The AASB governs Australia’s accounting standards and reporting presentation rules and offers guidance on maintaining standards in accounting consistency and quality. Specific AASB rules apply to accounting for not-for-profits. We unpack the AASB rules for revenue in the not-for-profit sector.
The world of finance and accounting is often laden with accounting and financial acronyms and terminology. Add terms relevant only to the not-for-profit sector, and the environment can become overcrowded. Here are some of our not-for-profit glossary of accounting terms you need to know.
Managing cash flow in any business is tricky. In a not-for-profit, cash injections and grant or donation payments can be irregular, so it’s essential to plan and effectively manage cash flow for not-for-profit entities.
It costs money to run a charity, and administration for not-for-profits can’t be an afterthought. While most not-for-profit organisations are committed to keeping their costs low, sound financial management and administration are a necessity.
The end of the financial year is a crucial time for not for profit organisations to make sure they have their accounting records up to date and are ready to meet their compliance requirements. But what are some of the NFP director responsibilities at year end?
The importance of volunteers Do you have volunteers working in your not for profit organisation or association? Official Australian Charities and Not-for-profits Commission (ACNC) data from 2021 indicates that “more than half of Australia’s charities are run entirely by volunteers.” While non-profits employ approximately 1.38 million Australians, it is estimated…
If you are still actioning a lot of financial tasks manually, then it’s time to consider implementing elements of financial automation within your not for profit. Automation can help save you time and money, and for most NFP organisations that would be highly beneficial.