The highlight was definitely meeting all the lovely Wellington people and teaming up with Xero. But also jointly discussing with major accounting firms and thought leaders how to improve compliance in the NFP sector in NZ.
A lot of our talk was around new XRB reporting. Even though the new reporting doesn’t kick in until next year, the main takeaway from the tier 4 Charities Commission Roadshow (Tauranga) is for charities to start capturing the data required now.
Infoodle itself will come in really handy for preparing figures for the new Statement of Performance, as Infoodle reports can provide great detail helping to define performance. e.g. Number of people attending specific focused groups on a monthly basis.
Update on Charities Commission XRB Reporting
The big 4 accounting firms are taking the new standards very seriously, particularly tier 1 and tier 2. Spending significant investment upskilling their NFP accountants.
Also Xero have produced ‘not for profit’ material detailing a tier 3 and tier 4 report pack that will be produced out of Xero. This is great news for Xero accountants! Who will be able to access this new report pack from their advisor tab.
Xero also gave us the inside word that they are in talks with the DIA (The Department of Internal Affairs) to develop seamless electronic filing for the new standards from within Xero. This would save huge time for both the NZ charities and commission as current excel submission will be hugely labour intensive. (No official word on this yet, but Xero are pushing!)
Hence more comments like this starting to appear on the Xero forums.