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The following aspects are important for an non profit organization:
- Keeping records
- Internal control
- Financial reporting
1. Keeping records
In this aspect, the organization is required to keep record all the transactions that are taking place. It should record all the money they receive and also the invoices for the things they buy.
They should be accountable for every transaction taking place.
Non profit organizations need also to prepare accurate and clear budget in order to plan how much to use to run the operations of the organization. Its helps the organization to forecast on how much it expects to spend over a certain period.
3. Internal control
Here the organization is required to develop an internal control system which helps in controlling all the operations and activities of the organization
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4. Financial budgeting
A Non profit organization is also required to prepare financial report to indicate the summary of the income and experiment at the end of a financial year.
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