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Not For Profit Sector
How different can NGO Finance & Accounting be to for profits? Ironically, rules of debit and credit remain the same. However, perspectives on objectives, measurement and compliance parameters are entirely different compounded with conventional NGO practices of hiring low wage accountants with their own constraints of competencies and the consequent challenges of utilizing the Finance & Accounts function to direct and grow the noble causes of the NGO.
The fundamental difference being accounting for trusteeship is the ability to measure and disclose how each rupee or the collective funds of donors charity has been applied to obtain the best social or community impact. This onerous fiduciary trusteeship role can best be performed by:
At Resolve, on engagement we commence with an as-is analysis from MIS formats, compliance due diligence, accounting structure review, processes and practices being followed with key measurement parameters and offer alternate solutions. This could vary from: