Thursday 21st November, 2013

Coram, the UK’s first children’s charity, is implementing an integrated finance and eProcurement solution. Founded in 1739, the Coram group of charities has progressed in recent years through an extraordinary period of transformation, growing its income to increase the number of children and parents it helps directly by more than 500 per cent.

The solution by m-hance is set to halve the time it takes Coram to complete its monthly bank reconciliation process, savings up to £20k per year by eliminating manual, paper-based purchase-to-pay procedures.

Max Glazer, Finance Manager of Coram Group, says, "We needed to replace a proliferation of standalone systems which have become restrictive and unproductive as we have expanded. m-hance’s integrated solution will provide us with greater transparency and faster access to financial information in a clear and concise format to enable us to make more informed decisions as we embark on our next phase of growth."

The solution will replace Coram’s standalone systems and automate a number of manual processes to reduce administration costs. The finance system’s integrated bank reconciliation module, uses rule-based matching functionality to automatically reconcile cash transactions to an imported bank statement, eliminating manually intensive processes and input errors.

It will also streamline Coram’s purchase-to-pay processes by replacing inefficient paper-based procedures. Authorised staff will be able to easily submit and track the approval status of purchase invoices and requisitions and confirm the receipt of goods ordered electronically in a single web-based system.