International Membership Organisation
The International Institute for Communications (IIC) is a not-for-profit international membership organisation. The institute was managed by a dynamic Director General, who actively recruited multiple high-profile members and sponsors. The IIC organises at least six international events throughout the year, dealing with transactions in multiple currencies. Given the increase in financial transactions, the institute needed to employ an efficient accounting system.
They employed a freelance bookkeeper who worked on a stand-alone PC, meaning there was no transparency, oversight, or means of accessing information remotely. Problems arose as more sophisticated reporting was required, and there was no in-house experience.
Why did you choose to approach Finling Associates in the first instance?
I joined the IIC with a remit to streamline operations to ensure we were able to cope efficiently with the increasing number of new members, sponsorship opportunities, and events. A consultant that we were working with suggested Finling Associates, having met their MD, Jennifer Denning.
What was your initial brief for Finling Associates?
Initially, we approached Finling Associates to help us move our financial transactions to a cloud-based system such as Xero. Finling went through all our codes with us, made suggestions to tighten up our codes, and managed the transition from a one-license system to the cloud—allowing remote access and viewing for all interested colleagues. They were invaluable in their advice, ensuring we were able to see immediately what invoices were outstanding, as well as using Xero to produce invoices and much more.
Once you had Xero in place, did you continue to work with Finling?
Yes, and we are very glad we did! We did not realise that so much of the work we did manually could now be done more efficiently with the use of automation. At this time, our bookkeeper decided to leave. We turned to Finling, who, having invested so much time helping us transition to Xero, had a real understanding of our business. They were therefore able to advise us on best practices, how to ensure we were compliant, and how to efficiently manage our cash flow.
What other services do Finling provide on behalf of the IIC now?
Finling introduced us to Dext and given the amount of travel that the team does, this has made a huge difference and taken away the anxiety of collecting all these paper receipts—take a photo, forward it to our Dext account, and Finling takes care of the rest! Finling now manages our payroll, which we previously outsourced, but the level of care afforded by Finling is outstanding. They also produce monthly and end-of-year reports, VAT returns, and assist with setting our budget.
What are the main benefits you have experienced from working with Finling?
Working with Finling has provided several key benefits: significant cost savings, tighter financial controls, and the elimination of the need to recruit a financial person in the office. The automation and remote accessibility have streamlined our operations and improved efficiency.
Finally, would you recommend Finling Associates to other organisations?
Absolutely, it really is like having your own finance department given the variety of expertise available to you. Finling is the perfect mix of maximising technology with the human touch. Having our finances in such good order allows us to make informed decisions and set up for long-term success.