Latest blogs
Segregation of duties: in small nonprofits!
Segregation of duties: what is it? It is a control incorporated into organisations’ operations to safeguard assets and the integrity of individuals. It involves splitting key tasks and responsibilities among different individuals to establish checks and balances,...
It is Year-End Review Time
Introduction As we approach the end of another incredible year, it's time to reflect, celebrate achievements, and set our plans for the future. At BAnC Services, we’re proud to work with non-profits and service based businesses, and whether you’re a passionate...
Solutions to Challenges faced by Micro and Small Sized Charities
There is no set definition of a micro or small sized charity, though The Small Charities Data defines small charities as voluntary or community organsiation with annual income below £1million. For this blog, our reference to micro or small sized charities is to...
Tax Season: Is it really over when you submit your return and pay your tax liability?
Background: Steps to Completing your Tax Return and determining your tax liability Determine total income in the year Determine total expenditure in the year Calculate trading profit (Income LESS Expenditure) Calculate Tax liability. A tax-efficient return is...
The Role of Bookkeeping in Securing Donor Funds
I often describe bookkeeping as being a business-critical function. Without accurate and timely bookkeeping, every other step of the financial management process fails! In today’s blog, I describe six ways in which accurate and timely bookkeeping plays a part in...
The Role of Bookkeeping in Charity Compliance
Accurate and timely bookkeeping is crucial for compliance in a UK charity, as with all businesses. In fact, you will often hear me describe bookkeeping as being a “business critical function” and as with the popular saying “garbage in, garbage out” we all know that...
Charity (SORP) Reporting: Statement of Financial Activities (SOFA)
A charity that prepares accounts using the accrual basis (whether by choice or based on legal requirement) is legally required to prepare accounts in accordance with The Charities Statement of Recommended Practices (FRS102), commonly known as the SORP. Charities...
BAnC Services’ very own “Bookkeeping and Accounting Angel” at Accountex 2023
What an amazing two days at Accountex 2023; an event London ExCel describes as “Europe’s largest annual business event for the accountancy and financial profession”! It left me exhausted, rejuvenated and lit! I could barely sleep after Day 1; every time I felt I...
Charity Reporting: Receipts and Payments Accounts
What is a Receipts and Payments Accounts? It is a simple method of reporting for charities. It is cash basis reporting and captures the money spent (cash and bank) and money received (cash and bank) by a charity, as well as the account balances. Who can submit...