Cheran Foundation Streamlines Financial Processes

Cheran Foundation Trust Streamlines Financial Processes to Continue Delivering Affordable Education

Cheran Group is a multifaceted group with interests in education, real estate and tea plantations. Under its nonprofit educational arm called Cheran Foundation Trust, it provides affordable, quality education to disadvantaged students in Tamil Nadu, South India, across six different colleges. As years pass, the nonprofit needed a unified financial management platform to support the growth of the organisation.

Company

Cheran Foundation Trust

Location

Coimbatore, India

Industry

Real Estate

EMPLOYEES

400

NUMBER OF SUBSIDIARIES

SYSTEM REPLACED

Tally

NETSUITE PRODUCT IMPLEMENTED

NetSuite SuiteSuccess Financials First

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“By automating our month-end close and consolidating our accounting processes, NetSuite enables us to focus better on delivering affordable, quality education in Tamil Nadu.” SriKharthick Palaniswamy, Trustee, Cheran Foundation Trust

Accelerating its Mission with Financial Efficiency

Financial management essential for success: Effective financial management and sound fiscal policies have been key to the success of the organisation. Since Cheran Foundation Trust is a nonprofit, the fees collected from students must be optimised to fund the operations of the colleges. There’s little room for error.

Siloed ledgers caused inefficiencies: Initially, Cheran Foundation Trust relied on Tally for its accounting processes. Since Tally kept ledgers across the six colleges in siloes, entries were sometimes duplicated, inaccurate or updated late, which made it tedious to consolidate financials on subsidiary and group levels.

A single source of truth: By unifying its financial data with NetSuite, Cheran Foundation Trust can close its month-end with speed and accuracy, requiring only two internal auditors. Having full real-time visibility of its financials also helped plug major financial leakages by ensuring that students paid their school and hostel fees on time.

Customised reports to sustain success: Cheran Foundation Trust plans to use NetSuite SuiteSuccess Financials First to generate customised reports for its students. By providing them with better visibility of their school fee payments status, it reduces the default risk, ensuring the sustainability of the colleges’ operations.