On "The Nonprofit Bookkeeper," with support from my guests, we'll explore the intricacies of establishing nonprofits, uncover the driving forces behind their creation, and shine a light on the often overlooked heroes who uphold the mission's delivery.
Expect insightful tips for nonprofit success, including specialised episodes on financial management designed for the nonprofit number ninjas.
In this episode of the Nonprofit Bookkeeper, you host Aishat, discusses Financial Sustainability in non-profits. She talks about a two-prong approach to financial sustainability and outlines three actionable steps each for optimizing income and managing costs, all aimed at bolstering your non=profit's financial resilience. KEY TAKEAWAYS Financial sustainability in non-profits is about securing the resources needed to carry out the mission over the long term. Being a going concern is not the same as being financially sustainable Diversifying income streams and developing grant writing expertise can enhance financial sustainability. Reviewing expenses, building reserves, and engaging in long-term planning contribute to financial sustainability. BEST MOMENTS "Financial sustainability is like having the proper training, nutrition, and pacing strategy for a runner to complete the race." "Say thank you to your donors by acknowledging them and keeping them up to date on the impact their grant is making." ABOUT YOUR HOST Aishat operates her own bookkeeping and accounting services practice – BAnC Services which focuses primarily on serving non-profits. Before founding her practice, she dedicated over two decades to the non-profit sector. With her podcast, Aishat shares practical insights and expertise to streamline financial management for non-profits; and shines a light on the often unseen & unheard efforts that uphold the delivery of a non-profit’s mission. Beyond her professional endeavours with non-profits, Aishat is deeply committed to supporting single mothers with navigating financial management challenges and is the author of "Money Solutions for Single Mums". She also champions financial literacy among young black adults and thrives in discussions about money management. Work with Aishat: www.bancservices.co.uk CONNECT Instagram TikTok
In this episode, we delve into the world of CICs with Fiona Sanders, Co - Director of Miss S, a seasoned expert in CIC accounting. Despite navigating her own health challenges, Fiona's passion for socially conscious finance shines through as she offers invaluable advice for those operating within or considering starting a CIC. KEY TAKEAWAYS CICs are intended to trade and generate income, while charities rely more on grants and donations. When applying for grants, read the questions carefully and answer them directly, and make sure to include all necessary costs in the budget Engaging bid writers may not always lead to success, as a personal approach is often needed for smaller organizations BEST MOMENTS “… If they're looking to make money themselves, then a CIC is not the right entity for them. They should be looking at a regular limited company....” “… CICs are really a halfway house between a commercial limited organization, limited company and a charity,” EPISODE RESOURCES Find out more about MISSS https://misss.co.uk/ Join the CIC hub https://www.facebook.com/groups/562645194719543 Connect with Fiona: https://www.linkedin.com/in/fiona-sanderson-misss/ ABOUT YOUR HOST Aishat operates her own bookkeeping and accounting services practice – BAnC Services which focuses primarily on serving non-profits. Before founding her practice, she dedicated over two decades to the non-profit sector. With her podcast, Aishat shares practical insights and expertise to streamline financial management for non-profits; and shines a light on the often unseen & unheard efforts that uphold the delivery of a non-profit’s mission. Beyond her professional endeavours with non-profits, Aishat is deeply committed to supporting single mothers with navigating financial management challenges and is the author of "Money Solutions for Single Mums". She also champions financial literacy among young black adults and thrives in discussions about money management. Work with Aishat: www.bancservices.co.uk CONNECT Instagram TikTok
In this inspiring episode of "The Nonprofit Bookkeeper," I sit down with the passionate and driven Denise Stephenson, a lawyer turned advocate who is dedicated to uplifting young black and brown children through her charity, Reach Out to Kids (RO2K). As co-founder of Emancipated Run Crew as well, she's making strides in creating inclusive spaces within the running community. Denise story of resilience, determination and proving doubters wrong by becoming a successful lawyer and later pivoting to full-time charity work, is a must listen! Through RO2K, Denise is breaking barriers & paving the way for future generations. She highlights the invisible work that goes on behind the scenes to support the mission of RO2K. This episode is more than an insight into non-profit management; it is about advocacy, breaking stereotypes, and changing narratives—one child at a time! KEY TAKEAWAYS Funding is a major challenge for non-profits, and multi-year funding is needed for sustainable growth. The application process for funding can be time-consuming and challenging, especially for smaller organizations. Partnerships with corporate organizations can provide valuable funding and support. BEST MOMENTS “… we had a shoot, a student showcase, where we were celebrating the work that the students did for the. Mayor of London's challenge, seeing those