Fadia Tasneem (pictured below), a qualified accountant and auditor with Masters Degrees in Business Administration and Accounting, is developing processes that enable people Achieve supports to better manage their financial wellbeing – in addition to their overall physical and mental wellbeing.
“When we asked for feedback, people we support, families and guardians all said they want improved budgeting and transparency of expenses,” said Fadia.
“In response, we are rolling out a centralised accounting and reporting system to manage the budget of each community home. This will give everyone a clear view of exactly where their money is being spent, on what, and the remaining balance available – complete with receipts and reports available on request.”
The budgets of community homes and apartments include allocations for basic items like food, transport, and utilities bills – electricity, gas and telephone.
Longer term, Achieve is looking at replacing the petty cash floats in community homes with a debit card for each residence. This would further improve the accounting of every individual transaction and enable tighter control of authorisations for each expense.
Fadia is also turning her attention to new ways of assisting people with disability to better manage their personal spending on items like toiletries, clothes and shoes, and recreation.
“Our goal is to provide complete transparency and accuracy in our accounting and reporting on budgets, balances, and outgoings.
“Financial wellbeing supported by useful information on where your money goes is essential for every member of the community. It reduces stress, gives people a greater sense of control and confidence, and is an essential part of life. Everyone deserves that confidence and peace of mind,” said Fadia.
The new My Wellbeing financial management and reporting processes are currently being tested on a selected group of community homes. The plan is to roll out this new approach to financial management across the whole organisation.