Whether raising funds for your cause or providing services to your stakeholders, every cent counts and must be accounted for. However, just because your team is passionate about the organisation’s mandate, there is no guarantee that the skills needed to meet the financial requirements exist.
With the use of technology being a key focus for many NFPs to streamline operating efficiencies, many are looking to the cloud to expedite their financial management. Xero’s single ledger is a great example of a cloud-driven product that takes the hassle out of managing accounting data.
As experts in NFP accounting, Xero has compiled a list of handy bookkeeping hints that no NFP should be without:
Standardise your system
Keep and use financial reports and systems that can be understood by everyone;
Be transparent with your Board
Diligence is critical
Budget for administration
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