Minerva BC

Case Study

Minerva BC’s Full-Service Back-Office Support

 

As a non-profit charitable organization, Minerva BC supports women and girls in British Columbia, helping them gain the confidence and skills they need to reach their leadership potential.

Minerva BC is on a mission to ensure equality for women in every facet of societybusiness, community, and government.

The Need

Minerva BC approached us in the spring of 2017, wanting to leverage technology to boost the efficiency of their back office processes.

How Enkel Helped

As a result of being a not-for-profit organization, Minerva BC is required to comply with specific financial reporting regulations. We built a system for accounts payables, bookkeeping, cashflow analysis and monthly reporting that not only provides clear and accurate visibility into the organization’s financials, but also simplifies team responsibilities, empowering employees and volunteers to focus on their important work.

Key Challenges

Accounting Practices

Desktop accounting software caused delays in bookkeeping, and paper receipt management made it difficult for the team to track spending. Further, there was a poor record of source documentation, which slowed bookkeeping and audits. We modernized this system using Plooto, Receipt Bank, and Expensify to simplify the team’s efforts, and streamline month-end processes and year-end audit.

Revenue Recognition

When there are restrictions placed on revenue, reporting these revenues can be a complex task. Some of Minerva BC’s programs straddle year end, meaning that the tuition revenue needs to be partially recognized and partially deferred. For corporate donations, there can be specific requirements and restrictions for receiving the funds. We work with Minerva BC’s team line by line to ensure revenues are appropriately recognized.

Board Reporting

Minerva BC didn’t have the tracking and records necessary to present a clear picture of operations to the board. By improving processes and visibility, we have provided Minerva BC with the tools and data they need to communicate current financials, which helps the ensure their organization can continue to support women and girls in British Columbia.

How Enkel Helped Minerva BC

Risk Management

Minerva BC’s bookkeeping is now managed completely by Enkel, allowing them to operate without an in-house accounting team. Our workflows keep the processes moving, protecting Minerva BC from the risks of staff fluctuations and allowing them to focus on internal priorities.

Process Modernization

We implemented digital solutions that simplify mundane tasks such as receipt management and expense approvals. Receipt Bank provides Minerva BC with the ability to easily upload corporate expenses, and Expensify allows Minerva BC to set approvals for employee expenses.

reporting-accountability

Reporting Accountability

Minerva BC relies on their monthly reporting to communicate the organization’s status, sustainability, and cashflow to the board. Financial reporting developed by our team, in collaboration with their CEO, allows the board visibility into current revenue and expenses, which enables them to make informed decisions.

The Result

Minerva BC is now operating without an in-house accounting team, and can comfortably rely on our partnership for simple, modernized bookkeeping processes. We’re proud to provide the Minerva BC team with both accounting support and peace of mind. With the knowledge that their revenues are correctly recognized and statements are accurately reported, Minerva BC can continue to develop impactful programs for British Columbia’s future leaders.

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