Striving to make the world a better place, non-profits are often overwhelmed by financial management challenges. AGI Bookkeeping specialises in offering customised accounting solutions which allow them to focus on their mission and adhere to all the reporting and assurance obligations.
Whether it is a start-up or a well-established not-for-profit entity, we are experts in organising the books and maintaining the monthly financial reports.
Our specialised accountants are well-versed in reviewing the books of NFPs which help them to meet all the regulatory obligations.
Our skilled professionals handle payroll management and bookkeeping so that the organisation can concentrate on its core function.
The Australian Charities and not-for-profits have grown to become a diverse industry. According to the Productivity Commission’s 2010 data, approximately 600,000 non-profits are operating in the country. The sector is continuously growing and was worth $103 billion in 2014. With donations pouring in and regulations to be fulfilled, managing and reporting finances becomes a challenge for the NFPs. AGI Bookkeeping understands this need and offers expert financial management services to non-profits. Our accountants are proficient in bookkeeping for NFPs of all sizes and are familiar with their needs. We ensure that your organisation is able to effectively navigate through the funding and compliance environment to have greater transparency of its financial health. We leverage industry-best practices and modern accounting tools to provide regular reports, audits and payroll management. Besides administrative support, we also offer advice on various money matters.
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Your Financial Guides
A non-profit is not after the money but needs to manage it effectively to deal with the growing governance responsibilities. Hiring a qualified in-house accountant can prove to be an expensive proposition for them. This is the reason why NFPs rely on our specialised services with expert accountants working dedicatedly for the non-profit sector. We understand the unique challenges of the industry and provide customised solutions to help them make informed strategic decisions. Our teams are committed to assisting NFPs in accomplishing their social goals and contributing to the society. From offering financial consulting and monthly reporting to the tracking of grants and management of books – we take care of everything. We use advanced tools and accounting software to deliver streamlined reports and provide effective money management. With our unmatched services, the NFPs can utilise their time to carry out other operational functions.
Comprehensive bookkeeping services for non-profits at affordable rates!
Your data is safe with us and is organised systematically to comply with all the industry regulations.
Specialised Bookkeeping for Non-Profits
We have a team of seasoned accountants who understand the financial work requirements of a non-profit organisation. We provide unconditional support to the NFPs for quality bookkeeping, accounting software set-up, payroll systems, supplier support, training and more. We also advise the NFPs on growing their reach and becoming more profitable. We conduct audits to review all the financial statements and ensure that all the regulations are met adequately. We keep track of inflows from all sources such as donations and grants. Our accountants create efficient systems to disburse timely payments to suppliers and salaries to the employees. We assess the financial performance of the organisation and help in forecasting annual budgets. We analyse the data to identify the key performance indicators and advice the NFPs on strengthening their weak links. We work with complete discretion to make sure that all the aspects of accounting and bookkeeping adhere to the regulations. We take care of all the components such as taxes, BAS, monthly reporting, compliance reporting to the ATO and much more.
We assist in forecasting the budget, financial modelling and offering business growth advice.
We provide monthly, quarterly and annual financial reporting as per accounting standards and requirements.
We make sure that all the elements of compliance and regulatory framework are covered.
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Not-for-profits may not be working for a return on their investment but they are definitely generating an income and need capital and funds to sustain the organisation and carry on with the charity work. A steady cash flow is required to manage the operations and accomplish the mission of the organisation. Thus financial management and record keeping becomes a significant aspect of functioning which ensures that the goals are achieved in a strategic manner. Maintaining accurate financial records helps in monitoring the cash flow and measuring the success of the endeavours undertaken by the NFP. The financial statements are also required for presentation at the time of annual general meetings and for filing tax returns. It is easier to track the efficiency of the NFP through these statements. Besides internal use, these statements are also necessary for the acquittal process of the funding agencies both private and government. Additionally, these documents are a part of the governance obligations that every NFP has to fulfil in Australia.
A bookkeeper can help in recording accurate transactions regularly using a financial management software which is customised to suit the needs of the NFP. The accountant must keep track of the five essential aspects of capital – assets, liabilities, revenue, expenditure and equity. These documents supply information to both the funding parties and those who are benefitting from the services of the organisation. It gives a clear idea about how the not-for-profit has discharged its duties related to the management of the resources and conformed to the legislations. The financial data is quite useful in the evaluation of the status of the NFP by a donor or a grants commission. It can help them in the decision making process of making a donation. The NFP must get the statements audited independently to stress on the legitimacy and accuracy of the records for the assistance of the donors.
The financial statements for every NFP may differ in their structure and format as all of them are involved in diverse domains and their organisational set-ups are different from each other. These documents depend a lot on the needs of the stakeholders and the legislation compliance as well as the regulations that the not-for-profit has to follow. The three main records that every organisation needs to create are balance sheet, income and expenditure statement and the statement of cash flows. All of them should be generated every month to examine the achievements and make improvements if required. The balance sheet talks about the assets (things owned by the NFP), liabilities (amount payable to external stakeholders) and the equity (accumulated funds in the balance sheet generated from the operations of the NFP). When you subtract the liabilities from the assets, you can find out the net worth of the organisation. Thus when you deduct the amount owed to external parties from the assets, you get the value of the NFP. The income and expenditure statements are relevant in understanding the allocation of funds to manage the operational expenses during a set time period. Similarly, the cash flow statements talk about the movement of money in and out of the organisation. It can make the donors aware of the warning signs and help in making informed decisions.
We are a family run bookkeeping business that has grown to include offices around Australia in Melbourne, Adelaide, Brisbane, Sydney and Canberra. We have been helping our clients grow since 2001. Being one of the leading Bookkeepers in Melbourne, we are offering free consultation to every new client.
Suite 1/200 Toorak Road, South Yarra, VIC 3141(03) 9088 02 76
Suite 20, Level 4 161 London Circuit, Canberra City.2601(02) 6152 91 16
605-609/118 King William
Street,Adelaide, SA 5000
Level 5/150 Edward Street, Brisbane, QLD 4000(07) 3123 48 72
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