Financial management is as important in a non-profit/voluntary sector setting as in a business. You may have accountability to the membership then additionally to funding partners, granting bodies, government agencies, etc.
Accurate record keeping is the key to making this function in your agency work. It is highly recommended to use an accounting program such as Quick Books or Sage50 (Simply) Accounting. These programs will allow quick and accurate reports at meetings, in application situations, and in other situations when required.
A sound risk management practice is to have a financial policy that outlines reporting requirements and timelines, and who that responsibility is assigned to, as per the Bylaws.
One of the first steps in managing your organization’s funds is creating a budget to guide not only your spending but also sponsorship, fees and other sources of income.
Non-profits Assistance Fund
Non-profit Answer Guide
Non-profit Accounting Basics
Virginia Society of Certified Public Accountants