Customer Story – Climate Bonds Initiative

The challenge

The CBI faced a significant obstacle due to a lack of financial insight. The data was scattered across different systems, and it was challenging to combine the data efficiently, resulting in reliance on entry-level finance systems. Tim Morris, the former Financial Director of CBI says ‘It was like driving a car without a dashboard, we were starved of financial information. It was difficult to decipher how fast we were going, how much fuel was left in the tank, and how well our financial engine was performing.’

Finance transformation was necessary not just for informed decision-making and increased efficiency but also to comply with regulations. Tim explained ‘As a non-profit, we have a requirement for transparent financial management. We need to provide regular accurate reports to the UK Charities Commission and other stakeholders. Using the existing systems and processes, this reporting required significant manual intervention and data integration.’

The solution

The CBI has successfully implemented the Xledger cloud-based finance platform to streamline their financial management. ‘Such was the urgency, we needed to fast-track the decision on a new financial platform. I had used Xledger in a previous role and appreciated how easy it is to create a single ‘golden record’ of financial information. It’s also extremely adaptive, feature-rich, and proven in countless real-world environments. We trust Xledger.’ says Tim.

Embridge Consulting was chosen as the consulting and implementation partner thanks to their skills and professional services knowledge, coupled with their personal and intimate approach to consulting.

As a result, the CBI now has a shared, unified system that connects all critical financial data and processes, including core accounting, AP, AR, reporting, bank payments, and project costing. CBI now has real-time data to analyse their current and future cash flow – ‘One of the great things I love about Xledger is the AP process. It’s transforming our business’ says Tim.

With Embridge’s help, the CBI achieved a rapid roll-out, with their deployment being completed in just three months. The entire team shared a sense of mission and focused on achieving quick wins.

The result

The CBI has revolutionised their financial management processes with the help of Embridge and Xledger. The benefits of this transformation are many, including increased agility and faster time to value. CBI can now operate more efficiently and effectively by streamlining financial transactions and liberating resources to focus on strategy and decision making. According to Tim, ‘There’s a very big ROI in this.’

Additionally, executives can access trusted data more quickly and make more informed decisions. CBI is now more compliant with regulatory reporting requirements, and the unified data set provides a complete, auditable trail of historical activity.

As the business grows, so does the finance department. With the Xledger solution and the support of Embridge, the CBI can expand in size and scope without worrying about the need for significant personnel to support and maintain their financial management processes.

Together, Xledger and Embridge make the perfect partners. They unite best-in-class ERP technology with a remarkably talented implementation team. Digital transformation is as much about people and processes as it is about technology. Embridge delivers on all three counts.

Tim Morris – Former Financial Director at Climate Bonds Initiative (CBI)