Over the past year, charities in the UK and around the world have naturally focused on immediate solutions, finding short-term solutions to short-term problems. But the focus on the short term means that charities have often overlooked, overlooked, or simply ignored elements of charitable work that promote sustainability. This is especially true when it comes to financial management.
Charities don’t focus on finance. Some charities lack the knowledge and skills, others lack the time and resources, others don’t have the right digital tools in place. Some people just imagine that finance is too complex, beyond their capabilities, or just not that important.
It is a problem. Research shows that the charitable sector has very low financial literacy, resulting in insufficiently detailed financial records, poor impact reporting, and a lack of financial planning. This, in turn, makes it difficult for charities to ensure adequate transparency and accountability.
Today’s podcast aims to help. Host Ioan Marc Jones is joined by Braam du Plooy, Financial Controller at the Atlanta Convention and Visitors Bureau, and Joan Benson, Director of Nonprofit Industry Marketing at Sage Intacct, to explore the state of financial management in the UK charitable sector.
The podcast covers the factors that contribute to low financial literacy, how charities can improve financial literacy, how improvements can benefit the charitable sector, and more.