Seeing through the cloud: automating finance for charities
Charities’ complex organisational structures mean automating their finance functions can bring a unique set of challenges. Do not fear, the cloud is here, says Darren Cran, COO at AccountsIQ in our article for ACCA’s Accounting and Business Magazine.
One of the biggest challenges CFOs of charities face is finding a system that will comply with the application guidance for charity accounting, the SORP (Statement of Recommended Practice), at an affordable price. It’s a tough pursuit, as non-profits face more complex accounting challenges than commercial operations of the same size due to the added transparency required in reporting. Some might also have overseas operations or trading entities. None of these scenarios makes for simple accounting. Accounting software can be categorised as entry level, mid-sized or enterprise-wide. The bigger the company, the more complex and expensive the systems become. However, charities don’t always follow suit: smaller non-profits often need enterprise-wide functionality.