The importance of saving audits for charities and nonprofits
A charity’s finances are sparse, with every penny having a specific purpose. The simple reason being that non-profit organisations rely heavily on donations, funding, and the generosity of others to provide a beneficial service. No matter how noble the intentions of any charity are, there needs to be someone involved who can handle the financial side of things.
Like businesses, a charity needs to be strategic when it comes to outgoings. From utilities to products, the purchasing needs to be meticulous. That is why a savings audit is invaluable to organisations that want to help a specific cause but need financial guidance.
What is a savings audit?
A savings audit is when a specialist analyses the finances of an organisation to understand how money is spent. It is an easy solution to let someone with experience take the reins and figure out if certain areas of an organisation can reduce expenditure.
We do the research, you save money.
Our purpose here at Charities Buying Group is to help both charities and non-profit organisations reduce expenditure. That is why we offer our members free saving audits with no obligation. Going through this process will provide you with reassurance, as well as a thorough understanding of your finances.
An experienced consultant will review contracts and recent invoices to look for cost-effective alternatives that will reduce operating costs. The report will consist of an analysis of current and new projected costs, what savings are available, and timescales for implementation (subject to your approval). From utilities to telecommunications, there is a vast number of areas that could be more affordable.
Even a small change can create a big and beneficial impact, so more money can go toward an organisation’s cause.