icon-a

Accounting

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.

icon-b

Auditing

Our specialised accountants are well-versed in reviewing the books of NFPs which help them to meet all the regulatory obligations.

icon-c

Bookkeeping

Our skilled professionals handle payroll management and bookkeeping so that the organisation can concentrate on its core function.

Reliable Bookkeeping

Not-for-Profit Financial Management

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.

Stay Updated With Latest News

Subscribe to our newsletter to get a peek into the latest industry developments and updates.

Your Financial Guides

Expert Financial Services For Non-Profits

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

What All We Do

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.

Budgeting

We assist in forecasting the budget, financial modelling and offering business growth advice.

nf-img-e

Reporting

We provide monthly, quarterly and annual financial reporting as per accounting standards and requirements.

Compliance

We make sure that all the elements of compliance and regulatory framework are covered.

Join Our Mailing List

Stay abreast with the latest information on compliance and risk management by subscribing to our newsletter.

Specialities

Questions

Ask A Question

Our professional and experienced cleaning staff does the job right the first time, giving you confidence that you office and building will always look their best.

Our bookkeepers can offer customised advice to save tax for your small business. However, there are some golden rules which are applicable universally such as using a tax filing software which ensures maximum efficiency and accuracy as well as gets refunds. Also, you must have the receipts for all the expenditures to get deductions on your taxes. You can also save tax by treating the equipment as business expenditure for the year in which it was purchased to minimise depreciation. Also, the deductions made on charitable contributions can be carried over to the next year if they are not fully utilised in the current year.

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.

Non-commercial business losses can be offset against income (salary or return on investment) in the same financial year by a sole trader or one of the partners in a partnership. If you are unable to offset the losses in the current year, you can defer it to the future years when you will hopefully be making profits. So you can easily offset the losses against the profit generated in the future. However, you must be able to meet the requirements listed down for non-commercial losses. You can refer to the list on the Australian Taxation Office Website.
To increase the amount of receivables, you need to get the payments from your customers on time. This means that all the invoices should be generated in time and proactively followed up by the bookkeeper to get the money into the company account. The cash-flow will automatically increase when the incomings will be higher than the outgoings. Also, a robust tracking system will help you by informing about the pending payments from suppliers who can pay using credit cards to avoid late payments. Plus, the company should pay all the bills on time to steer away from paying late fees.
To understand the financial health of the organisation, you need to study the incomings and outgoings in the financial statement carefully. You will have to evaluate whether the expenditure matches the allocated budget and whether the earning meets the expectations or not. If the estimates and actual figures are close enough, then the company is doing well.
Investing wisely can reap a lot of benefits for an NFP. Most NFPs do not think over this aspect of financial management and simply put their money in term deposits. However, the better way to deal with this is to diversify your investment portfolio. You must find out low-risk investment vehicles that are socially relevant and align with your company’s ideology, instead of investing in some risky and greedy commercial organisation. A wrong association can tarnish your image as a non-profit, so consult a bookkeeper to find a sound investment option that works in your favour.
Cash flow statements are relevant for big charitable organisations which have many assets and substantial daily spending. A cash flow statement assists in keeping track of the day-to-day spending. It helps in understanding the flow of cash into the company and the amount going out so that you are better equipped to pay all the invoices on time and get the receivables in your account to avoid any shortfalls. A bookkeeper will help you to create a cash flow budget for the next year so that you can manage the finances accordingly.
Ask us about 50% reduction in your bookkeeping fees.

Get in Touch With Us.