The Fostering Network will replace its existing accounting system with OpenAccounts financial and reporting system of COA Solutions, to improve the flow of financial information among the charity’s four sites in London, Northern Ireland, Scotland and Wales.
Michael Matthews, project accountant of The Fostering Network, said: “Our previous financial system was too complex, time-consuming and restrictive when we needed to extract financial information for reporting purposes. Accounts staff were also spending a disproportionate amount of time on routine manual processes. We therefore sought a system that was straightforward to use and could easily be understood by non-finance professionals.”
OpenAccounts is an integrated suite of financial accounting modules. It offers eBis embedded workflow software to provide users with personal productivity capabilities.
The Fostering Network expects the software to improve the reporting and accessibility of financial information throughout the organisation.
Matthews said: “As well as seeing improved information visibility, OpenAccounts is eliminating the need for us to push transactions through our different business locations which previously involved a lot of reconciliation. OpenAccounts is also allowing us to capture data more easily and have an organisation-wide ledger which will always be live, further improving reporting across all of our individual sites.”
COA Solutions mainly caters to the service organisations in the UK. It has recently won a £750,000 contract to supply Virgin Trains with an integrated financial management system. Prospects for People with Learning Disabilities, a charity organisation in the UK, has also deployed OpenAccounts.