With cybersecurity concerns, the advent of remote working and the increased risk of fraudulent activity, an independent assessment of your nonprofit’s finance operations is essential. Perhaps your staff is too busy with day-to-day tasks and deadlines to review and evaluate your procedures. They may find it easier to continue doing things the way they have always been doing them.
Why Your Nonprofit Needs an Independent Assessment
- To document your operating procedures and identify inefficiencies and lack of internal controls
- To provide an impartial evaluation that reviews your procedures critically
- The Management Letter you received from your external auditors cited weaknesses in your internal controls that you need assistance in correcting
- Team members might be reluctant to disclose to their supervisors the challenges they face in performing their daily functions
6 Questions My Finance Assessments Have Addressed
Question #1-Accounts Receivable
Are you billing for all the services your organization provides?
Question #2-Accounts Payable
Are all expenses properly authorized and have a valid business purpose?
Question #3-Procurement
Are you only paying for goods received in accordance with negotiated contract prices?
Question #4-Payroll
What is the process for tracking and paying hourly workers?
Question #5-Financial Reporting
Are all transactions for the month approved and recorded in the financial records prior to generating monthly financial reports?
Question #6-Contract Management
Are there current executed contracts for all independent contractors?
An assessment of your nonprofit’s finance operations can correct issues your organization is having or identify those you are not aware of. At the conclusion of the assessment, I present a written report to my clients with my findings and recommendations. I provide guidance and tools that assist them in implementing my recommendations.
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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