Without efficient and effective finance operations, a nonprofit organization cannot successfully fulfill its mission, especially in today’s environment of inflation, staffing and supply chain issues. This means streamlining and improving your organization’s financial procedures.
An efficient and effective finance operation supports the mission of a nonprofit organization:
By protecting the assets of the organization
Without effective processes and systems in place, cash will not be available to run the organization’s programs and carry out its mission.
By generating accurate and timely financial reports and financial data
Senior management, board members, financial institutions and donors use this information to make critical decisions about the organization that affect the ability of the organization to carry out its mission.
6 Steps To Improve Your Nonprofit’s Finance Operations
Step 1: Review, evaluate and document operating procedures
Step 2: Improve workflow and increase transparency of information
Step 3: Ensure proper checks and balances in operating procedures
Step 4: Establish and implement a formal month-end closing process
Step 5: Optimize the Chart of Accounts for meaningful financial reporting
Step 6: Prepare for the annual financial audit throughout the year
Roberta Katz Consulting is working with many nonprofits in improving the operations of their finance function. Schedule a complimentary consultation today to discuss how I can provide your organization with an impartial evaluation of its finance department.
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