Accounts and Accountability

Wednesday February 4, 2015

It isn't just businesses that have to keep close track of their finances and report their accounts. The government cares just as much about where the tax goes after they've collected it.

Small public bodies like parish councils, fire and rescue authorities and even police services are expected to present full reports of how they're managing their affairs. With the public purse strings tightening and dwindling budgets all over the public sector, small public bodies can expect their accounts to be under ever-closer scrutiny.

With the abolition of the Audit Commission, whose job it was to oversee the way tax money is used by local public bodies, it's ever more vital that those bodies demonstrate accountability in the way they handle their finances - because now the responsibility of getting their accounts examined by qualified auditors will fall to them.

The government takes a pretty dim view of sloppy accounting, and have been known to name and shame services that don't submit their reports correctly. The new regime coming in will also make it easier for individuals to inspect the accounts of local bodies, with secondary legislation to protect whistleblowers who point out when things aren't being done correctly.

All this boils down to a number of exciting new headaches. RIFT Accounting is ideally suited to managing small public body finances, and can make sure that every box gets ticked on time.

Get in touch and we'll show you how to keep your accounts both visible and transparent!

Call us on 01233 653006 and see how we can help you today.

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