If you’re one of those organisations that closed off your 2018 financial year at the end of December, no doubt right now you’ll be busy checking your data, perhaps finalising a stocktake, reconciling your accounts and preparing your financial year end reports, ensuring employee entitlements are up to date and the Balance Sheet reflects your position correctly.
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Seven healthy financial habits to kick off the New Year!
Did you make any personal New Year resolutions this year? Maybe a promise to achieve better work/life balance? Exercise more frequently? Read more books or watch more sunsets?
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A few key Australian Accounting Standards are changing and are mandatory for NFPs for reporting periods beginning on or after 1 January 2019. This is a year later than for other entities but NFPs can choose to ‘early adopt’ and Accounting For Good has already done our first implementation for a client.
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Federal and State regulators dictate the reporting required of not for profit organisations – and in some situations you might have to report to both a Federal and a State body.
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The External Conduct Standards have been on the cards for some time and were recently passed in Federal Parliament. For many organisations there will be additional reporting requirements.
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When the end of year rush is over, many organisations find themselves with a bit of spare ‘downtime’ over the latter part of December and in early January. This is the perfect time to tackle the finance department’s ‘Odd Jobs’ list.
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The innovative team at AFG like to stay in touch, and ahead of technology. So when the opportunity to work smarter, faster and more efficiently came up … it just made sense to utilise Xero.
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It’s no secret that we love Xero at Accounting For Good. It is our preferred platform because it’s efficient, it’s transparent and it’s easy to use. Its position at the cutting edge of cloud-based technology means things are always evolving – let’s take a look at what’s new…
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It’s that time of year when many not for profits will have completed their audit and received the auditor’s letter detailing adjustments to the accounts and risks they’ve identified. Often, they will recommend process changes to improve controls and generally keep the accounts in good shape.
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Currently, many not for profit CEOs and finance staff are preparing their financial reports for the July board meetings. These reports are anticipated by boards because they tell the financial story of the organisation for a full year and most importantly whether they have over- or under-spent on their budgets.
BUT…the EOFY reports do not tell the whole story. We talk about this in July’s blog.
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