New finance system will improve efficiencies, reporting and management of projects
The Roundhouse, one of the most well-known performing arts venues in the UK, has selected Exchequer accounting software, from Advanced Business Solutions, to increase efficiency by automating more of its financial processes. The charitable organisation will go live with Exchequer, which includes document management technology, in April 2014.
The Roundhouse, which runs as a charitable organisation, was founded in the 1960’s. The organisation’s finance team chose Exchequer based on previous experience of using the system and recommendations received from existing users within the arts sector.
The software will provide richer financial management functionality that will improve the visibility of accounts information and will give the accounts team clear, accurate information at their fingertips.
The system will be used to manage profitability and produce accurate figures for each of the 25+ events organised at the Roundhouse each month, which includes the Circus Fest and the iTunes Festival. Effective management reporting will allow the six strong accounts team to consolidate information and plan the future of all areas of the organisation. These include own productions, venue hire, a radio and television station, bars and a restaurant.
The Roundhouse will also make use of integrated document management technology, which they will use to store, capture and file invoices and which will save costs and time and help to lower the organisation’s carbon footprint.
Staff will also use the management reporting solution to drill down into financial reports and analyse data, resulting in improved clarity of figures including Statement of Recommended Practice (SORP) headings. The reporting capabilities of Exchequer mean the presentation of the management accounts, which previously took one person several days to complete, can now be done in five minutes.
Joe Thomas, Director of Finance, the Roundhouse, says, “Having outgrown our existing finance system there was a clear need for a more sophisticated alternative. We were struggling to produce the information we required to manage our organisation and Exchequer can deliver that information in a timely and accurate manner.”
“We are confident that Exchequer will automate a lot more of the processes we handle on a daily basis, saving over 25% of our processing time and costs. This will mean that my team can dedicate their efforts on the value added aspects of finance that will support the organisation moving forward.”
“So far I am very impressed with the project management support we have received from Exchequer and I am confident that the roll-out of our new system will be a success. We have a phased approach to our implementation, the second part of which will include tools to assist us with payroll, e-banking, document scanning and much more.”
The Roundhouse is the latest of a number of arts sector organisations that are using Exchequer software to simplify and enhance their financial processes. Other customers include Edinburgh International Festival, The Rambert Dance Company and Bournemouth and the City of Birmingham Symphony Orchestras.