the project, resulting in missed objectives or funding runs out.
When creating tender budgets, including data both in monetary and time units is essential. But so often the systems and process are not in place to support this, meaning valuable time is wasted trying to pull all this information together. The other costly mistake is underspend which can indicate that the organisation is not delivering, resulting in funds being axed in future rounds.
- Topic:
- Finance
Applying for funding is difficult enough but if you don’t have a strong grip on time and expenses, you could find that funding is refused.
So how do you know if you’ve covered everything the funder’s looking for? Here are a few pointers to guide you:
Are the funds being spent wisely?
The funder wants to be confident that a not-for-profit (NFP) organisation will use the money for the purposes in which it was intended. Having visibility of overall spend against income with a clear process for time and expense management, shows attention to detail and an appreciation for costs control. Having fiscal discipline as an organisation – and the processes in place to manage that – can’t be underestimated. Ultimately, the funder wants to gain insight into how you’ll ensure that the funds will go towards the actual cause and not simply your administration.
- Topic:
- Finance
Time to read: This is a two minute video and five minute article
With budgets spiralling well past their cap, timing delays, scheduling complications: no matter what industry you work in, project management issues seem to be a constant problem for business profitability – when in fact, when managed well they should be contributing to the growth of your profitability.
We recently caught up with Steve Berridge, Director of our Financial Management Software Division within Access Group, to look at how finance professionals, key stakeholders and project managers can keep their projects on time and within budget. With over 24 years’ experience in the role, his insights in his latest video are incredibly valuable and an essential watch for any finance or project professional. In his video Steve provides key tips and advice on how you can start making improvements now.
- Topic:
- Finance
Non-profit fundraising is hard work and raising money for an organisation is a vital and challenging role. But your fundraisers may not always have their eye on the ball when it comes to income – and the result can be a fundraising fail, along with a consequent drop in your revenue. There can be many reasons for this and spotting what’s going wrong and where isn’t always easy, so here’s our top four signs that you’re failing at fundraising:
- Topic:
- Finance
The non-profit sector is an unforgiving one and it’s difficult to support your cause, whilst still bringing in money and keeping donors happy. In fact, judging by the legion of non-profit failures and disasters, it’s easy to make the wrong choices. The good news is that you can learn from the mistakes of others and ensure you avoid the same pitfalls. Here’s our list of everything you must not do when running your non-profit:
- Topic:
- Finance
