Accounting Software for Charities

What are the benefits of Cloud Accounting packages for a Charity?

The charity accounting software needs to allow simple monitoring of income and expenditure between funding sources (either restricted or unrestricted).

To achieve this, many smaller charities maintain their ledgers simply using Excel. However, this is not really an option for larger Charities who use accounting software packages such as Sage, Quickbooks or Paxton.

Additionally, charities face further challenges, as they often rely heavily on individuals who have additional commitments, and give their time, where they can, usually during unsociable hours. This makes it difficult for bookkeeping transactions to be processed as the office can be inaccessible when required. A more flexible approach is cloud based accounting. Also known as online accounting, cloud accounting offers the same functions as locally based accounting packages but additionally allowing the same ledgers and reports to be accessed in different locations at the same time. 

The use of a server based system, which is accessed with a web browser over the internet, means that there is no need to install large packages onto a computer or carry out regular software updates. It also means that if a computer is stolen or broken the data is secure on the server.

Providers of Cloud Accounting

There are many providers of cloud accounting, these include Quickfile, MaraccOnline, Liberty Accounts and Xero. Xero can offer a real-time view of your cash flow, importing and categorising transactions directly from your bank account, reducing manual data entry. The system can also be accessed on the move with Xero’s mobile apps, allowing constant monitoring of transactions. Access can also be granted to your accountant at any point during the year.

A more comprehensive list of these packages can be obtained from www.ITforcharities.co.uk

Our Business Services Manager Andy Richardson, who has a wealth of experience in providing accounting and taxation advice to clients, is a certified Xero advisor and can be contacted to discuss whether cloud accounting would suit your charity’s needs.

Contact Andrew here.

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