Online Financial Guide for NFPs

A new online financial literacy tool has been launched to assist Australian Not for Profits.

The Guide for Community Financial Officers is designed to help financial officers of Not for Profit organisations take on their roles with greater knowledge and confidence, and to help board members understand what is required of a financial officer.

Westpac and Chartered Accountants Australia and New Zealand have collaborated to produce the free guide which is available from Westpac’s Davidson Institute.

The guide explores what’s involved in being a financial officer; keeping the books, the main accounts and tracking cash, as well as providing legal and tax facts and reporting to the board.

Westpac national manager for working capital and industry specialisation Jacqui Logan-Powell said with many Australians belonging to a community group, the financial health of this sector was vitally important.

“Westpac is proud to support this guide which is part of our ongoing work to ensure community organisations have ready access to the information they need to operate effectively in a complex and changing financial environment,” Logan-Powell said.

“Our collaboration with Chartered Accountants Australia and New Zealand means this guide has a lot to offer community financial officers as they fulfill their vital role.”

Chartered Accountants chief executive Lee White said the guide would help organisations go from strength to strength.

“Financial officers bring a great deal of enthusiasm to their role and ensure that their organisations are in a strong financial position to continue serving their communities,” White said.

“This guide not only aims to help financial officers with all levels of experience to achieve their objectives for their community groups and organisations, but to ensure that when faced with challenges, they are equipped to tackle them.”