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Accounting for Aboriginal Land Councils: 5 things you need to know
When it comes to accounting for Aboriginal Land Councils, it can seem like there’s a lot to navigate. Government regulations, reporting requirements and budgeting, for starters. And all that on top of the standard, routine accounting processes all businesses have to undertake.
We get it – it can feel overwhelming. Especially when your time is focused on making positive community change, rather than filling in forms.
But with the right partner – with the right levels of expertise – those processes can be simplified and organised effectively, freeing up your time and offering peace of mind at the same time.
At Unity Accounting, we have market-leading experience in providing business and accounting solutions for LALCs, and understand the areas in need of special attention and skills.
1. Know the legislation
LALCs are in many regards businesses just like any others… except that they owe their existence to the Aboriginal Land Rights Act and have obligations that flow directly from that.
That piece of legislation, of course, governs the what, when, why and how in terms of all LALC operations, especially when it comes to record-keeping and financial reporting.
As such, it is vital to understand that act and have a comprehensive, working knowledge of it.
“That layer of governmental and legal regulation is what makes LACLs unique,” explains Unity Accounting Accountant Karyn Bridge.
“The key thing for us as accountants is the understanding of the act. That’s what makes us stand out from the crowd in that space: our in-depth working knowledge of the legislation.”
2. Manage risk effectively
The specific pressures and elements of risk vary between LACLs, but the business of managing those risks and reporting correctly upon them is always of central importance.
Your council’s risk assessment report (RAS) will determine future reporting requirements and how often they need to be submitted in the future.
Your RAS takes time to put together but it is vital to have this prepared by someone with the requisite expertise, as it can also function to determine your council’s funding category.
3. Stay on top of your day-to-day accounting
Accounting for your LACA is an ongoing process and not something to be visited once or twice a year.
Putting the best systems in place, with guidance and education on how to use them, will reduce stress and avoid needless, extra work.
“The concept behind the software we use and the education we offer to clients is to assist in meeting those compliance requirements,” says Karyn.
“Important information is recorded on a day-to-day basis, so you don’t get to compliance day and go ‘oh, we don’t have all this information we need!’. We’re actually completing it as we go. So when the time to report comes around, it’s all there to hand.”
4. Ensure your reporting processes are sound
As well as normal business activities like BAS reporting, payroll processing, client records, tax submissions and audit preparations, LALCs have additional reports to submit around funding, budgets and other legal requirements.
It is important to stay on top of all of these demands, something that can be time-consuming and even overwhelming if your own expertise lies outside of this.
With the right tools and assistance in ordering your reporting requirements, you will be in a strong position to make informed decisions based on the right information to take your council forward in its development.
5. Find a trusted partner to help you
The complexities of accounting for Aboriginal Land Councils make finding the right partner – one you can trust and who has specific expertise that applies to your needs and circumstances – an important decision.
Allowing Unity Accounting to work with your council enables us to help you build a strong, stainable base, offering assurance that your tax requirements, financial reports and compliance matters are all in good order in good time.
Meaning you can get on with the business of meeting the goals and aspirations of the community you serve.
Speak to one of our experts today to find out more and discuss the needs you want to meet.
OUR EXPERTISE
EXPERTS IN BOOKKEEPING AND ACCOUNTING
We are backed by years of experience in compliance and audit preparations, taxation and accounting, and bookkeeping and business operations.
Our deep understanding of complex tax requirements for SMEs and compliance for not-for-profit organisations and Aboriginal Land Councils means we can sort out any numbers problem and streamline your business operations.
SME Business
Not-for-Profit
Accounting
We know what reports you need and how to keep you compliant, so that your organisation can flourish.
Aboriginal Land
Council Accounting
We manage all your community grant receipts in reporting to funding bodies, and we file your milestones correctly.
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