children, those young people get up and talk in front of an audience of people, whereas when they started, some of them were SCN students. They wouldn't even talk. When we first got them, they would not talk. They wouldn't put their hands up. They wouldn't volunteer to mentor. They wouldn't do any of it. At the end of it, they were standing on a stage. Presenting their ideas in a very professional, passionate way, I almost cried...” EPISODE RESOURCES Find out more about RO2K https://www.linkedin.com/company/rok-reach-out-2-kids/ Connect with Denise: https://www.linkedin.com/in/denisestephenson2/ ABOUT YOUR HOST Aishat operates her own bookkeeping and accounting services practice – BAnC Services which focuses primarily on serving non-profits. Before founding her practice, she dedicated over two decades to the non-profit sector. With her podcast, Aishat shares practical insights and expertise to streamline financial management for non-profits; and shines a light on the often unseen & unheard efforts that uphold the delivery of a non-profit’s mission. Beyond her professional endeavours with non-profits, Aishat is deeply committed to supporting single mothers with navigating financial management challenges and is the author of "Money Solutions for Single Mums". She also champions financial literacy among young black adults and thrives in discussions about money management. Work with Aishat: www.bancservices.co.uk CONNECT Instagram TikTok
In this episode, your host, Aishat discusses the differences between cash accounting and accrual accounting in non-profit financial management. The benefits and drawbacks of each method are explored and she concludes with three things to consider when deciding on which is appropriate for the non-profit KEY TAKEAWAYS Cash accounting records income and expenses based on the exchange of cash, accrual accounting records them based on entitlement and incurring of expenses. Accrual accounting provides a more holistic financial picture. BEST MOMENTS “… One records transactions on exchange of cash and the other records transaction on entitlement and….” “… the larger and more established non-profits will benefit from the holistic view provided by accrual accounting.” EPISODE RESOURCES Charity reporting and accounting: the essentials November 2016 - GOV.UK (www.gov.uk) ABOUT YOUR HOST Aishat operates her own bookkeeping and accounting services practice – BAnC Services which focuses primarily on serving non-profits. Before founding her practice, she dedicated over two decades to the non-profit sector. With her podcast, Aishat shares practical insights and expertise to streamline financial management for non-profits; and shines a light on the often unseen & unheard efforts that uphold the delivery of a non-profit’s mission. Beyond her professional endeavours with non-profits, Aishat is deeply committed to supporting single mothers with navigating financial management challenges and is the author of "Money Solutions for Single Mums". She also champions financial literacy among young black adults and thrives in discussions about money management. Work with Aishat: www.bancservices.co.uk CONNECT https://www.instagram.com/npbookkeeper/ https://www.tiktok.com/@npbookkeeper?lang=en
In this episode, I speak to Sarah Broad, the COO of NPC, a charity think tank. We discuss the dynamic role of a charity COO, the challenges of juggling multiple responsibilities and the need for a strong support network. We also delve into importance of the CEO- COO relationship and Sarah emphasizes the value of attitude and constant learning in finance roles and offers tips for acknowledging the work of support teams. KEY TAKEAWAYS Building a strong support network is essential for COOs, including peers in similar roles and professionals from different backgrounds. The relationship between the CEO and COO is crucial for the success of a charity, with open communication and complementary skills. Qualifications and experience are both important in finance roles, but attitude and a willingness to learn are the most valuable qualities. Acknowledging the work of support teams is essential, and success can be measured by what is not being talked about. BEST MOMENTS “… the measure of success in an operations team is what people are not talking about...” “… having the right attitude to think about how you apply your learning on a day-to-day basis. It is what's really valuable.”. “…having an external network is absolutely critical …” EPISODE RESOURCES Find out more about NPC https://www.thinknpc.org/about-npc/ Connect with Sarah https://www.linkedin.com/in/sarah-broad-887b09b/ Charity Finance Group: https://cfg.org.uk/ ACEVO: https://www.acevo.org.uk/ ABOUT YOUR HOST Aishat operates her own bookkeeping and accounting services practice – BAnC Services which focuses primarily on serving non-profits. Before founding her practice, she dedicated over two decades to the non-profit sector. With her podcast, Aishat shares practical insights and expertise to streamline financial management for non-profits; and shines a light on the often unseen & unheard efforts that uphold the delivery of a non-profit’s mission. Beyond her professional endeavours with non-profits, Aishat is deeply committed to supporting single mothers with navigating financial management challenges and is the author of "Money Solutions for Single Mums". She also champions financial literacy among young black adults and thrives in discussions about money management. Work with Aishat: www.bancservices.co.uk CONNECT https://www.instagram.com/npbookkeeper/ https://www.tiktok.com/@npbookkeeper?lang=en