Global Citizen
How S&B Private transformed Global Citizen’s accounting operations
The challenge
Global Citizen is a prominent US-based international advocacy organisation dedicated to eradicating extreme poverty and advancing social justice through an intersectional approach by 2030. Global Citizen’s Australian operation faced a number of challenges with resourcing and optimisation of their finance function.
Outdated Accounting Software
Global Citizen was using QuickBooks Desktop, which impacted their board reporting capabilities and the timely preparation of their consolidated accounts for both the board of directors and their US entity. This limitation also complicated the coordination of other obligations, such as their annual audit.
Compliance & Accuracy
Adhering to compliance requirements in a timely manner required by both the ATO and ACNC is vital for Global Citizen to secure more funding and uphold credibility with potential donors. Additionally, it was essential for their finance solution to accurately capture and allocate costs, particularly concerning grants. They required a robust tracking function to monitor expenses tied to specific grants, ensuring funds were utilised as intended.
Efficiency
As a not-for-profit organisation, Global Citizen aims to achieve financial and administrative efficiencies to maximise available funds for their various campaigns and charitable initiatives. Their cross-border operations necessitated a firm experienced in managing different time zones and jurisdictions to address their needs promptly and accurately.
CEO/CFO Support
The global CEO and CFO found themselves involved in managing day to day financial responsibilities of the Australian subsidiary, with less time to focus on strategic priorities. This included operational oversight, corporate governance, and the development of the organisation.
Recognising these challenges, Global Citizen engaged S&B Private as an outsourced accounting partner to optimise the finance function of their Australian operation.
Solution
Accounting Software:
S&B Private undertook a review of Global Citizen’s accounting processes and recommended transitioning from QuickBooks Desktop to Xero, a cloud-based accounting software package. S&B Private led the implementation and transition from QuickBooks Desktop to Xero, including the automation of various financial functions and improved reporting capabilities. This resulted in improvement in speed and accuracy of financial reporting for the CEO and Board Members.
Compliance Assurance:
Onboarding a dedicated offshore accountant through S&B Private provided Global Citizen with the resources needed to meet ATO and ACNC compliance deadlines, cost-effectively. This was a key achievement that helped Global Citizen to secure prospective funding for their organisation and to meet their donors’ expectations.
Efficiency Gains:
S&B Private examined Global Citizen’s core finance processes such as payroll and bank reconciliations and suggested improvements and automations available within Xero. This improved the efficiency of critical day-to-day finance functions and left more time for the internal team at Global Citizen to focus on the organisation’s mission-driven work.
Management Support:
S&B Private’s involvement extended beyond day-today finance operations. S&B Private trained the dedicated offshore accountant working with Global Citizen to assist the CEO/CFO by preparing board reports in a timely and accurate manner, including month end accounts and tailored financial reports to support conversations at the board meetings.
Recently, S&B Private assisted in the organisation and delivery of the GC Now event, hosted in St Kilda in March 2024. This involved coordinating all finance-related aspects to ensure suppliers were paid efficiently and budget spend could be viewed in live time.
“S&B Private has been such a strong partner to us over the past few years. They are our Australian finance function.”
Simon Moss – Co-Founder & COO, Global Citizen
Ongoing impact
The partnership between Global Citizen and S&B Private has created significant efficiencies for the CEO/CFO to effectively focus on the strategic areas of the organisation. The transition to Xero and onboarding of a dedicated offshore accountant through S&B Private has led to significant efficiencies and reduced finance costs.
S&B Private’s involvement in board report preparation has provided key decision makers with access to accurate and relevant information at their disposal when required. By outsourcing their finance function through S&B Private, Global Citizen now has more resources available to dedicate toward their mission of ending extreme poverty.