As a director or member of a Community Interest Company (CIC), you understand the importance of transparency and accountability in financial matters. Yet, the complexities of managing first-year cic accounts can be daunting, especially with the myriad of regulations and… Read More ›
CIC Accounting
Santa-Approved Steps: Filing CIC34 for a Merry and Compliant Community Interest Company This Christmas!
The holiday season is upon us, and while visions of sugarplums may dance in your head, it’s crucial for Community Interest Companies (CICs) to ensure that their financial matters are in order. As we approach Christmas, let’s unwrap the essential… Read More ›
Mastering Dormancy: A Step-by-Step Guide on How Community Interest Companies File Dormant Accounts
In the realm of Community Interest Companies (CICs), navigating the terrain of dormant accounts might seem like a daunting task. However, fear not! In this comprehensive guide, we’ll take you through the intricate steps of mastering dormancy, empowering your CIC… Read More ›
Dormant Account for CICs
A community interest company (CIC) is, of course, a completely different creature from a standard company. One way that sets them apart is when they enter ‘dormant’ status. What is ‘dormant’ status? Any company is defined as dormant by the… Read More ›
Can I do my own accounts for a CIC?
In this blog, we’ll look at what is required for your CIC’s annual accounts and give you advice on whether you should prepare your own reports. What are a CIC’s annual accounts? Other names for annual accounts include “company accounts,”… Read More ›
How to File CIC Accounts online
Prior to submitting your reports, you need to: Once you’ve got everything lined up , you can go to https://find-and-update.company-information.service.gov.uk/accounts/cic/before-you-start to get started. What should your CIC report include You need to have your cic accounts handy. This should include:… Read More ›
Moving your CIC Bookkeeping from a Spreadsheet to a System
Moving your CIC bookkeeping from a group of spreadsheets to an integrated system is one of the best ways to ensure that your data is correct and your accounts are properly handled. Below is a short list of the reasons… Read More ›
File CIC34: community interest company report
The CIC34 community interest company report is a mandatory annual report for all CICs in the UK. It informs the Regulator about your CIC, whom you serve, directors’ remuneration, and more. As with every company, CICs have to submit a… Read More ›
Budgeting vs. Financial Forecasting: What’s the Difference?
Philanthropy is a thriving institution in many ways. Recent estimates place this industry at a $182 billion value. It seems to be doing quite well for itself. But how do these industries balance their budget? How can a charitable organization maintain… Read More ›
Accounting vs Bookkeeping: What’s the Difference?
CICs are a community interest company. They serve a vital function in promoting community growth and development. The government of the U.K. designates them not as a charity, but as a benefit to society. But, unfortunately, everyone needs to do their… Read More ›