Not-for-profits do a lot with a little, and having the right advisors can help you maximise your impact. Our team of accountants, auditors and advisors have significant experience in helping NFPs achieve their missions by giving reliable strategic advice, providing financial transparency, and ensuring that compliance obligations are met.
Who we help
We work with a wide range of non-profits, including:
• Charities
• Foundations
• Charitable trusts
• Community care organisations
• Sporting and recreation clubs
• Cultural organisations
• Social enterprises
• Educational organisations
We know some of the challenges you face
Maximising every dollar
NFPs often operate with limited resources so ensuring that there are the right advisors in place to help optimise operations, reduce liabilities and increase revenue is critical for success.
Maintaining transparency
Given NFPs are accountable for donations, grants and other funding sources, it’s essential they show stakeholders—whether donors, regulators or the public—that their financial resources are being used responsibly.
Navigating complex regulatory and compliance requirements
NFPs must meet certain accounting standards and audit requirements but staying on top of the ever-changing requirements can be difficult – especially for volunteer-led organisations.
What we can do for you
At BG Private, we specialise in accounting for not-for-profit organisations. We know the challenges you face and the opportunities you have.
Our team is committed to providing you with more than just the standard compliance and reporting. We offer value-add recommendations, clear financial insights, strategic financial planning, and advice on best practices based on our industry experience.
Our approach is built on transparency and collaboration. We work to be your trusted partner and sounding board, helping you make informed decisions that help achieve your strategic goals.
Our services
Strategy
- NFP structure advice
- Strategic planning to increase revenue to ensure the sustainability of your NFP
- Support with applying for government grants
- Working with you to formulate smarter operational strategies to reduce waste and maximise resources
- Highlighting potential areas of risk and offering advice on how to mitigate them
- Advice relating to governance including board governance
Analysis and advisory
- Management accounting, including:
- Provision of relevant data, insights and forecasting
- Performance benchmarking
- Tracking and managing income, expenses, assets and liabilities
- Breakeven analysis
- Working capital management
- Forecasting cashflow fluctuations
- Budgeting advice
- Investigating where costs may be reduced
- Advice around how all this financial data can help you make more informed decisions
- Accounting software selection, migration and implementation if needed
Accounting and tax planning
- Our not-for-profit accounting services are designed to support you in every aspect of your financial operations, from day-to-day bookkeeping and filing tax declarations or returns (if relevant) to long-term planning
- Accounting services including managing your statutory reporting and ATO obligations, and ensuring your financial records are accurate and up to date
Compliance and reporting
- Navigating the regulatory, governance and compliance requirements specific to NFPs
- Keeping abreast of changes to the Australian Charities and Not-for-profits Commission’s reporting requirements
- Financial reporting including preparing annual reports or reporting to donors
- Grant management and reporting to ensure you are meeting grant compliance requirements
- Audit and assurance, including internal controls and reviews. Our audits are designed to provide external validation of your financial statements, giving donors, regulators, and stakeholders confidence in your NFPs financial integrity
Positive outcomes you can expect
By partnering with BG Private, you can expect to see positive outcomes that benefit your non-profit’s long-term success, including:
- Maximised impact: Our strategic advisory services will help you use your resources effectively and increase revenue.
- Enhanced transparency. We’ll help you maintain clear and accurate financial records, ensuring you have the information you need to make better decisions and disclose matters transparently to your stakeholders.
- Improved compliance. With our expertise, you’ll remain compliant with the relevant regulations, protecting your NFP from penalties and other risks.
FAQs
Australian not-for-profits may be entitled to tax exemptions such as income tax exemptions, GST concessions, FBT (Fringe Benefits Tax) rebates, and deductible gift recipient (DGR) status, which allows donors to claim tax deductions.
If a not-for-profit breaches its tax-exempt status, it may lose its tax concessions, face penalties, and be required to pay back-taxes. The organisation could also be deregistered by the Australian Charities and Not-for-profits Commission (ACNC).
Get in touch
At BG Private, we’re dedicated to supporting the financial success of not-for-profits. If you’re looking for expert accounting, audit or advisory services, reach out now. We look forward to partnering with you!
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