Accounting for charities

Running a charity is one of the toughest jobs imaginable. Raising money and spending it wisely carries a great deal of responsibility. And it takes a special kind of person to do it well.

Unfortunately past events have cast a shadow over the practice of accounting for charities. And as a result, the very people that dedicate their lives to helping others now find themselves under intense scrutiny from the Charity Commission, donors and beneficiaries alike over how every pound donated is being used.

The problem is that reporting and accounting for how you spend other people’s money is far easier said than done. Particularly when you have so many people raising money to look after too.

For many charities the problems starts with the quality of tools, systems and processes needed to manage their finances effectively. Smaller charities in particular often rely far too heavily on time-consuming spreadsheets to pull various sources of information together. And even when they do invest in bespoke and expensive integrated systems, they often do so without putting in place the governance necessary to maintain the reliability of their management information.

Which, unless you’ve got a financially literate non-executive board of trustees, can quickly escalate into a problem.

Ensuring the accuracy of your financial reporting, however, shouldn’t be your board’s responsibility. That’s a job for your accountant. Or we hope in your case, the My Financepartner team.

My Financepartner offers a complete accounting for charities service designed to give your board and trustees confidence in your numbers.

Delivered by a team of qualified accountants, the My Financepartner team is focused on looking after the interests of the people that you serve. Which in our view means providing you and your trustees with up-to-date and easy to read financial and management information designed to help you to make the right decisions for your beneficiaries. Whoever they may be.

As a flexible service that you can scale up or down depending on your needs and your budget, we’ll make sure that you’re always in control.

My Financepartner - Accounting Services for Charities Sector

Our aim is to:

  • Ensure that your trustees focus their time and skill on strategic rather than operational issues. The board shouldn’t have to spend their time wading through the detail of day-to-day operations – that’s the role of the management team
  • Provide you with real time reporting that gives you the full picture. As charities diversify income streams and become more commercial, we can provide real time reporting on which fund raising campaigns are loss making and which make all the difference
  • Help you to make sure that your statutory accounts are managed and filed on time, all of the time.

And if you need a SORP compliant accounting software system or someone to manage your payroll we can help with that too.

So if you’re in need of a partner that can do all of this and more why not contact us directly to find out how we can help your charity to make a difference?

Get in touch to find out more...

Email us at my.financepartner@uk.pwc.com

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