Managing finances
Sound financial management is one of the cornerstones of running a successful organisation or project.
This means that the organisation practises good record-keeping, has financial policies and procedures, knows how to budget and fundraise and is clear about who is responsible for making financial decisions.
Where to get help
There are a range of training programmes for trustees and staff available. These include book keeping, budgeting and cash flow and preparing financial reports for management committees.
Community Accountancy Self Help (CASH)
This is a great place to start. CASH provides financial advice and training to small charities and voluntary groups. Services include one-to-one casework, training courses and publications, all of which are geared towards providing people with the basic financial skills needed to run successful organisations. Check out CASH FACTS! They're free to download and are well written.
Tel: 020 8969 0747
E-mail: services@cash-online.org.uk
Voluntary Sector Financial Management
This NCVO site is for financial professionals leading or working in voluntary organisations, treasurers or trustees with financial management responsibilities and organisations that provide financial management services to the sector.
The site lists 150 financial documents that serve as guidance, briefings or model policies. Organisations receive free updates when they register with the mailing service.
The Refugee Council
The Basis Team offers information, support and training to refugee community organisations in all aspects of financial management. It has also developed a range of useful on-line toolkits on financial management and related subjects.
Tel: 020 7346 1293
Councils for Voluntary Service (CVS)
Your local CVS might offer training and information on managing finances. It might be worth giving them a call first to see what's available locally. A list of London based CVS can be found on the London Councils website
For example:
Budget Yourselves
Got one budget? Maybe you have two? Three? Budget Yourselves is a free software program that helps a voluntary organisation or community group write and manage multiple budgets and lets you link them together into one.
Everybody Counts
Everybody Counts is a new website from the Institute of Chartered Accountants designed to help you identify a suitable volunteer from their membership of 127,000 Chartered Accountants. You can either advertise your needs online or search through the database for a suitable accountant.
Preparing Charity Accounts and Reports
Information and help with completing your annual returns if you are a charity.
Finance for Social Enterprises
UnLtd
UnLtd is a charitable organisation set up by seven leading organisations that promote social entrepreneurship. They have the following downloadable documents:
Books and publications
If you're a new organisation or about to set up, we recommend purchasing a book that covers all aspects of management, not just finance. It's a great investment. You can use it as a tool to build and implement basic systems and policies. Having this resource available at all times and to your trustees means that learning and experiences can be shared across the board as your organisation grows.
Doing it for Ourselves from the Refugee Council
A good resource for setting up your financial systems. Start with writing a budget and then proceed to cash flow forecasts, book keeping, petty cash, bank reconciliation and writing financial reports.
Basic Accounting for Small Groups from OXFAM
This book offers a step-by-step guide to basic accounting and financial management techniques. It is written in plain language for people who have no previous experience of accounting and book keeping.
Full Cost Recovery CD-ROM by ACEVO
This toolkit is designed to help organisations adopt the business model of full cost recovery by using a technique called cost allocation. Using this model will help organisations cost services accurately and not miss any hidden costs. ACEVO has also launched a campaign to raise awareness and promote this practice across the sector.
Just About Managing
There's a whole chapter dedicated to managing money that covers both financial responsibility and accountability comprehensively. Great introduction to financial record keeping and helps you prepare for your first audit.
Page last reviewed: February 2010
