Centre for Governance and Scrutiny (CfGS)

The Centre for Governance and Scrutiny (CfGS) are dedicated to promoting better governance and scrutiny across various sectors, including local government, the public, corporate, and voluntary sectors. Their mission is to enhance transparency, accountability, and engagement in governance processes. Based in London, CfGS primarily works with clients across England, offering training, improvement reviews, and support to councils in need of assistance.

Before being introduced to Price Bailey, CfGS’s financial management was handled by another financial services provider. While this arrangement worked for several years, the system was complex and cumbersome. The process of invoicing and managing financial tasks was time-consuming and often confusing, leading to errors and a lack of transparency in their finances. The challenges associated with these outdated processes resulted in financial oversight and a need for greater control over their finances.

Recognising the importance of financial autonomy, CfGS sought a solution that would provide them with the tools and expertise to manage their finances efficiently and transparently. They turned to Price Bailey’s outsourcing team in September 2023 to simplify their financial processes, provide bookkeeping, quarterly accounts, software implementation, and ultimately financial transparency.

Given CfGS’s complex financial structure, which involves drawing funds from multiple sources as both a charity and a limited company, the transition process was intricate. Price Bailey took charge of this transition, coordinating with numerous banks and the previous financial services provider to seamlessly onboard CfGS to their new financial system. In January 2024, CfGS successfully switched over to their own Xero account, marking the beginning of a new era of financial independence.

Price Bailey’s outsourcing team provided comprehensive training on Xero, enabling CfGS staff to understand how to manage their accounts with ease. This included creating invoices, accessing bank accounts at any time, managing payroll, pensions, and overseeing pipeline management. The streamlined system has significantly improved CfGS’s financial security and management efficiency.

The introduction to Xero led to a remarkable reduction in overdue payments, with outstanding debts dropping from £78,375.80 in Q4 to just £3,160 in Q1. Payments are now just a few days overdue rather than months or even years.

Price Bailey’s involvement extends beyond basic financial management, with a designated member of staff attending CfGS board meetings to provide financial reports and insights, ensuring ongoing transparency and accountability to all those within the organisation.

Price Bailey’s outsourcing support has provided CfGS with the tools and expertise needed to achieve financial autonomy and efficiency. By simplifying complex financial processes, offering personalised training, and providing ongoing support, Price Bailey has empowered CfGS to take control of their financial future. The results speak for themselves: increased transparency, reduced costs, and a newfound confidence in managing their finances.

Price Bailey’s involvement highlights the value of our expertise, and client-centred approach in transforming financial management for organisations like CfGS.