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As a not-for-profit with charity status, the Canberra Innovation Network has more than a few complexities to its bookkeeping. It’s our pleasure to grow with them from strength to strength and ensure they never have to worry about the state of their financial records.

 

Not-for-profit = not your average bookkeeping

 

Whatever your goal or mission as a not-for-profit, you can be sure you have one thing in common: stricter financial accountability requirements.

Alas, in our great federation, it is not as simple as one set of rules for everyone who accepts donations or receives grants. Instead, financial requirements differ according to:

• State or Territory
• Annual revenue
• Type of not-for-profit (charity or other NFP such as a sporting club, professional association, social society or community service organisation)
• Type of funding received

 

Your additional requirements may include:

• Additional written financial and operational records
• An annual audit or review (these are not the same thing)
• Records of salary sacrifice arrangements made with your employees

 

Whilst you will need an accountant or registered auditor to complete or verify your financial records for audit, it’s always better to have your records in excellent working order rather than scramble to reach compliance once a year.

 

At LPB, we know exactly what your accountant or auditor needs and work with them to ensure a smooth process every time.

 

Canberra Innovation Network & LPB – working as a team

 

As a not-for-profit organisation with charity status, the Canberra Innovation Network receives both Government funding and ‘in-kind’ support from business and education partners. Of course, this requires a great accountant, but accountants aren’t always keen on being in the reeds of daily business with you. In this case, CBRIN receives accounting support from a Gold Partner, and their Gold Partner provided the names of three bookkeepers they recommended who specialise in the day-to-day detail of financial record keeping and advice.

We recently asked CBRIN what about LPB stood out in the crowd of equally recommended contenders. It came down to the three things we always recommend you look for in a bookkeeper: Skills, personality, and availability.

Sharyn Smith, Chief Operating Officer at CBRIN, was kind enough to say it was a combination of:

• The knowledgeable way Lucy spoke about the not-for-profit bookkeeping services she could provide.
• We gelled. Lucy is not your traditional finance person; she’s a breath of fresh air. Everyone at CBRIN works as one big team, and we wanted our bookkeeper to be a part of that. Lucy felt like she would work as part of our team rather than an outsider looking in (personality).
• Lucy being prepared to meet with us every week in person rather than work remotely (availability).

 

Sharyn’s instincts were right, and we’ve been a great team from the beginning.

Bookkeeping services for not-for-profits like CBRIN

 

At LPB we offer bookkeeping services customised to meet the needs of our clients, and working with CBRIN is no different. When it comes to not-for-profit bookkeeping, the devil is in the details, specifically, knowing which little details differ from regular financial practice.

 

As bookkeepers for the Canberra Innovation Network, LPB provides the full range of bookkeeping services, including:

• Invoicing and invoice payments
• Full salary service – payslips, leave management, etc.
• Monthly credit and bank reconciliations
• Liaison with CBRIN management and accountant representative

 

More uniquely to the not-for-profit nature of the business, LPB also:

• Ensures ‘in kind’ support is put through the records correctly
• Provides data and support for audit compliance, supporting CBRIN and their accountants to meet deadlines with accuracy and as much ease as possible

At the end of the day, our goal when working with not-for-profits is the same as for any client – we are here to keep on top of your financial record keeping, so you don’t have to!

Not-for-profit bookkeeping feedback – don’t just take our word for it

 

We may know a lot about numbers, but we also know a fair bit about business. For example, we know people trust reviews more than advertising. Luckily, most of our clients say nice things about us, so we’ve got your back there too.

Over more than five years of working together, here’s what Sharyn Smith, Chief Operating Officer of CBRIN, had to say about our ongoing bookkeeping services: ‘Lucy is a great source of advice. I don’t have a financial or bookkeeping background, so she is often the first person I ask. If she doesn’t know, she will go away and find out what we need to do. She keeps herself very up to date on how things are changing and what is happening in the financial world, especially the things we not-for-profits need to be aware of. I’ve happily recommended her to a number of other businesses and have no hesitation recommending her to other not-for-profits.”

It helps that Lucy and the team at LPB genuinely enjoy working with numbers, keeping up to date with financial regulations, and getting into the financial reeds with you and your organisation. We’ll do the numbers so you can focus on your business. Contact us today.