The challenge
The Swarovski Foundation’s mission is to promote sustainable livelihoods through education to reduce inequality, by supporting initiatives that focus on three areas: Equity, Water and Creativity.
Since its establishment in 2013, the Swarovski Foundation has reached over two million people across 93 countries through 85 partnerships and 17 global emergencies, all in pursuit of the Sustainable Development Goals.
Approaching Insight
In 2023, the Swarovski Foundation approached Insight Associates as part of an official tender process, in the hope of finding an outsourced financial management provider with an understanding of the intricacies of corporate philanthropy.
At the time, the Swarovski Foundation had been going for a decade and was in the middle of reviewing its internal processes with the aim of managing its financial resources more effectively. At Insight Associates, we specialise in working with charitable organisations and were able to offer practical solutions to help the Swarovski Foundation streamline its operations in areas such as income recording and payment processes. The Swarovski Foundation commented, “Following a thorough tender process, the Swarovski Foundation chose Insight Associates to become its outsourced finance department. We recognised that they had the expertise, dedication and resources necessary to support our long-term strategic ambitions.”
Making changes for the better
At Insight Associates, becoming a client necessitates a wide range of changes to a business’ systems and financial processes. One of the key changes for every client we work with is their migration to iplicit, a multi-award-winning, intuitive cloud-based accounting solution for growing and mid-sized businesses.
The Swarovski Foundation noted, “The transition to iplicit has streamlined the management of our income and expenditure and has reflected our continued commitment to good governance. We found the shift particularly beneficial due to iplicit’s user-friendly interface and comprehensive features, which have helped so much with effective and cohesive budgeting across the Swarovski Foundation’s activities.”
iplicit gave the Swarovski Foundation access to data that had not previously been available to them. As an example, in 2023 we used this data to prepare an in-depth analysis of the Swarovski Foundation’s expenditure by department. Using that format as a starting point, we were able to produce a budget for the 2024 financial year on a departmental basis, containing detailed analysis of projected expenditure per department.
We were also able to introduce the Swarovski Foundation to Soldo, an expenses management tool that provided added convenience and control over expenses by team members based in different countries.
Swarovski Foundation
“Overall, Insight Associates’ strategic guidance has reinforced our ability to manage our finances effectively, aligning our financial operations with our strategic objectives for the future,”
iplicit – bringing efficiency, transparency and accountability
“Since its implementation, iplicit has proved an absolutely invaluable tool to the Swarovski Foundation. It has completely transformed our financial management capabilities, with robust reporting features that have simplified financial management and facilitated informed decision-making.”
“Paired with a new approval framework, the system has streamlined several tasks, from payment processing to expense management, and has simplified the monitoring process for income and expenditure.”
In addition to driving efficiencies within the Swarovski Foundation’s team and freeing up valuable time for long-term strategic planning, iplicit also offers increased transparency and accountability for the charity, two qualities that are absolutely vital in the highly regulated charitable sector. All charities must maintain accurate and up-to-date financial records that clearly show their income, expenditure, assets and liabilities, not only to adhere to regulatory requirements but also to build trust with donors, beneficiaries and the general public.
At Insight, we use iplicit to produce accurate and comprehensive annual financial reports and accounts on the Swarovski Foundation’s behalf, as stipulated by the regulatory requirements set forth by the Charity Commission.
A successful long-term relationship
“Working with the Insight team has been an absolute pleasure for everyone here at the Swarovski Foundation. Their dedication, expertise and responsiveness have made our day-to-day interactions seamless and productive. They are efficient and consistently deliver on their promises, ensuring that our requests, whether for clarifications on budget, software functionalities or even policies, are addressed promptly and with attention to detail.”
Our unique understanding of the challenges faced by charitable organisations has been a significant benefit for the Swarovski Foundation, giving us the ability to address some of the specific problems they experience and lift some of the burden of financial management from their shoulders.
“Their commitment to understanding our organisation’s unique needs and challenges is evident in their proactive approach to problem-solving and their willingness to go the extra mile to streamline our processes. Working with professionals who genuinely care about making our jobs easier and who have an excellent understanding of our organisation and the sector we work in has been invaluable, fostering a collaborative and supportive relationship that greatly enhances our operational efficiency and confidence in our finances.”
Find out more about the Swarovski Foundation
One of the Swarovski Foundation’s signature programmes is Waterschool, an educational programme developed to empower young people and their communities to become water ambassadors by providing tools, resources and training to enable them to address their local water needs.
The Swarovski Foundation’s second signature programme is Creatives For Our Future, a global grant programme designed in collaboration with the United Nations Office for Partnerships. Its aim is to empower the next generation of creative talent to unlock innovative approaches to global sustainability challenges.
Testimonials
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