Implementing Social Value Accounting
Social Value Accounting uses traditional accounting practices to measure the value your organisation provides to the community that is otherwise not accounted for in current reports. To prepare Social Value Impact Statements you will create a separate set of financial statements, along with your current statements, which place a dollar value on the outcomes your organisation delivers.
Implementing Social Value Accounting
Social Value Accounting uses traditional accounting practices to measure the value your organisation provides to the community that is otherwise not accounted for in current reports. To prepare Social Value Impact Statements you will create a separate set of financial statements, along with your current statements, which place a dollar value on the outcomes your organisation delivers.
Using Social Value Accounting
Step 2 project outcomes & value
Determine proposed output and outcomes from the project
Determine the number of likely outcomes
determine what a successful outcome is for your constituents
Determine what an unsuccessful outcome is for your constituents
Determine the dollar value of a successful and unsuccessful outcome
Step 1 mission statement & project costs
Review the operation of past projects
Choose new projects
Check new projects are in accordance with your missions statement
Prepare a list of activities involved with each project
Prepare budget of direct costs and staff time involved with each project
step 4 systems & procedures for reporting
Determine reporting period - monthly or quarterly
Prepare standard management financial statements
Prepare additional financial statements - Social Value Impact statement
Present and discuss individual project report and the overall entity report with all stakeholders
Step 3 systems for recording activity & outcomes
Determine time costing system for project if required
Set up job costing parameters to record all direct project costs
Capture how the project delivers value to constituents and the community