Sage for Not-for-Profit
Sage is one of the most widely used accounting solutions in the Not-for-Profit sector due to the detailed attention the product offers to meets the needs of charities and other Not-for-Profit organisations. The software is also extremely easy to use and well known which makes staffing the finance team a much smoother process in businesses which rely on volunteer time or cannot always compete with other sectors on salary.
As the leading accounting application in the UK, many external systems use Sage as a benchmark for integration and will provide an export file in Sage format. For Not-for-Profit organisations this is key as the main piece of software is unlikely to be the accounts system – it is usually the donor/member marketing solution.
Standard NfP Report Formats
Sage ships with a pre-defined set of Not-for-Profit reports which meet the needs for statutory reporting in SORP and SoFA. This avoids the need for complex form design or learning a new reporting tool.
Chart of accounts template
When setting up your Sage system, you can choose a template chart of accounts which has been designed with Not-for-profit organisations in mind. The chart of accounts can easily be amended to tailor it to your specific requirements but in the main the GL codes will reflect the standard income and expenditure most Not-for-Profit companies will expect to use.
Fund management and job costing
Sage offers the use of project codes or departments to track specific funds and grants that require a breakdown report to analyse how, when and where the funds have been used. The assigned code is set up and then added to relevant transactions to create a mini P&L for each fund/project.
To find out why so many small and medium sized charities and NfP organisations use Sage 50 to control their income and expenditure, contact us today.