Voluntary organisations have until the end of June to enter the Charities' Online Accounts Awards.
The new awards, sponsored by the Institute of Chartered Accountants in England and Wales, and Charities Aid Foundation, succeed the annual print-based accounts competition which has run since 1982.
Entries will be judged on financial reporting accuracy, ease of access to the report from the web site's homepage, innovation, value for money and ease of navigation.
The competition will be divided into four income categories and the winner of each category will receive £2,000 and a winner's seal to display on their web site.
Judging panel member Howard Lake said: "About 53 per cent of charities in the UK have their own web site and we hope this figure rises quickly.
Not only does making information available online help keep costs down, it is an opportunity to reach a larger number of potential donors."
Winners will be announced at CAF's conference in November. For more details go to: www.CAFonline.org/onlineawards.