Be Proactive Not Reactive: Preparing Your Nonprofit for Post Covid-19

Is your nonprofit’s finance department prepared to face the challenges of a post-Covid-19 world? Here are some of those challenges:

• Increased risk of fraudulent activity
• Operating in a virtual workplace
• Downsized workforce
• Digital transformation
• Increased demand for financial data and financial reporting

Do not wait until a problem arises…It may be too late!

Some questions your finance department should consider and actions they should undertake: ​

Did your operating processes change due to a downsized workforce?

Review and document your operating processes and ensure they include proper internal controls. This will mitigate the risk of fraud and provide for the ongoing operation of the finance department.

​​Did any vendors who provided goods and services to your organization cease operations due to the pandemic?

Review your procurement system to ensure that it includes the proper vetting of new vendors. Check that procedures are in place to prevent kickbacks and that you are only paying for goods and services you receive.

Was your financial audit delayed due to the auditor’s inability to access paper records located in the office?

Implement automated systems, scan documents and maintain files on a secure online share drive are steps that are essential in a virtual workplace to ensure the efficient and timely completion of the annual financial audit.

Roberta Katz Consulting assists nonprofits to develop and implement effective financial processes and systems. Click the button below to schedule a complimentary consultation so we can discuss your organization’s needs.