Specialised Bookkeeping & Accounting For

Not for Profit Organisations

Let's Talk

Benkorp’s mission is to:

Raise the Standard of Financial Management of your organisation to help your organisation achieve its goals

Benefits of Benkorp’s ongoing bookkeeping and accounting

Benkorp has been providing financial management services for Not For Profit organisations for over 25 years. We’ve developed a well proven system to ensure effective and efficient financial management for your NFP. Some of the benefits include:

R

Skilled & qualified bookkeepers & accountants with decades of experience in NFP financial management

R

Full financial reports provided monthly for your management team

R

No need to be concerned about ATO and your head office/diocese/synod lodgements – this is all done for you.

R

No hiring, finding, training, re-training of staff or volunteers required

R

Clear predetermined, agreed processes and responsibilities

R

Financial management continues regardless of changes of treasurers

R

No downtime for holidays & sickness

R

Streamline audit process

R

Assistance with budgeting as required

R

Expert Training on financial management provided for your management team as required

R

Fixed monthly pre-agreed reasonable fees

R

Recommendations for NFP process improvements based on expertise and experience with over 500 Not for Profit organisations

Benkorp Bookkeeping & Accounting service options

Benkorp Services Accounts Receivable Accounts Payable Payroll Reporting Year End Review & Advise Support
Full Benkorp Benkorp Benkorp Benkorp N/A N/A
Partial NFP Benkorp Benkorp Benkorp N/A Yes
Joint NFP NFP Benkorp Benkorp Yes Yes
Review NFP NFP NFP NFP Yes Yes
Support NFP NFP NFP NFP No Yes

Our Processes

Detailed process of Benkorp’s Full Ongoing Bookkeeping Services

After the initial set up/checking/updating process is completed

Accounts Receivable
Frequency NFP Responsibility Benkorp Responsibility
As agreed Inform Benkorp of ongoing agreements Set up in accounting system for automatic invoicing
Forward details of adhoc invoicing required using Benkorp Invoice request form Process in the accounting system and email Customer Invoices as required
Email Weekly completed offering/collection forms to Benkorp Process in the accounting system

Allocate receipts to invoices and enter other monies received as per bank statement or banking notification

Allocate all invoices/receipts to relevant departments, projects etc as required

Ultimate responsibility for debt collection Contact customer and negotiate as required Assist with follow up with customer for debt collection – see process for this below
Produce Accounts Receivable reports directly from Xero as required
Accounts Payable
Frequency NFP Responsibility Benkorp Responsibility
Weekly, Fortnightly, or Monthly as per agreement Supplier Invoices, approved for payment, scanned by your NFP and emailed to Benkorp as agreed Process in the accounting system
Approve payments online banking Enter into your online banking in preparation for your approval & payment
Notify Benkorp of any payments made by cheque or directly Enter other payments

Reconcile bank accounts – import transactions from your bank accounts if required.

Allocate all payments to relevant departments, projects etc as agreed

Payroll
Frequency NFP Responsibility Benkorp Responsibility
Fortnightly or monthly as agreed Inform Benkorp of details of new employees or changes to existing employee details using Benkorp Forms – see below Set up new employees, process changes to existing employees as required
Employees enter & managers approve Leave requests and timesheets using Employee Portal – see details below Process approved leave requests and timesheets
Approve payments online banking as required

Process payruns – Email payslips to employees.

