Third sector organisations must still operate in business terms when it comes to accounting and financial management and reporting. The nature of their operation, however, means they often feel more of a burden to keep a tight rein on expenditure and manage income effectively, as the majority of revenue is obtained through donations and charitable funding.
In a sector where demand often outweighs supply, it is so important for management to keep a close eye on day-to-day cashflow and forecasts to help balance budgets.
Funding red tape and changes in political circumstances can also add to challenges, and confuse even the most experienced fundraisers and charity managers. Keeping abreast of the changes and ensuring financial obligations are met whilst ensuring services are not compromised can be tricky.
Our specialist training in this arena gives us the experience to help charities with their systems and procedures, ensuring they are applying the appropriate recommended practices and making sure their accounting systems can publish their accounts in the right format. Professional management reporting which is meaningful for the Trustees is vital.
We can help provide a clarity in accounting records everyone welcomes. This often includes implementing effective systems and training staff, before stepping back with a support package once procedures are in place and running effectively, which the organisation is comfortable with both from a practical and financial perspective.
Additionally, our charities have benefited from use of our gift aid tool which supports charities in calculating the gift aid tax they can collect.
However your finances have fared during the pandemic, we have a wealth of expertise to share to help you prosper. We can advise on funding from regional, national and European sources that’s earmarked for business growth and development. That means we can also help you understand how particular funding can be relevant to your own
Since April 2019, VAT-registered businesses and self-employed people with a turnover of more than the £85,000 VAT threshold have had to use accounting software though the Making Tax Digital gateway to file their VAT returns. From April 2022, HMRC wants all VAT-registered businesses to adhere to Making Tax Digital. Self-employed people and landlords with a
It can be very tempting to answer this question with a ‘no.’ If you’re an ambitious new business owner determined to be successful and keep a firm hold of your profits, then spending your hard-won cash on an accountant from the start may not seem the best idea. Maybe you have friends or family who