ChildFund International automates currency conversion
“As a large, complex non-profit organisation, we also needed a cost-effective system with the capacity to work on a global level,” said Laura Meloy, ChildFund’s Controller.
ChildFund is intending to roll out Advanced’s automated business software to its 36 global offices over the next three years.
The Collaborative Planning solution will unify the charity’s budgeting and forecasting into a single global database, with the software having already been tested in the UK within the NHS and other private and public sector organisations.
At present, staff in each national central office use Excel spreadsheets to produce two budgets, one in the local currency and another in US dollars, these budgets are then incorporated into the regional office spreadsheet and consolidated at the headquarters.
The new software will automate the currency conversion and allow staff to remotely access the web-based system to upload new financial information which will automatically update multiple spreadsheets.
“Working in Excel and making changes in multiple currencies become a labour-intensive process with too much potential for error,” said Laura Meloy, ChildFund’s Controller.
“As a large, complex non-profit organisation, we also needed a cost-effective system with the capacity to work on a global level.
“We are already feeling the benefit of the local currency translation at headquarters and will potentially save up to 120 hours on each quarterly budget process. Once we implement the solution at our other offices, these savings will multiply, and the impact will be extraordinary.”
“As a charity, we need to be innovative and competitive, and this software is critical for ensuring that we are as efficient and cost-effective with donor dollars as possible.
“To support the children we are trying to help, we need to maximise all funds available for programmes, and this system will help us to do that,” she concluded.