Advanced Exchequer (Advanced) will implement new finance software, including a mobile app, to enhance financial analysis and streamline reporting for the British Academy of Film and Television Arts (BAFTA), it was announced today. BAFTA, the independent UK charity best known for its annual EE British Academy Film Awards and its year-round learning events and initiatives, will go live with the technology in June 2016.
Advanced was selected from five software providers due to the flexibility and intuitiveness of the system. BAFTA’s previous system had been in place for more than a decade and no longer had the functionality required to manage and report on the organisation’s finances.
The previous system had no built-in analysis, reporting or forecasting capability, meaning this had to be done manually in spreadsheets, which was time consuming and inefficient.
Gilly Burgess, Director of Finance, BAFTA, says, “We had outgrown our existing system and needed an end-to-end solution with good analysis and reporting capability and a purchase to pay solution that is easy to use, especially for non-finance staff.
“The Advanced software will save us time in our daily core accounting tasks which will enable us to carry out more value added work to support the organisation. With improved forecasting capability and analysis tools we will gain greater insight into how our resources can best be directed towards our charitable activities.
“Not only will the reporting process be streamlined, but the data being analysed will be up-to-date, allowing budget holders to use it for self-service reporting and compare actuals versus budgets in real-time.”
The Exchequer solution will be used by the finance team as the general ledger system, to process purchase orders and generate management reports and budgets. It will also enable them to easily produce Statement Of Recommended Practice (SORP) reports via templates.
The eXchequer365 app will also provide budget holders with the ability to approve and raise purchase orders from their mobile phones, speeding up purchase-to-pay processes. As part of the solution BAFTA will be implementing document management technology (powered by V1) to store documents, such as invoices and POs, online. Finance staff will be able to drill down to these documents via Exchequer.
Burgess added, “As a charity, the visibility of our finances is hugely important and this technology will provide real-time insight that will enable finance staff to support the management team to make informed decisions and make the most effective use of resources. In turn, this provides a solid platform from which we can continue to deliver our charitable aims.”