FINANCE NEWS: Masonic institution devolves financial control of homes

The Royal Masonic Benevolent Institution (RMBI) has placed a £36,000 order for financial software to devolve financial across its 18 UK care homes.

It has hired business solutions provider Touchstone to set up a financial accounting and business management system, which will go live at the end of the month.

The system will vastly reduce the amount of manual work, leading to cost savings and increased efficiency in the charity's overall financial reporting process.

Previously, financial responsibility resided at the head office of RMBI, which is the UK's 93rd biggest charity. Now each care home will operate as an individual budget holder.

Alan Begg, the RMBI's executive director of finance, said: "The new accounting package is the concluding part of a two-year system overhaul and will enable an improvement in the reporting process, encompassing a reduction in production time and a more efficient workforce."

In addition to looking after 1,100 residents in care homes, the RMBI provides a range of services for older freemasons and their dependants, and has an annual income of more than £27 million.

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