It can be very difficult to manage finances when you’re spearheading a startup charity. Even charities that have already gotten their two feet firmly planted on the ground often still don’t have the luxury of an entire team dedicated to their finances. Fortunately, there are ways in which you can circumvent the need for an entire team, helping you to be able to better manage the finances of your startup charity and keep everything afloat.
If you have the resources to spare, a charity accountant is invaluable
While it’s true that you might not have enough to maintain an entire team dedicated to the finances of your charity, it’s a different matter entirely to take advantage of the talents and skills of a single accountant. If you aren’t sure where to look, Central London accountants are known for being incredibly intuitive and capable of adapting to many different situations. While it might seem like a waste of resources especially as a startup, a charity accountant can save you a great deal of stress and more importantly, money.
Always focus on the essentials
The most important part of managing finances for just about any startup is to keep things as simple as possible. This means utilising and streamlining your records are a must. For example, when it comes to basic accounting records you absolutely cannot afford not to keep track of it, and a spreadsheet will get the job done rather easily. The most important thing is not to lose track of these records, ensuring that they’re kept to date. Losing track can cause so many problems down the line that it’s a priority you keep everything up to date. Thankfully, all that takes is a bit of effort each day to do so.
Take advantage of free information sources
We live in an age where just about anything you want to know is contained within the Internet, and that includes information regarding finance for charities. For example, if you aren’t sure how to make an annual report for your charity, samples can be downloaded off of the Charity Commission’s website. These are all free for you to use, and it will not do to take these sources for granted, especially when you have the difficult task of keeping your charity’s finances in check. Take advantage of every opportunity you can get, because finance management isn’t necessarily difficult, but it does require a good deal of dedication.
These three tips are more than enough to be able to help you manage your startup charity’s finances. Make sure that you take advantage of all the information available to you through the Internet and simplify and streamline the charts and reports – making sure it’s up to date. Finally, the help of a charity accountant cannot be understated.