In May 2018 we were referred to an organisation that was in desperate need of help to find financial clarity. The client was a registered club that has been operating for more than 80 years but had been experiencing a cash flow drain in recent years with no real understanding of why and how bad it was.

The industry-based accounting software they were using (Adept) was too expensive, was only accessible locally and was too complicated for most users. The data going in was not accurate as the processors didn’t understand what they were doing, so the data coming out was not useful to the decision-makers. This combined with all data entered manually and a paper filing system meant the club was often months behind in reconciliation and reporting, which was of great concern to the board of directors.

After assessing the client needs and available solutions, we moved them to the cloud and implemented both Xero and Receipt-bank.

The cost savings alone were over $900 per month, but the live reporting and transparency were ground-breaking changes for the club. Thanks to data-feeds, bank rules, recurring invoicing & journals and OCR technology the club is now reconciling daily and able to provide accurate monthly reporting within days of EOM. The directors of the club have also been invited into the file and can have full visibility over all transactions at any time. Gone are the days of having to physically go to the club ask for paper reports to be printed if any of the directors wanted financial information.

Further to this, we worked with the management and directors to customise a series of FUTRLI boards and live alerts that focused on key areas in the club including trends, KPIs and budget vs actual analysis. This information is helping the club make sound decisions to stem the cash flow issues and to start to return the business to a profit-making entity.