Specialised Accountants for Charities
We help charities make a positive impact on the world. We get that you’re focused on making a difference and don’t want to get bogged down in the number-crunching and finances. That’s where we come in!
Start discovering how our accounting services can support your charity’s growth.
Restricted vs unrestricted funds
Accounting for charities is different at every stage of the process. While we often deal with reports showing time periods against analysis categories - a rather two-dimensional reporting style - we use a much more complex system for charities.
Not only do non-profits compare time periods against categories but they also have to track restricted funds against unrestricted ones. You might find that yours would benefit from departmental reporting too.
For most businesses, there’s only one type of sale but a charity’s donations are affected by factors like gift aid and intended purpose. This makes recording your income more challenging. Despite the differences, recording your charity’s income accurately and on time is just as important as it is for other business types - if not, more!
For a charity, there are fewer expectations attached to a donation so often less care is taken to minimise spending. Charities don’t usually budget as well as other businesses but they should. Take care of your donations as if they were your own finances and you’ll be better off for it. As your charity accountants, we offer invaluable advice to help you achieve this.
An important distinction to make when accounting for charities is the intended purpose of donations. You need to be clearer about what a donation will be used for to avoid confusion. This is a difference we call restricted vs unrestricted funds. We can help you flag any changes to make if you’re not categorising funds properly as your charity’s accountants.
While other businesses now benefit from a new, streamlined registration process, most charities must follow the old one. Unless you’re CIO-registered, this means you probably have to report to both Companies House and The Charity Commission. As they use different report criteria - you need to create two reports. We make reporting simple and quick to minimise stress and time.
Accounting software isn’t made for charities and trust us, we’ve tried to make it work. Unfortunately, this makes our job a bit more difficult but it’s a challenge we’ve overcome time and time again. With our app ecosystem, we can custom-build a system that works for you. There aren’t many accountants for charities that can give you such an in-depth software package.
At Finance Box, we’re passionate about helping charities achieve their goals.
Our team is dedicated to providing charity accounting services for all your charities needs. From automating mundane processes, digitizing accounts, and handling your books, we can help you streamline your operations and get back to your core competencies.
Additionally, we can assist you in taking steps towards paperless operations as part of our effort to provide holistic and sustainable support for your charity.