Short and longterm financial reporting is important for an organisation, to know and monitor the progress and the direction of its financial health.
It is a requirement to be sure invoices can be paid, income is monitored, and the budget is not exceeded.
- It starts with a business plan
- (yearly) Budget:
- (yearly) Financial statements: (legally required; per calendar year)
- General ledger: the general ledger should always accurately reflect the financial status of the association
- Bank statements: PDF, Excel, or CAMT.053 statements (downloads)
- Invoices (incoming, outgoing)
- Account receivable (debtors)
- Follow-up on (bad) debtors
- Account payable (invoice payment/planning)
- Expenses (expense details: program, project, activity, responsible, date, location, type of cost, party, payment reference)
- Financial planning
- Provisions (large, or longterm projects, delayed invoicing, early payments, year-to-year alignment)
- Project reporting: at the end of a (large) project, you need to make a financial analysis
- Cost allocation (by activity, project, program)
- Preparation for end-of year grant reporting (Foundation)
Some banks deliver CAMT.053 statements in XML format. This allows for easy and detailed financial reporting via Excel. You can filter on certain periods, or transactions, or create a pivot table to report on expense claims management.
For most standard environments, a straight incremental Excel download is sufficient.
- You better keep all bank transactions per year, for each of the bank accounts.
- Better have a separate bank account per business domain
- Download the PDF documents (non-repudiation)