Royal College of Midwives

The challenge: Managing multiple entities with multiple disconnected systems  

To support its mission, RCM needed a modern finance platform capable of delivering greater visibility, stronger controls, and more sophisticated reporting across the organisation. RCM selected 4PointZero to implement Xledger’s multi-entity finance solution.

Before implementing Xledger, RCM relied on a combination of systems to manage its finances. Procurement, purchase invoicing, expenses, and corporate card transactions were all managed in Soprano, while the finance team completed accounting processes in Sage 50, supplementing multiple processes with numerous Excel sheets, including: 

• Multi-entity consolidation 
• External journal entries 
• Adjustments for branch expenses 
• Financial reporting 

As a multi-entity organisation, RCM found group consolidation time-consuming, particularly as it required significant manual effort. Producing management reports also demanded heavy manual reconciliation across multiple systems and spreadsheets, increasing the risk of human error. 

Improving reporting capabilities was a key objective, enabling finance to move away from fragmented processes and create a more connected approach to financial management. Other top priorities for their new system included: 

• Greater flexibility to analyse financial information 
• Better data access and understanding for budget holders and leadership teams 
• Quick and easy consolidation across multiple entities 
• Decrease audit and governance complexity 
• Reduced reliance on hardware and expenditure across multiple systems 

At the same time, RCM wanted to strengthen governance and controls while modernising the overall user experience for both finance and non-finance users. 

The solution: Efficient multi-entity reporting and control 

Working alongside Xledger, 4PointZero helped RCM define its reporting requirements and review existing processes to ensure the configuration aligned with the organisation’s long-term objectives. RCM introduced a cloud-based finance platform designed to consolidate financial processes into a single system. 

One of the primary objectives was to create a central source of financial data that could support RCM’s reporting across the multi-entity organisation. By bringing multiple processes into one platform, RCM’s finance team has gained consistency and visibility, transforming the way RCM reports on and analyses information across entities, departments, and dimensions.

As a multi-entity organisation, RCM needed a partner who understood the challenges of consolidation and governance across multiple entities. As financial technology experts, 4PointZero worked with the college to define requirements and configure Xledger to support its objectives. 

Automated consolidation and multi-dimensional reporting were significant needs, and Xledger’s flexible reporting structure enabled the organisation to analyse financial information from different perspectives and present it in a way that was meaningful for budget holders and senior stakeholders. 

The implementation also provided an opportunity to review existing processes and strengthen controls, reducing reliance on spreadsheets and manual intervention while creating a more robust financial framework. 

The outcome: Transforming multi-entity financial management 

Since implementing Xledger, RCM has seen numerous benefits and transformed the way financial information is managed, reported, and shared across the organisation. 

By moving to a single cloud-based platform, RCM has also reduced the complexity associated with managing multiple systems and disconnected data sources. The finance team has greater confidence in the accuracy of financial information, benefiting from:  

• Automated consolidation and group reporting across multiple entities 
• Stronger audit processes and confidence in financial information 
• Access to accurate, real-time data 
• Easy-to-produce statutory and management reports 
• Greater visibility into financial performance 
• Empowering stakeholders with role-based, self-serve dashboards 
• Stronger governance, controls, and segregation of duties 

Budget holders and senior stakeholders can now engage with financial information without relying on finance teams to manually prepare reports. Additionally, senior leadership can access relevant information more quickly, supporting faster, data-driven decision-making across the organisation. 

Moving to a cloud-based platform has also removed reliance on on-premises infrastructure and helped simplify the organisation’s digital landscape. Perhaps most importantly, RCM now leverage a scalable financial foundation that supports both its current requirements and future ambitions.  

With a scalable finance platform now in place, the organisation can continue its mission to support midwives and improve outcomes for women and families across the UK. Get in touch with our dedicated team to discover how to streamline your finances with Xledger.