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.
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
Is there more room for partnership working to facilitate an improvement to the financial inclusion agenda? The Welsh Government promoted credit unions with strong advertising campaigns and asked organisations to partner with them, but no such political activity has been as strongly evident in England where membership levels in credit unions are still lower than