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.
When businesses found themselves in the eye of the Covid-19 storm during 2020, government assistance like furlough, grants and deferred tax payments all helped them stay afloat. But all this help is set to bring a few financial surprises in 2021, and, with Brexit thrown into the mix, businesses may find themselves ill-prepared for the
Cashflow is at the heart of everything we do in business and in these troubled times it’s more important than ever that we keep abreast of anything that might adversely affect it. Covid-19 brought with it a fall in economic activity, leaving many firms facing a cashflow deficit, putting them and their employees at risk.
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