Important Update: Transition to the Financial Transformation Project

 

The Girl Guides’ Financial Transformation Project (FTP) is an initiative that not only promises enhanced efficiency but also eases administrative duties for our dedicated Volunteers.

We are excited to share with you the next steps in our journey towards financial modernisation. Over the past year, we have made significant strides in the FTP, which involves transitioning all District accounts to our integrated bookkeeping system, Xero.

 

Why is this change crucial?

Embodiment of Vision: This shift represents more than just an operational adjustment; it is the realisation of the Board's vision to innovate and elevate our financial processes. By streamlining systems, we not only enhance efficiency but also ensure that every financial move aligns with our strategic objectives.

Robust Oversight & Comprehensive Governance: It is not just about streamlining; it's about governance. The Board has a legal mandate to oversee the entire Association's finances. Ensuring that we have a clear and comprehensive oversight is vital to meeting our regulatory duties. FTP provides the Board with a better picture and greater clarity of the entire financial landscape, enabling more informed decision-making and stronger governance.

Transparency and Efficiency: By centralising and simplifying our processes, we foster an environment of transparency. This means every stakeholder, from Leaders and Managers to Members and their families, has a clear view of our financial operations. Additionally, optimised operations lead to increased efficiency, ensuring that resources are utilised in the most effective manner.

Commitment to Financial and CSCF Obligations: Beyond just good practice, there's a deeper commitment at play. We have a significant regulatory duty and legal requirement to adhere to our Financial and Child Safe Child Friendly (CSCF) obligations. This change isn't merely a choice; it's a steadfast commitment to ensuring the safety and well-being of our community while maintaining financial integrity.

What are the benefits for the District?

By wholeheartedly embracing the FTP:

• You will reduce time spent on bookkeeping tasks;
• Access insightful District financial management reports; and
• Engage in strategic discussions with clarity, backed by comprehensive financial data.

 Transition Deadline: 30 November 2023

We acknowledge the effort required for such a transition. With 71% of Districts transitioned and 99% of Districts engaged with FTP we’re looking towards a deadline of having all stakeholders transitioned by the end of November. It’s not a deadline we’ve picked out of thin air. It’s a goal we have set because a Girl Guides NSW, ACT & NT financial year aligns with the calendar year and a 30 November deadline enables us time to have everything ready to complete end of financial year reporting and auditing.  Rest assured, FTP does not mean relinquishing control over your finances; it's about enhancing and supporting the process. 

What needs to be done to meet this deadline?

Three easy steps:

1. Document Uploads: If you’ve initiated the transition but haven’t completed it, upload the necessary documents here*.
2. Collaboration: Work closely with the FTP project team. Ensure you've:
   1. Scheduled or completed your District Transition Meeting.
   2. Linked your bank account to the Xero platform.
   3. Uploaded receipts & invoices for transactions since 1/1/2023.
3. Engagement: Actively communicate with your Districts about these advancements. If any queries arise, the FTP team is ready to assist.