Financial Technologies & Management- E-Newsletter for April

Upcoming Live Webinars

Dear {CONTACT.SALUTATION} 

We hope you find our monthly E-Newsletter useful for your nonprofit organization. We are pleased to provide you with access to our knowledge articles and live webinars!!

These live webinars will help Nonprofit Leaders, Treasurers, Finance Directors, Finance Staff, Executive Directors and other Nonprofit Staff.

Our upcoming live webinars for financial management training are broken into the following areas: Nonprofit Financial Forum, Nonprofit Finance Certificate, MIP Fund Accounting, and Financial Management Training.

• Nonprofit Financial Forum-These FREE monthly forums are back for 2024 during the last Wednesday of each month from 11:30 EST to 1:00 EST-FMI or Register-May 29th-Effective Grants Management and Cost Allocation; June 26th-Effective Nonprofit Financial Governance and Leadership; July 24th-Developing Effective Dashboards and Key Performance Indicators; August 28th-Tips for Smooth Audit and Common Audit Pitfalls; and September 25th-Building a Superior Budget
• MIP Fund Accounting-Quarterly User Group Meetings for 2024 are as follows:  Spring-May 30, 2024-MIP Financial Reporting and using report groups; Summer-July 25, 2024-Accounts Payable and MIcroix Requisition; Fall-September 26, 2024-Budget and Microix Budget.   15th Annual User Conference on October 8 to 10 in Las Vegas.  We will once again by presenting and sponsoring this year's conference so let us know your coming and please select FTM as your referral contact when you register.  See you in Las Vegas in October.  Please click on this link for conference web site FMI and to register.

Please contact us via phone, email, or directly book a consultation on my calendar for all current and prospective clients.   Also, you can use the contact us page to subscribe to our newsletter for you, your staff, or your colleagues.

Please click here for the current and previous monthly newsletters back to 2020.

Best Regards,

James Simpson, CPA, CFE, CITP, and CGMA.

Effective Grants Management and Cost Allocation

In order to provide effective grants management, we need to make sure that we are performing bookkeeping at the grant level.  Our grant accounting needs to properly allocate costs to the grants while maximizing our grant reimbursement and avoiding any cost disallowance.

There are several things that lead towards effective grants management which includes financial policies and procedures, adequate supporting documentation, ability to produce Schedule of Expenditures of Federal Awards (SEFA), and proper base to apply indirect cost rate.

The program staff needs to be involved in the data collection and reporting responsibilities including the proper reporting to the correct grant budget categories.  We need to establish and schedule future grant deadlines to insure timely grant report submission.  We would suggest sharing the grant agreement with the program staff to insure all grant requirements and deadlines are met.

Federal grants and awards are specifically identified and require a financial management system that identifies the source and application of federal funded activities.  Federal grants typically require written procedures around payment requirements, allowability of costs, procurement procedures, and standards of conduct.

The grant audit requirements include ability to prepare Schedule of Federal Awards. (SEFA)  The full blog article reviews grants management and cost allocation in detail.

5 Nonprofit Accounting Tips

Managing the financial aspects of a nonprofit organization comes with its unique set of challenges and responsibilities. Nonprofits are driven by a mission to make a positive impact, and effective accounting practices are essential to ensure that their resources are maximized for their intended purposes. In this article, we'll delve into five crucial nonprofit accounting tips to help you navigate the financial landscape and fulfill your organization's mission more effectively.

1. Accurate record-keeping is the bedrock of sound nonprofit accounting.
2. Properly segregating and categorizing funds is vital in nonprofit accounting as maintains transparency and prevents the mingling resources for different purposes.
3. For nonprofits managing multiple programs or projects simultaneously, fund accounting is a game-changer.  Furthermore, this approach simplifies reporting to stakeholders, grantors, and donors, offering a transparent overview of how each dollar contributes to your nonprofit's mission.
4. Ensuring compliance with tax laws, financial reporting requirements, and grant stipulations is essential to maintaining your nonprofit's reputation and eligibility for funding.
5. Reconciliation is the detective work of nonprofit accounting. This proactive practice ensures that your financial data is accurate and trustworthy.

The realm of nonprofit accounting is intricate and the full blog reviews the 5 Nonprofit Accounting Tips in detail

Why you should hire an Outsourced Controller or CFO?

An outsouced controller or CFO can be a cost effective way to help you run the day to day financial aspects of your organization and save on staff salaries, benefits, and training costs.  It's a flexible option that can be scaled up or down to the meet the changing needs or your needs of your organization.  An outsouced controller or CFO can bring their own experience, knowledge, and strategies used by other non profits to solve similar problems increasing operational efficiency, adopt best practices, and stay compliant with accounting regulations.  

Here are seven essential factors to consider when selecting an outsourced controller or CFO

1. Expertise in Nonprofit Accounting
2. Compliance and Regulatory Knowledge
3. Grant Management Skills
4. Strong Communication and Interpersonal Skills
5. Technology Proficiency
6. Analytical and Problem Solving Abilities
7. Commitment to Your Organization's Mission

As a trusted partner to numerous nonprofit organizations, we understand the financial challenges you face. If you need further guidance or assistance in why you should consider an outsourced nonprofit controller or CFO for your organization, Financial Technologies & Management is here to help.

Please click the full article for a more detailed description.

Maximize your organization's use of MIP with FREE MIP systems review and custom training

Our system review services provide recommendations on how your organization can better leverage the software. We will inventory your current systems to determine what is available, its purpose, function, and how it is used.  Our systems review typically develops a wish list and we can help you accomplish these items.  Our systems review will help identify where you can automate manual processes and improve efficiency.

Our system review recommendations will include the following:

• Software training needs
• Better utilization of modules
• Reimplement software improvements
• Software data conversion and integration
• Develop transaction and financial reports
• Identify and document internal processes

Please click here for the full article for more information about your FREE MIP system review.

Our customized training uses your database so we can focus on your organization needs and challenges.  Please click here for our MIP Training page and look for our customized courses which includes all the modules training available from community brands university and more.  Our scheduling allows you to schedule directly with one our MIP certified trainers when it works best for your busy schedule.  We will share best practices and vast experience with organizations like yours

Our firm provides all the levels of accounting your nonprofit needs including bookkeeping, accounting, controller, CFO, and software advisory services for nonprofit accounting software including MIP, Microix, QuickBooks, Sage Intacct and AccuFund

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