Upload Payroll and minister’s expense account details to bank account if required and notify bank signatories

Monthly or quarterly as agreed Organise for lodgment & payment of Superannuation monthly using Auto Superannuation Function
Annually

Reconcile Payroll, Produce & email annual Payment Summaries

Calculate and submit Workers Compensation documents

Notify Benkorp using of annual payroll reviews/adjustments using Benkorp Forms Assist with and process annual payroll reviews/adjustments
Reporting, BAS & Annual Processes
Frequency NFP Responsibility Benkorp Responsibility
Monthly – specific date as agreed Finalise Bank & other reconciliations
Review Reports, ask questions, recommend changes if required. Produce & send monthly reports as agreed:

  • Total Income & Expense (Profit & Loss)
  • Income & expenses for departments, projects
  • Balance Sheet
  • Accounts Receivables
  • Accounts Payables
Monthly or Quarterly

Calculate & Lodge IAS/BAS

Notify bank signatories of payments if required

Annually Appoint AuditorLead Budget process

Assist with audit process

Assist with Budget process

Benkorp Management Services Terms & Conditions

Benkorp Management Services Terms & Conditions For Bookkeeping & Accounting services

Period of Engagement
Our engagements will start on an agreed date and will indicate the first period for which we will be responsible. We will not deal with earlier periods unless you specifically asks us to do so and we agree.

This engagement document will be effective for future years unless:

  1. we issue an amended one to you due to for example:
    1. there seems to be a misunderstanding of the objectives and scope of the engagement;
    2. any significant changes in the engagement;
    3. a significant change in the nature or size of the client’s organisation;
    4. any significant changes to professional standards, legal or regulatory requirements
  2. either party wishes to terminate for any reason with 90 days written notice

Confidentiality & Privacy
In conducting our engagements, information acquired by us in the course of the engagement, including any information relating to the client affairs whether it belongs to you or not or is provided by you or not, is subject to strict confidentiality requirements. That information will not be disclosed by us to other parties except as required or allowed for by law, or with the client express consent.

Our firm’s system of quality control is currently being established in accordance with the relevant APESB standard. As a result, our files may be subject to review as part of the quality control review program of a professional organization which monitors compliance with professional standards by its members. We advise you that by accepting our engagement you acknowledge that, if requested, our files relating to this engagement will be made available under this program.

If required, we may collect Personal Information about you, the client representatives, the client clients and others when we provide services to you. If we do, you agree to work with us to assist in meeting the obligations that we each may have under the Privacy Act 1988 (Cth) (as amended) (Privacy Act). The obligations may include notifying the relevant person to whom the personal information relates who we are and how we propose to use their personal information. Where you have collected personal information, you confirm that you have collected the personal information in accordance with the Privacy Act, that you are entitled to provide this personal information to us and that we may use and disclose the personal information for the purpose/s we provide our services to you. We will handle personal information in accordance with the Privacy Act.

You are required to arrange for reasonable access by us to relevant individuals, documents and bank accounts, and shall be responsible for both the completeness and accuracy of the information supplied to us. Any advice given to you is only an opinion based on our knowledge of the client particular circumstances. You or the client staff are responsible for the maintenance of the client internal controls and to store the relevant documentation for five (5) years.

Involvement of Others
Benkorp reserves the right to engage the services of an external accounting services to perform these services if required. This includes the use of outsourced services by suitably qualified staff working in other countries in a secure, controlled and professional environment for bookkeeping, accounting and administrative services. For some clients Benkorp engages the services of qualified bookkeepers/accountants based in Philippines. The Philippine accounting company is owned and controlled by an Australian chartered accounting firm. Acceptance of our services in conjunction with this engagement document indicates the client acceptance of the use of outsourced services if required. Where the outsourced service requires the disclosure of personal information, Benkorp take reasonable steps to ensure that the Australian Privacy Principles are complied with.

Limitation of Liability
Our liability is limited by a scheme approved under Professional Standards Legislation. Further information on the scheme is available from the Professional Standards Councils’ website: http://www.professionalstandardscouncil.gov.au.

Ownership of Documents
All original documents obtained from you arising from the engagement shall remain the client property. However, we reserve the right to make a reasonable number of copies of the original documents for our records. Our engagement will result in the production of documents including, electronic documents or files, which will be supplied to the client. Ownership of these documents will vest in you. All other documents produced by us in respect of this engagement will remain the property of our firm, subject to any statutory obligations.

Last updated 7th December 2016

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!