Benefits
If you want to know exactly why to choose PS Financials as the Accounting Software for your Museum or Gallery here are some actual benefits that can be realised. Some benefits give ROI (Return on Investment) in monetary terms, others provide payback in time saved, or new processes that can be introduced leading to lower costs.
Find out how budgets are easily monitored in real time because of the Unified Ledger on all projects, how reports are produced quickly and in the right format to support SORP etc and other stakeholder requirements, plus how seamless integration with all other systems gives complete control and means accurate decisions can be made based on real financial information for these Museums and Galleries:
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David Neale, Finance Systems Manager, National Maritime Museum "Since the implementation of PS Financials, the Museum has improved budgetary control and cut down administrative overhead." This budgetary control now extends to the increasing number of projects, such as this year's Lord Nelson exhibition, which affect every department across the Museum." "Using PS Financials we are also now undertaking project accounting, as a result, each department can budget sensibly, taking projects into account - even if they run across year ends." "The process of regulatory reporting has been largely automated, and we can easily manipulate reports to meet legislative changes. PS Financials also enables us to meet an increasing number of ad-hoc requests for information, particularly from DCMS. Without the ability to drill down through the information, answering some of these questions would be extremely difficult and time- consuming." "Analysis is now carried out by cost centre, by type of expenditure, such as staff, supplier or travel, and, critically, by a particular project,"
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Mark Rainey, Head of Finance, NMW "Management information is now available at any time during the month and budget holders have a complete, up to date view of their commitment to date," "NMW is already attaining tighter financial control across departments, as a public body the organisation cannot afford to overspend and, in the past, the finance department has spent a lot of time towards year end ensuring departments keep within budget. Using PS Financials to automate this process will increase NMW's financial control and release time within the finance department to concentrate on delivering additional insight across the organisation." "In the past NMW has relied on spreadsheets to manage SORP reports. Using the hierarchies within PS Financials the same information feeds both management reports and financial reports, which will significantly reduce the time spent producing this information," "These activities tend to cut across departments and using the project ledger to code against departments NMW can attain accurate project costs and pull together key management information on the success of each event financially." "With the museum's reliance upon public sector funding excellent financial control is a fundamental requirement. Using PS Financials has not only provided the real time budgetary information required to improve financial control but also provided a platform for efficiency improvements." |
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Nico Nicholas, Finance Manager, National Portrait Gallery "Accounting for our business has always involved complex nominal ledger coding to ensure that each exhibition, for example, has sensible management accounts prepared. This was always a difficult and time-consuming process. The multiple ledger aspect of PS Financials provides us with the flexibility to simply set up a new account to represent each exhibition. This has allowed us to simplify our chart of accounts and has made data entry very straightforward." |
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