NFP accounting skills are critical for Global Compact Network Australia

AFG-Understanding nfp accounting

“For us, the benefit of partnering with True Accounting is that they really understand not for profit accounting… which is obviously very different to dealing with a commercial corporation.”

– Kylie Porter, Executive Director, Global Compact Network Australia

Global Compact Network Australia (GCNA) started working with True Accounting in 2017, and from the moment they began their partnership, the team at GCNA felt completely confident that their finances were in the best hands.

AFG-Corporate sustainability

Focused on corporate sustainability

Established in 2009, GCNA is focused on advancing corporate sustainability by supporting companies to implement effective business practices. Kylie explains,

“GCNA is the Australian division of the United Nations Global Compact, which is the world’s largest sustainability initiative. The participants of the UN Global Compact… who are predominantly corporate businesses, are organisations that commit to the UN Global Compact 10 Principles

The principles are broadly based around the themes of human rights, labour rights, environment and anti-corruption. The organisations also commit to implementing actions to improve societal goals using the Sustainable Development Goals (SDGs).In Australia we convene activities and events and write publications that fall under those 10 principles and the SDGs, from a business lens… so we engage and work with a range of businesses from many different sectors.” 

AFG-Not for profit

Not for profit vs commercial needs

Over the past 10 years, GCNA has grown to become a leading corporate sustainability initiative with more than 150 members around the country. But as a not for profit organisation the nuances of their accounting can be complicated.

For many corporate bookkeeping companies, the complexities of the NFP sector pose challenges that they are unable to overcome. Their range of skills and knowledge doesn’t include the additional elements NFPs require and it often leaves the not for profit organisation missing critical information, in compliance limbo or with cumbersome processes that aren’t fit for purpose.

Kylie says, “Before we started working with True Accounting, we were using a standard outsourced bookkeeping and accounting service provider. They weren’t specialists in NFP accounting and that’s what we were lacking.

Carol Tran and the AFG team have really taken the time to gain a detailed understanding of our organisation… of what we do… and have met all our neds.”

AFG-Budget and grants

Budgets, grants and more

The team at True Accounting are highly skilled specialists… they have unmatched technical knowledge and expertise in the NFP sector. They provide GCNA with a complete range of accounting services but there are some specific tasks that the GCNA team find particularly beneficial.

“We have a small team of four people and financial acumen is not our mainstream. It’s important for us that True Accounting really understands how non-profit works. We need them to help handle government grants and how to run an acquittal process.

Carol has also been exceptionally helpful with setting budgets… she has taken us through that process and has shown me different triggers that could move the budget lines. That’s been a significant advantage for us.

Plus, everything is integrated online. We do everything online! This has been a great help!”

AFG-Removing obstacles

Removing obstacles

Responsiveness is another key aspect of the GCNA – AFG relationship. Being able to recognise potential issues, and take proactive steps to avoid them, is crucial.

“We have quite a complex MOU with our New York office that we are currently working through. The way that the accounts are set up doesn’t really align to how the organisation’s moving. Carol has been really helpful in working through that… integrating it with how we look at the budget and how we evolve our finance systems

We know all our accounting is under control… every aspect is covered and it allows us to be focused on the outcomes that we really need to be achieving as an organisation.”

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