What drives someone to dedicate their life to empowering others? For Bukonla Adebakin, it’s a passion for helping social entrepreneurs achieve their dreams. With her latest book, “The Profit of Purpose – Mastering Financial Accounting & Reporting For Social Entrepreneurs”, Adebakin is on a mission to provide the financial tools and knowledge needed to succeed. In this interview with MARY NNAH, she shares her personal story, revealing the experiences that have shaped her, the challenges she’s overcome, the lessons she’s learned along the way, her motivations, and her vision for creating a more sustainable and impactful social entrepreneurship ecosystem
Can you share a brief overview of your professional journey and how it led you to write “The Profit of Purpose – Mastering Financial Accounting & Reporting for Social Entrepreneurs”?
I’ve built my career at the intersection of media, technology and development. Prior to my current role as the Chief Operating Officer in a growth marketing agency, I led in several capacities including being Senior advisor at The Future Project/The Future Awards Africa developing and executing the organisation’s programs towards achieving its mission. I achieved a 70% year-on-year growth. I raised over $780,000 for youth initiatives and maintained recurring funding for the organisation’s program. My expertise includes fund raising, project management, Impact storytelling, finance & strategic planning, and fostering cross-functional collaboration to drive sustainable growth.
As I moved forward in my career, I realized just how powerful digital marketing could be in scaling that impact. I dove into growth marketing, focusing on data-driven strategies, social media, and outreach. This shift allowed me to combine my passion for purpose with practical, strategic tools—whether that was securing media coverage, engaging donors, or running digital campaigns that sparked real change.
Writing “The Profit of Purpose – Mastering Financial Accounting & Reporting for Social Entrepreneurs” felt like a natural extension of my work. Through my experiences, I saw firsthand how challenging it can be for social enterprises to balance mission with financial stability. I wanted to create a resource that could help social entrepreneurs not only amplify their impact but also build the financial foundations that would allow them to thrive long-term. This book is my way of sharing the lessons I’ve learned and helping others navigate the often-tricky world of financial accounting and reporting while staying true to their purpose.
What inspired you to write “The Profit of Purpose – Mastering Financial Accounting & Reporting For Social Entrepreneurs,” and what do you hope readers will take away from the book?
What inspired me to write this book was that I had received several consulting engagements to assist with financial reporting and advisory, managing under-budgeting, obtaining donor approval to move one line item to another, and so on.
I’ve seen many social entrepreneurs and nonprofit leaders struggle with financial management.
My goal was to create a simple, easy-to-understand guide that would help them gain control of their finances without feeling overwhelmed. Money is an important part of running any organization, and knowing how to manage it effectively can make all the difference. This book simplifies complex financial topics for non-financial entrepreneurs, empowering them to make data-driven business decisions and grow without stress.
Can you share some common financial accounting and reporting challenges that social entrepreneurs face, and how does the book address these challenges?
One of the biggest financial reporting mistakes I see social entrepreneurs making is poor record-keeping. Many founders are passionate about their mission but fail to track or put systems in place to properly track expenses.
Another issue is under budgeting, especially when it comes to project deployment costs. Entrepreneurs often underestimate the expenses needed to execute a project, which can lead to overspending or running out of funds before reaching key business goals. In addition, there is often a lack of a clear plan for managing income, whether from grants or other revenue streams, which can result in misallocating funds or making poor financial decisions.
A big challenge is also the lack of proper documentation, which makes it hard to demonstrate financial health to potential donors, investors, or grant providers. Without transparency in financial records, it becomes difficult to build trust and secure future funding.
Lastly, many social entrepreneurs struggle with financial compliance and reporting requirements. Not staying on top of tax obligations, audit requirements, or donor reporting guidelines can lead to penalties or damage relationships with funders.
The good news is these mistakes are avoidable. In The Profit of Purpose, I specifically address these challenges by offering practical insights into financial education and discipline. For instance, Chapter 5 dives deep into financial reporting and how to establish strong financial practices. One of the primary reasons I wrote this book was to help entrepreneurs avoid these pitfalls, build sustainable financial habits, and ultimately attract more funding to fuel their mission.
How does the book provide practical tools and knowledge for social entrepreneurs to master financial accounting and reporting, particularly in areas like fundraising, budgeting, and tax management?
