Many charities are converting to Xero for their accounting needs, and in this article we set out the benefits of conversion and how we can help.
Not-for-profit (NFP) organisations aren’t all that different from typical, for-profit companies. You’re still required to track money in and money out, you need to comply with various rules and regulations, and you’re beholden to a group of stakeholders.
So, with that in mind, the technology used to support the collection and analysis of financial and management information doesn’t have to be wildly different either. Which is why we recommend Xero as the first port of call for a charity looking to modernise and streamline their internal processes.
Why we recommend Xero for charities:
Xero simplifies accounting, but with an impressive suite of features and management reports
- A core responsibility of running a charity is Board Transparency around fund raising, amounts raised and spent and every day running costs. Xero makes this process easy. Simply add board members to the platform and allow them read-only access to the charity’s financial reports. And because they can access them anywhere, at any time, and on any device, you won’t have to hold nearly as many meetings to discuss current financial performance.
- Management Reporting needs to be clear and easy to understand. Xero has an extensive list of standard reports, enabling you to produce standardised reports in a format understood by all the key stakeholders. Given that charities often experience a higher than average staff turnover, and are reliant upon volunteers, it’s vital that duties can be picked up where someone else has left off. And a consistent reporting format will certainly smooth the way for that to happen along with access to our Xero training sessions (see below).
- Accurate record-keeping is essential. Xero’s record keeping capabilities make it easy to keep on top of the bookkeeping with automated bank feeds, ability to raise invoices and add supplier bills or attach receipts to expenses, ensuring you have a tidy and real-time picture of your charity’s accounts at any given moment.
- Project tracking can be maintained in Xero, helping charities report and track separate fund raising activities etc.
- Many charities (and businesses) are running their accounts on excel and drowning in admin and paperwork. We have reviewed so many spreadsheets that are unwieldy, normally not kept right up to date, and quite simply holding the charity / business back. Moving to Xero allows you to prepare real-time accounts (much quicker too!), providing the information required to plan for the future and achieve your goals. When we move a business or charity on Xero we know the admin time will reduce, the reporting will approve and the business / charity is re-energised with this gift of time saved.
In short, Xero helps you spend more time delivering value to those who benefit from your charity’s activities, and less time dealing with financial admin.
Rediscover your passion for helping those you set out to help in the first place by embracing the cloud and all it has to offer.
de garis accounting are a Xero gold partner firm who love to work with charities. Specifically what we do for charities:
- Charities can come to our Xero training for free, as many times as they like! We offer quarterly classroom training sessions, for approx a 1/2 day, covering the basics of Xero and ReceiptBank.
- Xero offer 25% off subscriptions for not-for-profits which you can do via us (and we don’t charge VAT). See here for Xero pricing plans, noting we have an additional £5 subscription (available via us as a Xero partner) but in this plan you can’t raise invoices. We validate your NFP status to the Guernsey register.
- We will set a charity up on Xero for free (clean set up without conversion of historic data).
- We will discount our services for Xero conversions and other accounting services to charities – contact us for a quote.
- We also recommend ReceiptBank as a bookkeeping add-on to input bills and go paperless. Receipt Bank can help save valuable hours by pulling information from receipts and invoices quickly, accurately, and efficiently. Just snap the bill via an app on your phone, or email it in, and let the magic happen! Normally the cost of ReceiptBank via us is £10 per month for up to 50 bills, but we are currently discounting up to 100% for charities depending on volumes.
Anyone can request a free initial consultation with us. To set up, call us on 254748 or email firstname.lastname@example.org.