Category: All

Does Your Nonprofit’s Finance Team Collaborate With Development?

Finance and development each play a critical role in nonprofit organizations. Their responsibilities include fundraising, maintaining relationships with existing and new donors and providing timely and accurate financial data and financial reports. These functions are essential for the ongoing operation of the organization and successful fulfillment of its mission.
Uncertain Times Demand Effective Financial Operations

Economic uncertainty is impacting nonprofits’ ability to run their programs, deliver services and successfully fulfill their missions. With higher operating costs and decreased funding, now more than ever, it is critical for nonprofits to strengthen their financial operations and safeguard their organization’s assets.
Implementing Accounts Payable Automation: Benefits and Best Practice

Nonprofit organizations are increasingly implementing accounts payable automation. The benefits include streamlining processing, maximizing efficiency and improving transparency and access to data. However, it is important to note that these automated systems are tools that require manual input in their setup to ensure efficient workflow and effective internal controls. In my experience successfully implementing these…
Give Your Board Confidence in Your Effective Financial Management

Although your nonprofit’s Board of Directors is not responsible for the day-to-day operations of the finance department, they are responsible for overseeing the overall financial health of the organization. The Board should have confidence that the organization is managed effectively. Sound financial management is critical to the sustainability of the organization and is necessary when…
Strengthen Your Nonprofit’s Internal Controls

It is now more important than ever for your organization to have strong internal controls. Reviewing and updating your internal controls is essential to ensure they are working effectively. What Are Internal Controls and Why Are They Important? Internal controls are processes implemented and followed by an organization to provide reasonable assurance in achieving: See…
My Presentation to the Board Following an Operational Review

I recently completed a review of the finance department operations of a nonprofit organization. The Executive Director wanted an evaluation of the operations of the finance department and to identify key areas for improvement. At the completion of the review, the Executive Director asked me to present my Findings and Recommendations Report to the Board…
Does Your Nonprofit Have A Conflict Of Interest Policy?

A Conflict of Interest Policy that is effectively communicated and enforced ensures that decisions about the operations of a nonprofit organization and the use of its assets are made solely in terms of benefit to the organization and not to individuals with positions of authority within the organization. Best practice is for all nonprofits to…
Finance and Technology: Implementing Automated Systems

Preparing for the implementation of automated systems is critical to ensure a successful outcome. Many nonprofit organizations are contemplating the implementation of automated systems to replace manual processes. These manual processes are time-consuming and are susceptible to manual input errors. Implementing automated systems in critical areas such as invoice and expense processing serves to:
Do Your Nonprofit’s Operations Protect Its Cash Effectively?

With sources of revenue declining and costs increasing, it is important for nonprofits to have effective financial procedures in place to safeguard the organization’s cash. Documenting and assessing your finance operations formally can identify issues your organization is experiencing and those that have not yet been detected. To protect the organization’s cash, financial procedures should…
Be Proactive Not Reactive: Preparing for Staffing Disruptions

Nonprofit organizations are facing high staff turnover, staffing shortages and difficulty attracting and retaining qualified employees for their finance departments. The period in which a position is vacant or a new hire is learning their position in the finance department can result in essential daily operations not being performed, delayed financial reporting and an increased…