In the book, I break down the essential financial practices that every social entrepreneur should understand, offering actionable steps to improve financial management. For instance, in the fundraising section, I cover strategies for tracking and managing grants and donations, ensuring that funds are properly allocated and spent. I also provide guidance on how to create a sustainable funding model that supports long-term growth, with tips on maintaining transparency with donors and investors.
When it comes to budgeting, I walk entrepreneurs through the process of building a detailed, realistic budget that accounts for all project deployment costs. I emphasize the importance of aligning the budget with the organization’s goals and offer templates to help entrepreneurs create their own customized financial plans. This helps avoid under budgeting, overspending, or misallocation of funds, ensuring projects stay on track and within financial limits.
In terms of tax management, the book delves into the basics of financial compliance, outlining what social entrepreneurs need to know about tax obligations, audit requirements, and donor reporting guidelines. I provide practical steps for staying compliant with local regulations, avoiding penalties, and building trust with funders.
Overall, The Profit of Purpose offers a blend of foundational financial knowledge and practical tools that will help social entrepreneurs develop strong financial habits, manage funds effectively, and navigate the complexities of financial reporting with confidence.
What impact do you hope your book will have on the social entrepreneurship sector, and how do you plan to measure its success?
I hope to give social entrepreneurs the financial tools and knowledge they need to build strong, sustainable organizations. The social entrepreneurship sector is full of passionate individuals who are doing incredible work, but too often, financial challenges like poor record-keeping, under-budgeting, and compliance issues hold them back from reaching their full potential. I want this book to help clear up some of those hurdles and offer practical advice that’s easy to understand and implement.
I hope that by giving entrepreneurs the confidence to manage their finances better, they’ll be in a stronger position to attract funding, make smarter decisions, and scale their impact. It’s about combining purpose with solid financial planning, so these organizations can thrive and continue doing the good work they’re meant to do.
To measure its success, I plan to track a few key things:
Readers Feedback: Hearing directly from entrepreneurs about how the book has helped them—whether through success stories, improved financial management, or even just feeling more confident in their approach to finances.
Event Engagement: Watching how people respond at the book launch and in follow-up events. If the conversations spark real insights and action within the community, I’ll know it’s having the right impact.
Online Presence: I’ll keep an eye on social media discussions, reviews, and mentions to see how far the book is reaching and whether it’s making a difference in people’s day-to-day work.
Collaborations: If the book leads to more partnerships with organizations or funders who find value in the content, that’ll be a big win for me.
What advice would you give to social entrepreneurs who are just starting out and navigating the complexities of financial accounting and reporting?
For social entrepreneurs just starting out, my main advice would be to prioritize building a strong financial foundation from the beginning. This would begin with:
Keep Clear and Accurate Financial Records – Many entrepreneurs are passionate about their mission but struggle with tracking expenses. Proper record-keeping helps you manage your funds effectively and build credibility with investors and donors.
Budgeting and Expense Tracking Are Non-Negotiable – One of the biggest mistakes social entrepreneurs make is under-budgeting for key project expenses. Without a structured budget, you may run out of funds before reaching your goals. Plan your finances with precision and track every expenditure.
Understand Financial Compliance and Tax Obligations – Ignoring tax deadlines, mixing personal and business finances, or failing to document expenses properly can lead to unnecessary penalties and loss of trust from funders. Use accounting software, maintain separate business accounts, and stay on top of tax requirements.
Transparency Builds Trust and Unlocks Funding – Investors and donors want to see how their money is being used. Regular financial reports, clear budget breakdowns, and open communication about financial decisions will strengthen your credibility and open doors to more funding opportunities.
Invest in Financial Education – Don’t wait until you’re in financial distress to learn about money management. Take the time to understand financial statements, cash flow, and fundraising strategies. Learning these skills early will set you up for long-term sustainability.
These steps will help them gain control and build a more sustainable social enterprise.
How does your experience in management consulting, operations, and non-profit management inform your approach to financial accounting and reporting for social entrepreneurs?
My experience in management consulting, operations, and non-profit management has deeply shaped my approach to financial accounting and reporting for social entrepreneurs. Having worked across multiple sectors, helping organizations grow, secure funding, and maintain financial transparency, I’ve seen firsthand how financial mismanagement can limit impact.
