Accounting for non-profit organisations works a little differently compared to for-profit businesses. This is because your source of funding comes not from product sales but instead from donations, grants, and program revenues. Nevertheless, both for-profit and non-profit organisations must take great care in managing their finances. You’ll need a reliablecharity accountant in London to ensure all your expenses are accounted for.
Why non-profit organisations need a professionalcharity accountant in London
Track your funds
Because non-profit organisations have no single or set source of income, it can be difficult to see where your money is coming from. If you have applied for several grants, for example, you might have trouble tracking them due to the various stages of grant processing.
Thankfully, charity accountants can keep track of your cash flow and ensure that all figures are accurate. Moreover, these experts may help you prepare a budget for big projects and offer advice on securing funding.
Ensure security
Security threats target everyone, no matter if you’re a large business in the tech industry or a small charity organisation that contributes to your community. You shouldn’t risk the safety of your finances and information; it’s best to entrust these things only to yourself, your senior staff, and your accountant.
Stay compliant
According to UK law, charities do not need to pay tax on most types of income as long as the money is used for charitable purposes. However, this doesn’t mean you are exempt from taxes. Your organisation must still comply with the law if you receive income that does not qualify for relief or spend funds on non-charitable purposes.
Charity accountants can help you take control of your taxes and ensure that you pay only what you need.
Don’t let poor accounting practices stop you from achieving your goals. You can work with us at Allenby Accountants to get the best services for bookkeeping, auditing, and taxation under one roof. Our charity accountants in London have years of experience in non-profit accounting and are members of the ICAEW Charity and Voluntary Sector Special Interest Group. Contact us now to learn more about what we can do for you.
