Bookkeeping for Not For Profits:
Like most businesses, NFP’s have to follow compliance and guidelines. This is done to ensure the NFP’s themselves as well as those they support are properly supported and following the guidelines that all NFP’s must follow in Australia. With over 25 years of experience working for (NFP), owner and senior bookkeeper, Katia, Manager of Sudoku Bookkeeping, has developed a vast knowledge and understanding of the NFP and associations sector’s complexity.
Our team focuses on providing NFPs with such services as bookkeeping, payroll, governance, and regulatory report because it is our mission to focus on empowering organisations to achieve their financial goals through financial management, advice, compliance, and technology. Our mission is to promote optimism and a ‘can-do’ attitude for our clients to help you get the job done while ensuring your accounts are on track. By assisting you to better understand your financial situation, we can help build a strong organisation, community, and family lifestyle for you and your team. Sudoku Bookkeeping thrives on working with seasoned professionals who respect authoritative figures, clients, and colleagues.
With our team, commitment is one of the most important values an organisation has. We are committed to working with you to create efficient, motivated, and streamlined procedures that help you meet your goals.
By specifically creating bookkeeping processes tailor-made for NFP’s we are able to support our clients in streamlining their businesses.
To ensure our clients remain compliant according to the Australian NFP guidelines we excel at helping to support our clients with general ongoing bookkeeping. This will need to be done to monitor the NFP’s financials and provide accurate reporting. Below are some Bookkeeping Tasks we support our NFP clients on an ongoing basis to:
- creating organisation budget
- receiving grants and ensuring GST compliance as some grants may include or exclude GST, e.g., sponsorships,
- creating individual grant budgets,
- tracking multiple grants income and expenses against budgets,
- monitoring cashflows to ensure the organisation and projects are on a budget,
- allocating management fees from grants to the organisation,
- receiving donations following DGR conditions if eligible,
- other income such as sales (GST or GST Free sales),
- fundraising following the A guide to the Australian Consumer Law – for fundraising and other activities of charities, not-for-profits, and fundraisers,
- purchasing including seeking up to 3 quotes from suppliers (depending on the purchase amount and grant conditions) & ensuring the suppliers are legitimate businesses with an ABN except if it’s an overseas supplier or it’s an uncommon supply from an unregistered supplier; therefore, a Statement by Supplier form will need to be filled,
- seeking approval from the signatories for payments,
- accounts reconciliations including bank and credit card accounts & relevant balance sheet accounts
- calculate the percentage of interest income for specific grants – mostly done at reporting time
- preparing and submitting monthly or quarterly BAS following approval by the nominated person, e.g., CEO, manager or treasurer,
- liaising with the auditor as required and ensuring records are ready for EOFY reporting,
- record-keeping following ATO’s and Fair Work’s guidelines
- set up an efficient easy to follow systems taking into account the organisation’s policies and procedures
In conclusion, we are here to help you by passing on our knowledge and expertise, in bookkeeping for not for profits, to take you a step further to achieve your organisation’s goals and support you while you help your communities. We strongly believe in having work, family, and community values. Here are my top 5 Values:
- Empowerment: we think we have to empower each other to promote optimism and a ‘can-do’ attitude that gets things done faster and better to build healthy families, organisations, and communities
- Ethics: Our ethics define who we are. This virtue helps us provide the foundation to make sound judgments when faced with ethical dilemmas for our clients.
- Professionalism: A professional environment establishes respect for authoritative figures and clients, and colleagues.
- Commitment: Commitment is one of the most important values an organisation must have to meet its goals and stick to its vision. Without motivated individuals, an organisation could lose all that they have earned over the years, be it respect or market position.
- Efficiency: Efficiency allows organisations to promote better work practices, reduces stress, and produce better outcomes.
LET US KNOW HOW WE CAN HELP YOU TO PUT YOUR NUMBERS IN THE RIGHT SPOT.
Stay tuned for our next blog in which we talk about payroll in the NFP sector.