Voluntary and community organisations will find it useful to keep account of their income and expenditure so that they can better manage their affairs; they are also obliged to keep such accounts. While, for internal purposes, these can cover any period, in practice, as a minimum the organisation will need to comply with the requirements of its governing body as well as with legislation, which will probably require a minimum of annual accounts to be produced.
But accounts are not just figures. They will provide ‘an account’ of what’s gone on that can be explained to regulators and funders, and which can be used to inform how the organisation is planned and managed. Ongoing changes to accounting rules mean that those with responsibility for accounts should keep abreast of current legislation. Professional guidance is recommended in all cases.
