Financial Technologies & Management- E-Newsletter for June

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-June 27th-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:  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.

Boards can provide effective financial governance

Nonprofits would have more public trust if all board members performed their financial governance at a high level and challenged one another and executive management for excellent financial performance.  The following eight financial governance responsibilities best practices should be practiced by your nonprofit organization.

1. Financial tracking by funds and program to easily identify overspending and underspending.
2. Financial Reports are produced monthly and goal oriented.
3. Financial health is priority and identify when poor financial health conditions exist.
4. Proper use of accounting software.
5. Financial stewarship must be a priority including all board members and policies and procedures to promote accountability.
6. Budget management to manage cash flows and revenue shortfalls.
7. Financial reserves should be established & maintained.
8. Financial plans that are reviewed and modified

The full article describes these responsibilities in detail.

An Executive Director's Guide to Financial Leadership

Financial Leadership is guiding a nonprofit organization to sustainability.  The job of an executive director includes providing an exceptional mission impact while creating sustained financial health.  The following eight key principles should guide financial leadership for your organization.

1. Activate your annual budget by achieving a financial surplus and adding a financial projection
2. Income Diversification to determine degree of diversification and risks you are willing to accept
3. Make cash flow your priority by developing a cash flow projection, managing shortfalls, and anticipating cash flow issues.
4. Don't wish for reserves but plan for them by establishing a reserve goal and achieving a surplus
5. Rethink restricted funding to include grant proposals to include overhead and general operating funds
6. Properly staff your finance function including consultants
7. Design financial reports to allow board help with short and long term planning of the organization
8. Manage organization's risk management

The full article includes the Executive Director's cheat sheet.

Eight reasons to outsource your nonprofit accounting

The current employment market has nonprofits looking more externally to obtain necessary accounting talent and seeing significant increases and retention issues with internal accounting staff.  In this current environment, organizations need to look at where they should hire internal staff or externally outsource various accounting functions of their organizations.

Nonprofits typically outsource accounting already for payroll processing and audit services so it is not surprising that nonprofits are looking at other aspects of the finance and accounting department to outsource.  With limited resources, a nonprofit can outsource some or all its financial functions, which can help a nonprofit efficiently staff and conduct its financial operations. It also respects the board and executives limited time or expertise to manage the finance functions, and allow more allocation of resources toward mission and program outcomes.

Here are eight overlooked reasons to outsource accounting

1. Improved efficiencies
2. Reduce costs
3. Reduced fraud threats
4. Higher level of expertise
5. Ability to scale
6. Accounting software expertise
7. Manage your finance and accounting function
8. Stay current with regulations and laws

Please click for the full article for details of the eight reasons 

FTM offers client care plan for our MIP Fund Accounting and Microix users-Sign up today

We provide software advisor services to our MIP clients.  Our system review services provide recommendations on how your organization can better leverage the software.  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.

We are excited to expand our software advisory services by offering a client care plan for our MIP and Microix clients.

Do you wish you had an MIP Certified go to consultant whenever you have questions about MIP or accounting?  At FTM, we have the answer with our Client Care Plan options.  Keep in mind your Community Brands Maintenance and Support Agreement does not cover critical topics that keep your accounting software performing to its potential. 

The full article will provide specific examples of software topics resolved by our certified trainers and consultants along with the benefits to your organization.

FTM has certified trainers, dedicated trainer support line, average response time is 2 hours or less, and priority client assistance to meet your needs and insure you are fully utilizing your MIP investment.

We offer three plans that start at $500 per year.  Our plans cover everything and don't have limitations like M&S plan provided by MIP including offering accounting services help.

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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