Charities are increasingly coming under pressure to find efficiencies in their operations and there is a growing need to embrace technology as a result. The nature of a charity’s day-to-day activities means that staff and volunteers often incur expenses on the charity’s behalf, being reimbursed later by petty cash, cheque, or through payroll. The recording and monitoring of such expenses can be a time-consuming and a labour-intensive process, with a delay between the expense being incurred and then eventually being reported and repaid.
In recent years we have seen a move towards online accounting systems and there has been a growth in the tools and applications that link to these online systems. The applications are wide ranging, offering services that include donor and fundraising management, event administration, gift aid reporting, expense management and many more. Expense management applications provide opportunities for charities to efficiently monitor, approve, pay and report in real-time, reducing the time it takes to process and pay these expenses.
If your charity is swamped by expense repayments please let your usual Kreston Reeves contact know as we have a specialist online accounting team that can advise on tailored digital solutions for your charity.