The Business Exchange Swindon & Wiltshire April/May Edition 2015 | Página 10

FINANCE Local firm leads the way in third sector accounting Sue Plumb, a partner in the Swindon office of national accountants and business advisors Haines Watts in Old Town, is leading the way when it comes to third sector accounting. She is now working with clients across the country and even in Europe, with one client in Rome. Sue, who has been in the accountancy profession for 25 years, trained and qualified with top four firm Ernst & Young here in Swindon and spent twelve years there before joining Haines Watts in 2002. In 2006 Sue became a partner which offered her the opportunity to specialise in a sector she had always had a passion for; not-for-profit. The third sector is highly regulated and understanding the governance behind charities and not-for-profit clients is paramount when dealing with their finances. Sue has in the region of 40 charity clients ranging from very small local charities with income of less than £10,000, to large national affiliated charities with income in the millions. Clients range from council and government funded charities to those that rely significantly on donations and fundraising activities. Her portfolio covers charities established to support the youth sector, adults with learning difficulties, mental health, domestic abuse and help and support for the elderly to name but a few. Sue is also developing a specialism with school academy clients and their specialist needs which are very similar to charities, but with added regulations imposed by their funding agency. “Sadly there is an ever-decreasing pot of funding, but no reduction in the number of organisations desperate for this money.” Sue told The Business Exchange about the biggest challenges charities face. “Securing funding is one of the biggest issues facing the sector. Austerity in recent years has had a deep impact - especially on charities that relied on council and government funding. “Sadly there is an ever-decreasing pot of funding, but no reduction in the number of organisations desperate for this money.” Sue believes that charities really need to plan ahead to manage their income streams. “Contracts with funders may only last one or two years. Right at the start of a contract charities need to be thinking about what will happen once that contract finishes. Being smart around the timing of the bidding and tendering process is vital.” “The tender process is becoming increasingly complex and competitive, and a compelling case is also needed as to why that individual charity should receive the funding ahead of others.” The Business Exchange asked Sue what her top tips would be to help the not-forprofit sector? Sue said: “Monitoring day-today cash flow is tricky. Organisations need to really grasp an understanding of the funds coming in and going out. Knowing what cash reserves are already committed to projects and what is left to deal with unforeseen requirements is key.” “It’s also very important to recruit the right trustees. This can prove especially challenging in the current climate given the responsibilities now expected of trustees. Getting the right skills, and in particular the right balance of those skills in place is vital in taking the charity forward.” Sue, who lives and works in Swindon, is keen to work more closely with local charities, helping and advising them on all aspects of charity accounting and reporting. Sue said: “Many charities are an integral part of the fabric of a community. Helping local charities succeed, benefits society as a whole.” Contact Sue by calling 01793 533838 OR emailing [email protected] We’re always keen to hear your business news. If you have something happening in y