The Client
Massage & Myotherapy Australia (MMA) was founded in 2003 and is the leading not-for-profit association for massage, remedial massage and myotherapy, spanning Australia nationwide with a membership of over 8,600 professionally qualified practitioners.
The principal objectives of MMA are to encourage a high standard of practice, promote the profession of massage, remedial massage and myotherapy, provide rules of conduct, ethics and standards and to ensure the quality and delivery of training in Australia.
Accru Melbourne’s relationship with MMA commenced in August 2020 through an existing relationship with the CEO Ann Davey and one of Accru Melbourne’s directors.
The Challenge
In 2020, MMA was faced with a challenging situation when several key finance employees decided to leave the organisation. There was an urgent need to restore the finance function to facilitate the delivery of accurate and timely financial information to the CEO and the Board.
In addition to the resourcing challenge, it became clear that MMA had significant internal inefficiencies resulting from outdated financial systems, processes and controls. The departure of the finance team provided the perfect opportunity to review the organisation’s entire finance function.
The Solution and Client Outcome
The Accru Melbourne team responded quickly to assist the management of MMA by evaluating the organisation’s needs and prioritising tasks appropriately.
Initially, the Accru Melbourne team worked with the organisation’s new finance manager to bring the financial accounts up to date utilising the existing financial systems. As an interim measure, this allowed the CEO and Board to promptly review the organisation’s financial performance.
A comprehensive review and cleanup of historical financial information commenced and at the same time, discussions were held with the CEO and finance manager regarding suitable options for a new accounting system. A collective decision was made to implement a new accounting software system to manage general accounting, payroll and fixed asset management. Previously, these functions were managed across three separate systems.
Accru Melbourne was charged with the responsibility of implementing the new software, creating new processes, and refining procedures to improve efficiency and data accuracy. This included a review and improvements to management reporting and the development of a more comprehensive reporting package for the CEO and the Board.
Once the new systems and procedures were functioning effectively, MMA management made a decision to engage Accru Melbourne to manage its finance function including bookkeeping, payroll, compliance, and month-end processing. Accru Melbourne is also responsible for collaborating with the organisation’s internal finance manager on budgeting & report preparation and participates in Massage & Myotherapy Australia’s Audit & Risk committee meetings and Annual General Meeting.
In addition to assisting MMA with the internal finance function, Accru Melbourne’s Wealth Management team have been engaged to manage a portfolio of investment assets for the organisation. Accru Wealth Management meets regularly with MMA’s executive committee to discuss their ongoing investment and liquidity requirements, ensuring the organisation is maximising returns on its members’ funds.
Accru Melbourne continues to work closely with Massage & Myotherapy to provide positive financial solutions.
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