NFP Accounting Articles

Building financial reserves

A quote we are fond of (but aren’t sure where it comes from) is “not for profit is a tax status – not a goal”. We couldn’t agree more and believe that not for profits can, and should, aim to make a profit in order to build financial reserves.

Budgeting – forecasting the future with confidence

As we head into April, and the final quarter of the June 30 financial year, many not for profits are starting to prepare for the annual reporting process, as well as turning their attention to budgeting and forecasting for the new financial year.

Are you ready for Single Touch Payroll?

In case you missed the headlines, at of the start of the new financial year July 1, 2019, all organisations with employees will have to report under new the Single Touch Payroll (STP) system.

December year end? Well, Happy New Financial Year!

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.

New year’s accounting resolutions

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?

Changes to Accounting Standards

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.

Reporting to stakeholders

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.

External Conduct Standards

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.

The ‘odd jobs’ list

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.

Why is Xero the right accounting software?

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.