As we move on from the worst of the Covid-19 pandemic, its fallout will continue to be felt by the charity sector for years to come.
According to the PBE Charity Tracker published in May 2021, 49 per cent of charities said they have suffered a drop in income over the past year, whilst 23 per cent said income had fallen more than 25 per cent.
This trend is set to continue. More than 50 per cent of charities surveyed said they do not expect to reach pre-Covid-19 levels of fundraising at a time when they face budget constraints, tedious recruitment prospects exacerbated by talent shortages and rising salary expectations.
Amid the challenges the third sector faces, how can charity finance teams rebuild post-pandemic?
Innovation and collaboration
Following the end of the furlough scheme, high back-office costs and the overall capacity crunch the pandemic brought in its wake, there has never been a greater need to drive efficiencies in charities’ and third sector organisations’ business support functions and be creative about how these are achieved.
November 2020 research by Sage and Charity Digital showed that capacity was identified as the number one obstacle to improved finance management for charities.
Organisations have and are adapting and responding to protect their operations by streamlining processes, workflows and finances through technology, innovation and collaboration.
Amid the “new normal", the PBE charity tracker found that 7 in 10 charities expect Covid to have a negative impact on their ability to deliver on their objectives, while 49 per cent reported a decrease in overall income.
Leading UK charity Finance Director Stephen Perry, who has a wealth of charity finance department relocation experience, joined the Robertson Bell team to work with QX in developing this unique solution.
A simplified service for charity and third sector organisations, RBQX involves the creation of a dedicated offshore service centre based in India which covers baseline finance and accountancy solutions to help organisations operate on tighter budgets.
The service can bring clients an array of financial solutions by outsourcing entry-level finance management including accounting, payroll, and software, which can reduce salary costs by up to 50 per cent and fill the vacancy void at junior level.
RBQX can help transform charities' processes and improve performance through the use of automation and machine learning to standardise administrative finance functions and allow continuous process improvement.
As we navigate the months ahead, charity finance teams are turning towards the future. If you are looking to reduce accounting costs, optimise your operations, and solve your recruitment challenges, contact one of our experts to discuss how RBQX can help you.