September 08
Simon Kearsley, managing director of bluQube Financial Management Solutions, discusses the issues which should be addressed when charities are selecting an accounting system and some of the principles which should be followed.
No matter what size of charity you are, squeezing the maximum benefits from donations or fundraising is critical. However, for many charities just the management and budgeting of finances alone can prove a longwinded and time consuming process that can add hugely to administrative costs and detract from the main cause.
Let's start with the key financial management challenges faced by today's charities. How large the charity is will dictate whether they have dedicated finance staff or might even sub-contract this to a third party or accountancy practice. On a day to day basis the majority of charities will require a core accounting system of some kind, so they can manage income, expenditure, grants and so on.
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