New Year’s Resolutions For Nonprofits

Resolved:

Distribute monthly financial statements by the 15th of the following month

Result: Proper procedures in place result in the distribution of timely and accurate financial statements.

Resolved:

Create or update your Accounting Policies and Procedures Manual

Result: Consistency in applying policies and procedures | Transparency in financial management | Proper safeguarding of financial resources | Compliance with regulatory and accounting requirements | Efficiency in training new employees.

Resolved:

Schedule an independent assessment of your finance department operations

Result: Your operating procedures will be evaluated. Inefficiencies in and lack of internal controls will be identified.

Resolved:

Expedite completion of the annual financial audit by preparing for it all year

Result: A successful financial audit will be completed in a timely and cost-efficient manner.

Resolved:

Provide monthly training workshops for finance department staff

Result: Staff will gain a fundamental understanding of their areas of responsibility. The organization will have the opportunity to teach staff new areas related to their daily job functions.

Resolved:

Review and update user access rights to automated financial systems

Result: Monitoring staff access to automated financial systems on a regular basis minimizes the chance of improper and unauthorized activity.