As the registered charity of The Royal Hospital for Women, The Royal Hospital for Women Foundation (RWHF) focuses on transforming the life of women and newborns. In addition to government funding, RWHF fundraises at least $2m each year to finance the medical equipment, innovative research, people and programs needed to achieve their mission.
Situation
Last year, RWHF identified that they wanted to maximise their team’s time towards their purpose – raising vital funds for the Hospital. However, a considerable level of daily accounting and administration is still required, and this not-for-profit organisation sought assistance to achieve this. The Foundation approached Dexterous to provide them with the quality bookkeeping services they needed and essentially to serve as a mini finance function for them.
Ongoing Solution
Firstly, Dexterous’ Client Manager Thomas King worked with RWHF to review their current finance operation. With limited time for daily tasks, it’s imperative their processes were efficient and effective.
Since the working relationship began, Thomas has been instrumental in providing the daily financial support they need in an efficient manner.
- Dexterous has prepared the monthly reconciliation of bank accounts and credit cards ensuring the variety of Xero tracking categories unique to RWHF are accurately recorded throughout their daily banking transactions. These categories identify with the Foundation’s business goals – such as research, equipment, events – enabling RWHF an immediate understanding of their fundraising performance and informing where funds can be proficiently allocated to.
- Efficiently managing the accounts payable loading and reconciliation of the daily donations from their online payment platform (Stripe) and online charity page (Funraisin).
- Managing the monthly reconciliation of balance sheet accounts and total donations segmented by different causes.
- Offering professional advice towards business operation discussions as invited by RWHF.
Outcome
Engaging Dexterous to manage their daily finance tasks has allowed RWHF to streamline their internal workforce to suit their purpose. Outsourcing bookkeeping to a qualified accountant has also given them immediate access to professional business advice.
