Introducing RBQX

Robertson Bell and QX have joined forces to create RBQX, helping UK charities reduce accounting costs, optimise operations, and solve recruitment challenges.

In the post-pandemic world, charity finance professionals are working with smaller teams, tighter budgets, and tedious hiring prospects. Amidst the ‘Great Resignation’, an across-the-board skills shortage, competitive counter offers, and candidates’ rising salary expectations, organisations within the third sector are struggling to seek talent.

It was only last August that over 25,000 charity jobs were lost, with as many as 60,000 cuts predicted by the end of 2020. Now, many charities are feeling this void at all levels of seniority as the UK economy struggles with a labour gap of nearly one million workers.

And as the country looks towards several years of cuts and tax rises, hefty workplace overheads such as rent, back-office costs, training, and in-house technology and software must come under increased scrutiny as organisations seek to minimise costs, wherever possible. Cutting down on unnecessary outputs seems to be the obvious first step, and when budgets are already tight, Third Sector organisations need to focus on driving efficiencies in their business support functions and be creative in how they do so.

Research has shown the largest increase in emphasis for finance departments across sectors has, inevitably, been in risk management with nearly half (43.7 per cent) of companies now spending more time in this area. Subsequently, 33.5 per cent of companies spend less time on business partnering and decision support.

The National Council for Voluntary Organisations has reported that many charities now run fewer services than they did pre-pandemic due to both a lack of staff and funding - an unfortunate and counterproductive move for their charitable aims. So, with a skills and talent shortage, surely there has never been a greater need for streamlining finances?

In response to this, we have partnered with award-winning outsourcing company, QX, to create a unique service offering for our clients and the UK’s charity sector named RBQX. Simplified, this new service involves the creation of a dedicated offshore service centre based in India which covers baseline finance and accountancy solutions.

Founded in 2003, QX provides a broad range of services in finance and technology – more specifically, accounting, payroll, and software - and has built a global presence serving clients across a range of sectors in the Commonwealth, employing over 1,300 people across the world.

RBQX can bring clients an array of financial and recruitment solutions by outsourcing entry-level finance management which can reduce salary costs by up to 50 per cent and fill the vacancy void at junior level. We have worked with experienced charity finance director Stephen Perry to help us create the best solution for UK charitable organisations.

Additionally, the use of automation and machine learning can standardise administrative finance functions and allow continuous process improvement – a positive nod towards time and cost efficiency for charities who have already had to cut down on their charitable activities and may face a challenging year ahead as the country heals from the pandemic. 

It’s no doubt that finance professionals are key in supporting their organisations and the economy as the Covid-19 crisis subsides. By joining forces with QX, we are actively working to help UK charities reduce their accounting costs, optimise operations, and improve financial reporting.

Let’s transform charity finance and accounting together. For more information, visit the RBQX page.