One of the biggest takeaways from my experience is the importance of maintaining clear and accurate financial records. In nonprofit management, for example, I had to ensure financial discipline while securing funding, tracking expenses, and demonstrating accountability to donors. I apply this same principle to social entrepreneurs by emphasizing structured budgeting, expense tracking, and compliance with financial regulations to unlock funding opportunities.
Additionally, my background in operations has reinforced the need for strategic financial planning. Social entrepreneurs are often driven by passion but may struggle with sustainability. By applying financial forecasting, proper documentation, and donor reporting best practices, I help them balance their mission with long-term financial health.
Ultimately, my goal is to simplify complex financial concepts and equip social entrepreneurs with the tools they need to make informed decisions, attract funding, and sustain their impact.
Can you share any success stories or case studies of social entrepreneurs who have successfully applied the principles outlined in the book?
Yes. There was a particular organization that applied the principles of budgeting, tracking, and reporting. They encountered issues when the project manager overspent a line item and moved funds without going through the formal approval process. This happened during the first tranche of the grant, which was distributed in four tranches. Due to the team’s difficulty in reporting expenses accurately in the first tranche, it caused some issues. Although there was no foul play, the lack of proper documentation according to the approved line items created unnecessary stress. The bank statement clearly showed where the money had gone, so they could account for the expenditures, but it didn’t align with the approved budget.
By the time the second tranche arrived, I had already shared with them the principle of how to properly track the approval process for moving funds between line items, as required by the funder. They had read chapter four in the book and were now better informed. When the second tranche came, the project manager and the team followed the approved budget line items, ensuring that every expense was documented as required. In cases where they had under-budgeted certain line items, they contacted the funder to get approval for the adjustments.
By the end of the cycle, the team was able to submit a seamless report without any chaos, and they no longer required my intervention to resolve issues. The process was smooth, and they could confidently submit their reports. When the funder came for an inspection, all the books were in order. Every line item matched the bank statement and receipts, and the vendors were verified, there were no issues. One key factor in this success was the principle of accountability. The project manager and team understood that documentation and accountability don’t solely rest with the finance team; it starts with them, the ones on the ground.
How does “The Profit of Purpose – Mastering Financial Accounting & Reporting For Social Entrepreneurs” address the unique financial challenges faced by social enterprises, such as securing funding and managing grants?
I would like to state that “The Profit of Purpose – Mastering Financial Accounting & Reporting for Social Entrepreneurs” tackles the unique financial challenges social enterprises face, particularly in securing funding and managing grants, by providing clear, practical guidance on financial management.
When it comes to securing funding, I emphasize the importance of transparency and proper financial reporting in the book. Funders and investors are more likely to support organizations that maintain clear and accurate financial records, provide regular financial updates, and demonstrate accountability through quarterly reports, budget breakdowns, and annual financial statements. The author shares insights on how these practices not only unlock funding opportunities but also build long-term relationships with donors and financial partners.
For managing grants, I highlighted common mistakes that social entrepreneurs make, such as poor record-keeping, under-budgeting, and lack of structured financial planning. Many social enterprises struggle with managing grant funds effectively, leading to overspending or misallocation of resources. The book provides practical strategies for budgeting, expense tracking, and compliance with donor guidelines, ensuring that funds are used for their intended purposes while maintaining financial stability.
What’s next for you, and how do you plan to continue supporting social entrepreneurs in their financial management journey?
What’s next for me is to ensure this book reaches every social entrepreneur, as understanding finance is fundamental to the success of any organization. To create meaningful impact, you need both funding and resources. While I also have another book coming up, which is going to focus on storytelling and corporate governance, my immediate goal is to get this book into the hands of social entrepreneurs so they can become well-versed in the financial aspects of their organizations. So much so that, when financial experts share complex ideas, they’ll be able to relate to the concepts, understand the numbers, and even tell stories from them. This will empower them to make informed decisions. I’ll be working on building partnerships to distribute the book to social entrepreneurs in Nigeria and across Sub-Saharan Africa. With contributions from those who have made significant impact in the region, this book presents financial concepts in a simplified, digestible way. As someone without a formal finance background who’s learned to manage finances, I can confidently say that the contents in this book are simplified, easy to understand, and easy to replicate, especially for those without a finance background.
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