A voluntary welfare organisation (VWO) that provides residential care, eldercare and medical services faced a huge challenge in meeting financial reporting requirements. With inadequate knowledge of these requirements, its accounting staff spent much time extracting and processing information manually, which delayed financial reporting to the relevant authorities. Grant applications could not be processed due to a lack of supporting documents and the improper classification of transactions.
Payment administration was also a nightmare as double or wrong payments were made to suppliers and authorised volunteers were not always available to approve payments.
HOW RSM HELPED
RSM assessed the client’s pain points and assisted in the following areas.
The client realised several benefits:
- Peace of mind over timely and compliant financial reporting
- Timely and accurate payments to suppliers
- Focus on strategic activities
- Quick extraction of financial information for internal reporting and budgeting
- Financial insights for key non-accounting stakeholders
VWOs looking to reduce costs, enhance productivity and uncover insights for better financial management may similarly benefit from our accounting outsourcing experience with this sector.
Talk to our experts:
Woo E-Sah, Partner & Industry Lead,
NPO Practice & Healthcare
T +65 6594 7843
Devi Muthusamy, Associate Director,
T +65 6594 7796