Parkinson’s NSW is a leading Not-For-Profit for-purpose organisation striving to improve the lives of people with Parkinson’s, their families, and their carers. They deliver much-needed counseling services, information and education sessions, and a dedicated health line that responds to over 3000 calls annually. All this takes money and a high degree of organisation to ensure they meet their mission targets and remain sustainable and efficient.
The organisation depends on the generosity and kindness of donors and the allocation of Government funding and associated grants to keep the wheels turning. In a recent discussion with the fundraising manager for Parkinson’s NSW, Fiona Jessiman, we examined some of the challenges facing the organisation and how, over the past six years, Accounting For Good has been able to assist the organisation by implementing robust financial systems and providing outsourced financial services that improve its reporting, budgeting, cost control, and fundraising efforts.
“As the fundraising manager, most of my time, effort, and resources are devoted to generating income. Without sufficient funding from a range of funding sources, we cannot fulfill our mission in assisting the many thousands of people, their families, and the carers who are affected by Parkinson’s disease in Australia”. Says Fiona Jessiman – Manager of Fundraising
The organisation has various funding models to consider. Direct donations, donor gifts, bequests, grants, and Government funding make up the majority. The Australian Charities and Not-for-Profits Commission (ACNC) strictly regulates and sets audit requirements to help ensure accuracy and reporting compliance. Ensuring your books are in order and audit-ready is essential to administering a successful and compliant Not-for-Profit.
“As an organisation we strive to be audit ready. The accounting systems implemented by Accounting For Good ensure that this is an achievable goal for us without spending a lot of resources to get everything together. The Accounting For Good team helps ensure the financial reporting processes are accurate, compliant, and seamless. This function is one of several invaluable advantages they bring to our organisation”
The old saying “you need to spend money to make money” applies to NFPs. Running events, marketing campaigns, fundraising activities, call centres, and print and digital media campaigns have a price tag. It is essential to know how much investment to make, where to make it, where the return on investment comes from, and sometimes when to stop investing. Expenditure oversight is a critical element of the fundraising portfolio. Fiona explains that without the systems implemented by Accounting For Good, it would be difficult to thoroughly understand the impact and return of fundraising activities. Since Accounting For Good has come on board, Fiona and her team have real-time insight into expenditure. They can make financially aware decisions informed by the numbers, which tell a truthful story.
“Understanding our expenditure on fundraising activities is an area of the portfolio that was especially important to me as the manager. Knowing our department’s spending on each activity helped me allocate financial resources effectively. It opened new opportunities that we could explore to broaden our message and engage new funding sources. In tighter financial climates such as these, we need to get creative while closely monitoring expenditures. Says Fiona
Choosing a specialised outsourced accounting firm was the ideal choice for Parkinson’s NSW. Accounting For Good implemented top-tier financial capability, extensive experience, and deep knowledge of the NFP sector.
“Accounting For Good provides an elite level of service delivery, handling complex financial tasks with professionalism. They offer tailored solutions that meet our unique needs, including robust accounting systems and comprehensive financial support services. Their expertise frees us up to focus on our core mission,” Says Fiona
“We found that Accounting For Good understands that we operate with a higher purpose and approaches their work with kindness and compassion, recognising the impact of their support on our ability to make a difference. For Parkinson’s NSW, this means more resources directed towards improving the lives of those affected by Parkinson’s disease, their families, and their carers. I would highly recommend Accounting For Good for Not For Profits, seeking professional, qualified, and experienced accounting services,”
At Accounting For Good, we work with NFPs with a turnover of $1M or more. If your NFP is in this category and is seeking professional and experienced financial management and accounting services, don’t hesitate to speak with one of our team members today.