Category Archives: Accountancy

Why do Charities Need Accountants?

Accounting for charities is very important as they're handling the money of the public. Donors have the right to know how their donated money was spent. Above all, charity accountants should be aware that business and charity accounting is not the same. Some laws and regulations must be followed when accounting for charities. In charity accounting there are four different types of funds:
  • Unrestricted funds: these are funds that charity trustees can use for their personal use
  • Designated funds: these are unrestricted funds that trustees have put aside for a specific purpose
  • Restricted funds: these are funds given to a charity for a specific purpose and must be used for that purpose
  • Endowment funds: these are funds given to a charity representing capital. Funds like these are to be invested or used for other charitable...

4 business tips for July

Hybrid cloud technology

Many businesses are starting to realise that having all their data in the cloud may not be the best option. Due to cyber-security concerns, many firms are migrating applications and data away from the public cloud in favour of a mix of on-premises and private cloud environments. Hybrid cloud technology is therefore becoming a more popular solution. A hybrid cloud is a combination of on-premises and off-premises (or cloud-based) IT infrastructure platforms. The hybrid solution allows a business to run applications on multiple platforms. This increases efficiency and allows more flexibility as some software may only be available as a cloud based product. In addition to allowing firms to choose the right platform for the right systems, a hybrid cloud platform can also create cost savings as well as improved IT performance. These...
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