We are thrilled to shine the spotlight on one of our esteemed team members Raakhi Patel, your specialist fractional CFO for charities and not-for-profit organisations.
Raakhi brings a wealth of experience and a deep-seated passion for supporting charities and not-for-profit organisations, making her an invaluable asset in this specialised sector.
Formerly associated with Accenture, Raakhi has honed her skills in finance optimisation, acquisition, and fostering effective business partnerships. However, what truly sets her apart is her dedication to serving the unique needs of charities and not-for-profits, where financial stewardship takes on a whole new level of importance.
In this feature, Raakhi shares her insights into the financial challenges faced by businesses and the indispensable role of a specialised CFO in the charity and not-for-profit landscape.
Areas of Expertise:
Raakhi’s expertise lies in Finance Set-up/Transformation, where she excels in ensuring that the financial backbone of organisations is not only robust but also tailored to meet the specific demands of charities and not-for-profits.
By strategically aligning financial processes and systems, Raakhi lays the groundwork for sustainable growth and impact in these mission-driven entities.
Unique Selling Proposition as a CFO:
As a fractional CFO specialising in charities and not-for-profits, Raakhi offers a unique blend of financial acumen and sector-specific knowledge. She understands the intricacies of donor management, grant funding, and compliance requirements that are paramount in this space.
By applying her expertise in finance process optimisation, Raakhi empowers charities and not-for-profits to operate with efficiency and transparency, ultimately maximising their ability to fulfil their missions.
Example of Overcoming Business Challenges:
Raakhi’s transformative approach was evident in her work with a not-for-profit organisation grappling with outdated financial practices and limited resources.
By implementing a comprehensive finance transformation programme tailored to the organisation’s needs, Raakhi streamlined processes, enhanced financial visibility, and optimised resource allocation.
The result? A more agile and sustainable organisation poised for greater impact in the communities it serves.
Key Financial Security Challenge:
In the charity and not-for-profit sector, cash flow management is paramount. Raakhi underscores the importance of maintaining a healthy cash flow to ensure the continuity of operations and the ability to fulfil organisational mandates.
By implementing sound financial practices and leveraging her expertise in donor management, Raakhi helps organisations navigate cash flow challenges and build financial resilience.
Top Tips for Ensuring Financial Stability:
1. Develop a robust cash flow forecast tailored to the unique needs of charities and not-for-profits, taking into account donor cycles, grant funding, and programmatic expenses.
2. Establish clear payment terms and grant reporting requirements to maintain transparency and accountability.
3. Leverage technology to streamline financial processes and enhance reporting capabilities, enabling real-time decision-making.
4. Cultivate strong relationships with donors, funders, and stakeholders to foster a culture of collaboration and support.
5. Invest in staff training and capacity building to ensure that financial management practices are aligned with organisational goals and objectives.
Advice for New Customers:
For charities and not-for-profits embarking on their financial management journey, Raakhi emphasises the importance of partnering with a specialised CFO who understands the unique challenges and opportunities in this sector.
By leveraging the expertise of a fractional CFO like Raakhi, organisations can gain invaluable insights and support tailored to their specific needs, ultimately enhancing their financial sustainability and impact.
Specialist Fractional CFO Approach:
Raakhi and her team at WrightCFOcommence their engagement by conducting a comprehensive assessment of the client’s financial position, taking into account the unique challenges and opportunities in the charity and not-for-profit sector.
By tailoring their approach to meet the specific needs of each organisation, they empower clients to manage intricate financial scenarios with confidence and clarity.
For inquiries or further insights from Raakhi or any member of our team, please don’t hesitate to reach out. With WrightCFO, you’re in capable hands every step of the way.
This article was originally published on LinkedIn on 8th May 2024
