Video: Three key areas of cost budgeting

Charities need to produce a budget for the costs in your organisation. That is best performed after you’ve developed an income budget, which we covered previously.

We explore three of the main budget areas for costs that charities should consider:

• Fixed costs: staff salaries, mortgages and rent, other utilities, etc
• Variable costs: training services, freelancers, etc
• Non-recurring costs: fundraising events, one-off maintenance, projects, etc

The video delves into detail about the above, offering advice about how charities can track these costs. It shows how charities can apply a successful financial approach to all costs, reducing financial risk and ensuring the smooth running of your charity.

For more information on charity finance, check out some of our articles.

• Charities need to focus on income diversity
• How to plan a more stable financial future

And check out some of our previous video by clicking on the below:

• Five fundamentals to managing your NPO finances

And check out Sage OFL below for some essential financial resources.