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.
Sign up for our 5-Day Nonprofit Finance Challenge & Giveaway: https://www.bancservices.co.uk/5-day-challenge/ Check out ExpensePlus and sign up for a month's free trial and 10% off your first year's subscription, using my referral link http://expenseplus.co.uk/r/AI-BANC In this episode, Aishat discusses the importance of financial reserves for charities, especially in light of recent funding cuts from both the US and UK governments. She highlights the cascading effects of these cuts on various types of charities, including those that rely on government grants and sub-grantees. Aishat emphasizes the need for nonprofits to adopt strategies for financial resilience, such as diversifying income streams and building reserves. KEY TAKEAWAY Reserves are crucial for the financial health of charities. Recent funding cuts have urgent implications for nonprofits. Charities directly receiving government grants feel the impact first. Sub-grantees are also affected by cuts in funding. Demand for nonprofit services is rising amid funding cuts. Financial resilience is essential for nonprofits. Diversifying income streams can mitigate risks. Financial resilience is no longer optional—it’s essential. EPISODE RESOURCES https://www.bancservices.co.uk/5-day-challenge/ 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
Check out ExpensePlus and sign up for a month's free trial and 10% off your first year's subscription, using my referral link http://expenseplus.co.uk/r/AI-BANC In this episode, Aishat discusses her experience at the Problem Solving for Painful Payments Roundtable, focusing on key accounting challenges faced by international charities. She does a dive into a common financial challenge faced by international NGOs - managing multiple exchange rates when handling expenses and donor funds and shares a practical solution that can simplify reporting and reconciliation: the Weighted Average Exchange Rate (WAER). KEY TAKEAWAY Exchange rate fluctuations can complicate accounting WAER helps standardize conversions, making financial reporting and reconciliation easier. WAER is particularly useful in two key scenarios:When field staff convert currency at different rates during trips, creating multiple exchange rates for expenses. When donor funds are received in multiple tranches at varying exchange rates, impacting financial reporting. WAER simplifies accounting by averaging exchange rates – Instead of tracking every individual conversion, organizations can use a single calculated rate for consistency. Exceptions exist – Some donors may require a fixed exchange rate, in which case WAER may not be applicable. EPISODE RESOURCES Ebury: https://ebury.com/ 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
Check out ExpensePlus and sign up for a month's free trial and 10% off your first year's subscription, using my referral link http://expenseplus.co.uk/r/AI-BANC In this insightful guest episode Aishat sits down with Sam, Founder and Director at ExpensePlus, an accounting software created specifically for charities and churches. Sam brings extensive expertise in charity financial management, highlighting common pitfalls and providing practical strategies to avoid them. They discuss the importance of effective financial management in charities. They explore common pitfalls such as inadequate budgeting, clunky financial processes, and the failure to utilize financial reports. Sam shares practical tips for improving financial management and introduces ExpensePlus as a solution for charities looking to streamline their financial processes. KEY TAKEAWAYS Budgets should not only exist but also align closely with your charity’s goals and vision. Effective budget management requires engaging the entire team and providing them with timely and clear financial reports.. Paper-based financial systems often lead to inefficiency, higher costs, and greater risks; digital solutions can dramatically improve these processes. Simplifying financial reports can enhance engagement and understanding. Clear, simple financial reporting that decision-makers can easily access encourages better financial decisions and enhances accountability. BEST MOMENTS "… when budgeting is really important to step back and look at whether the charity's expenditure and the proposed budget aligns with the vision and goals,…" "... helping your budget holders kind of come alongside and, realize what the priorities are will motivate them." "... every charity should be on software now 'cause it helps to streamline your process and better saves time." EPISODE RESOURCES Connect with Sam: https://www.linkedin.com/in/sam-lewis-280710130/ 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, Aishat tackles one of the most anxiety-inducing tasks for charities: the annual audit. But don’t worry, it doesn’t have to be stressful! With a decade of experience leading finance teams through clean audits, Aishat shares practical tips and strategies to help you prepare for your charity’s audit with confidence and ease. KEY TAKEAWAYS Audits can be an opportunity to improve financial processes. Preparation is key to a stress-free audit experience. Using accounting software can streamline the audit process. Maintaining an audit trail helps auditors verify transactions. Revisiting previous audit findings is essential for improvement. RESOURCES AND RECOMMENDATIONS Expense Plus: https://expenseplus.co.uk/features Xero: https://www.xero.com/uk/small-businesses/non-profit/ Quickbooks: 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, Aishat dives into a crucial topic for anyone managing charity finances: understanding fund types. Starting with the basics of restricted and unrestricted funds, she unpacks common terms like designated funds, ringfenced funds, and general funds, explaining what they mean and how they impact a charity's financial operations. This episode is all about helping nonprofit professionals, trustees, and financial advisors speak the same language when it comes to fund management. Whether you're a trustee, staff member, or a charity’s accountant, this episode will provide clarity and practical tips to ensure your financial management is spot on. KEY TAKEAWAYS Understanding fund types is crucial for effective financial management. Restricted funds must be used as specified by the donor. Unrestricted funds offer more flexibility for charities. Designated funds are a type of unrestricted fund set aside for specific purposes. Ring-fenced funds can refer to restricted or designated funds, depending on context. 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