Charity is a noble work and being a part of it is extremely courageous and an honourable thing that one should take pride in. In current situation where the employment is declining, people ae bearing with griefs and grievances across the world, it becomes very important for all of us who are at a slightly privileged position in the society to look out for others and help them sail through this crisis. There is a lot to do while being a part of charitable organisation and sparing time for accounting and tax related issues becomes tedious and time consuming.
We believe that since you have so much on your platter to deal with the stress and burden of accounting and tax related issues can and should be outsourced. We at Season Associate provide Charity Accounting Services and would be glad to step in and help you with all the tax and accounting work related to your charity so that you can focus on your work and bring laurels to your organisation and our nation as a whole.
A kind of institution or a business that belongs to the category of NPO or non-profit organization is called as a charitable organisation. It can be run both publicly as well as privately. This type of organization that shows that it is non profitable is often called a charity or foundation. There are many regions on which a charity organisation can be based on, example, educational, religious or even based on public interest activities. The law and regulation of the charity varies and differ from the normal profitable organisation.
A Charity is generally done to make sure that it will help the society, resulting in some kind of relief in may be education or any other department. In the world there are many people who are still under poverty. They cannot even get a proper treatment or can provide proper education to their children. As a result of which both poverty as well as illiteracy is on a rice. Some of the regions where charitable organisation works are:
An organizations financial strength is measured by accounting. As the goals for non-profit organisation differs from the profit-making businesses, the accounting practices for both of them differ. Most significantly, non-profit organizations finance is not beholden by its investors and business owners. While non-profits do generate revenue, the purpose behind is to pay for fund raising programs and cover other operating costs. In the case of non-profit’s, the revenue is mostly generated through donations and grants. As a result of which the accounting practice is different for non-profit organisations and thus need a specialist Accountants for charities.
An accountant in the charity sector is required to use his / her skills in finance and accountancy to support a cause that you that is noble and is necessary for the society to prosper a s a whole. Accountants for charities are required to perform a large variety of work ranging from raising a profile of fundraising projects one week and ensuring that there is accuracy in recording and allocating donations in the next week.
Key responsibilities of a charity accountant include:
Yes, a charity account crossing the threshold income specified by the government is audited by the HMRC.
In UK 90% of the charity working are small charity. Any charity having an income less than £1 million is considered to be a small charity.
A foundation is a non-profit charitable entity which is private and is generally created by a single benefactor. A charity mostly uses publicly collected funds to directly support its initiatives. Thus, the difference between charity and foundation is the manner in which the fund is raised.
For being a charitable organisation who can actually bring a change to the society, by adequate budget allocation and proper financial planning and management connect with us now .