Struggling with Fund Accounting & SORP Reporting
The Meadows is vibrant and diverse charity providing a wide variety of creative services to its local community. Its existing accounting system was unable to cope with the complexity of its operations and the onerous reporting requirements of a charity.
The Challenge
Charities face an extra tier of accounting responsibilities that ordinary business do not see. Firstly there is the obligation to allocate all monies into and out of different fund types, which is a prerequisite to complying with Statement of Recommended Practice. Eligible donations must be submitted for the most welcome Gift Aid then the financial controller must deal with a multiplicity of income streams and different project activities.
There is a lot to test the most experienced of accountants, let alone one who also has additional administrative responsibilities on top of their accounting work.
The Solution
Aedon.Charities has replaced Xero at the core of the financial solution with the necessary Analysis codes to cope with different funds, departments and activities.
The initial focus has been to tighten the month end close with a necessary focus on key reconciliations of all the different income.
The reports and dashboards are evolving to allow greater visibility of the different department spends and the wide variety of projects that they undertake.
A once painful accounting process is being transformed into meaningful accounting information which is both accurate and up-to-date.
Client Profile
Industry: Charity
Growth Stage: Established
Previous Finance System: Xero
Project Status: Live since 2025
Results
- Better Control of Financial Information
- Improved Management Reporting
- Greater Integrity of Accounting Data
Technology
- Aedon.Accounting
- Microsoft Suite
Payment Platforms
- Direct Donations
- SumUp
