How a Charity Can Benefit from an Accountant

Your charity—like any other organisation—needs money to achieve its goals. But having money is not enough to ensure success; after all, poor financial management can cause even the well-funded charities to go under. Proper accounting allows you to save and spend all your funds wisely, according to your charity’s mission.

There are usually two options when it comes to handling books: you can choose to do everything in house or hire an accountant to take care of things for you. If you don’t have the time and the skills to keep track of your charity’s finances effectively, talk to an accountant today to explore your options.

Hiring an outside accountant who specialises in helping charities is essential for managing and monitoring your organisation’s financial aspects. Money management can be tricky; it goes beyond just collecting and spending donations because it also involves complicated functions such as tracking reconciling accounts, transferring financial information, drafting financial reports, preparing checks, analysing financial situations, calculating payroll, financial planning, doing taxes, etc. The bigger your charity, the more complicated its financial profile. For this reason, it’s prudent to hire an accountant with experience in helping charitable foundations.

A great accountant can do wonders for your charity, acting as your partner in growing your funds and your positive social impact. Your accountant can give you a complete picture of your organisation’s financial picture and assist you in preparing a meaningful budget. Your accountant can also ensure that your charity complies with current regulations and legislation.

Accountants also help charities raise more funding by showing potential donors that the organisation is prudent in handling its funds. Accounts can be presented in a clear and accurate manner for trustees and donors. More importantly, an accountant can set up processes and controls for managing all aspects of funding, including monitoring the usage of unrestricted and restricted funds, authorisation of purchases, and many more. By taking the burden of records keeping and financial management off your shoulders, an accountant can allow you and your staff to focus on fulfilling the goals of your charitable foundation.