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We offer a wide range of accounting services that are available for Non-Profit Organizations (NPOs), including bookkeeping, financial reporting, audit preparation, and more. 

 

01.

Core Accounting and Bookkeeping Services, specifically for Australian NFPs

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  • Specialized Fund Accounting: This is paramount for Australian NFPs. We set up and manage your accounting system (often cloud-based like Xero, QuickBooks ,etc.) to meticulously track restricted and unrestricted funds, grants, donations, and special projects. This ensures compliance with donor requirements and the Australian Accounting Standards (AASB), particularly AASB 1058 Income of Not-for-Profit Entities and AASB 15 Revenue from Contracts with Customers, which dictate how NFPs recognise various forms of income.

  • Accurate Bookkeeping: Comprehensive recording of all financial transactions, including:

    • Accounts Payable and Receivable management.

    • Bank and credit card reconciliations.

    • Processing incoming donations and grants.

    • Categorising expenses according to program, administration, and fundraising (crucial for ACNC reporting).

  • Payroll Administration: Managing payroll, including superannuation guarantee contributions, PAYG withholding, and importantly, understanding and applying Fringe Benefits Tax (FBT) exemptions and rebates specific to FBT-exempt bodies (e.g., Public Benevolent Institutions - PBIs). We can also advise on salary sacrifice arrangements.

  • National Standard Chart of Accounts (NSCOA) Implementation: Where appropriate, we can help implement or align your accounting system with the NSCOA, a standardised chart of accounts developed for NFPs in Australia, which can streamline reporting and benchmarking.

02.

 Australian Regulatory Compliance and Reporting

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  • Australian Charities and Not-for-profits Commission (ACNC) Reporting: This is a core service. We ensure your annual financial statements and Annual Information Statement are prepared in accordance with ACNC requirements and lodged on time. This includes understanding the specific reporting tiers based on your NFP's annual revenue.

  • Australian Taxation Office (ATO) Compliance:

    • Preparation and lodgement of Business Activity Statements (BAS) and Instalment Activity Statements (IAS).

    • Ensuring compliance with PAYG withholding and superannuation obligations.

    • Assistance with applying for and maintaining Income Tax Exemption status.

    • Guidance on Deductible Gift Recipient (DGR) status applications and ongoing compliance.

    • Advice on Goods and Services Tax (GST) concessions for charities and NFPs.

    • Assistance with the annual self-review return for income tax exempt entities.

  • Grant Acquittals and Reporting: Meticulous tracking and reporting of grant expenditure to meet the specific requirements of grant providers (government bodies, foundations, etc.), ensuring proper acquittal documentation is prepared.

  • External Audit Preparation and Liaison: Preparing all necessary financial documentation, schedules, and reports to facilitate a smooth external audit process with your chosen auditor. We may also assist in selecting suitable NFP auditors.

  • ASIC Compliance (for Companies Limited by Guarantee): If your NFP is structured as a Company Limited by Guarantee, we ensure compliance with ASIC's reporting and governance requirements.

  • State and Territory Fundraising Licence Compliance: Guidance on various state and territory fundraising regulations and reporting obligations.

03.

Financial Management and Strategic Advisory

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  • Budgeting and Forecasting: Developing robust budgets (operating, program, project-specific) and financial forecasts to aid in strategic planning, resource allocation, and achieving your mission.

  • Specialised Financial Reporting: Providing tailored financial reports for your management team and Board, offering clear insights into financial performance, fund utilisation, and key performance indicators (KPIs) relevant to your NFP's objectives. This often includes:

    • Statement of Activities (comprehensive income and expenditure).

    • Statement of Financial Position (balance sheet).

    • Statement of Cash Flows.

    • Statement of Functional Expenses (allocating costs to program, administration, and fundraising).

  • Financial Analysis and Strategic Advice: Analyzing financial trends, identifying areas for efficiency improvements, advising on cash flow management, and assisting with long-term financial sustainability planning.

  • Internal Control Review and Implementation: Developing and strengthening internal controls to safeguard assets, prevent fraud, and ensure financial integrity, which is particularly important for organisations reliant on public trust.

  • Corporate Governance Advice: Providing guidance to your Board and management on best practices in financial governance, risk management, and ensuring accountability to stakeholders.

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