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, Executive Directors, Finance Directors, Finance Staff, and other Nonprofit Staff.

Our upcoming live webinars for financial management training are broken into the following areas.   Please feel free to click on any of these areas to learn more and register for these upcoming financial management training.

• Financial Management Training-Topics include Overlooked Benefits of Outsourcing Nonprofit Accounting or Why your Nonprofit should be using Nonprofit Accounting Software?  Our plan is start this back up this summer.
• Nonprofit Financial Forum-These FREE Forums are provided typically the last Thursday of the month over the lunch hour knowledge based so go ahead and register for the remaining forums this year on 7/27, 8/31, 9/28, 10/31, and 11/30.  The topics include financial policies and procedures, grants management and cost allocation, tips for smooth audit, budgeting, financial governance and leadership, and developing effective dashboards and Key Performance Indicators (KPI's) 
• MIP Fund Accounting-General Ledger, Accounts Payable, Accounts Receivable, Reporting, Financial Statements, and Drillpoint-Each webinar is 2 hours.  Please feel free to register for the FREE quarterly MIP user group meetings on Aug 24, and Oct 26.  We are pleased to also announce the we will be presenting at the MIP 14th Annual User Conference in Las Vegas on October 10-12.  Please feel free to check out the conference web site by clicking on this link.  If you do register, please email us to let us know you will be attending and also select referred by FTM which you register.  Schedule your customized MIP or Microix Training!! 
• Nonprofit Finance Certificate-Effective Financial Management and Leadership-first part is focused on bookkeeping and accounting; and second part is focused on controller, CFO, and leadership roles.  This training is typically the last Monday of each month.   Click  here FMI and to register.

Please contact us if you have any questions or feedback about our upcoming live webinars.  Feel free to check out our FTM blog or book a meeting on my calendar.

Best Regards,

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

Your Nonprofit should have multiple and different revenue streams

Multiple types of revenue streams help create a financially health nonprofit and it expands your network and influence. Nonprofit Revenue Streams can include the following sources:

1. Individuals
2. Corporations
3. Donor Advised Funds
4. Foundations
5. Bequests
6. Endowments
7. Government
8. Special Events
9. Rental Income
10. Sales Income
11. Investment Income
12. Earned Income
13. In-Kind Contributions

The full article includes more about Revenue Streams

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 follow eight key principles should guide financial leadership for your organization.

1. Activate your annual budget by achieving surplus
2. Income Diversification
3. Make cash flow your priority
4. Don't wish for reserves but plan for them
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.

Why your Nonprofit should consider using Nonprofit Accounting Software?

We only work with Nonprofit Organizations so we know when organizations outgrow their accounting software.  For example, QuickBooks users can outgrow their software by any of the following reasons:

• Not able to produce financial reports that board, management or auditor needs
• Not able to perform grants management role to track financial results and adequately report to funder or donor
• Not able to create flexible budgets to include different scenarios or projections
• Not able to allocate costs or cost pools to multiple funders and programs
• Not able to easily segregate duties among finance department which can contribute to fraud and lack of audit trails.
• Not able to integrate with other third party systems like payroll, fundraising, human resources, and accounts payable automation.  These modules are available in most nonprofit accounting software packages
• Not able to track financial information different ways as tracking needs change over time.

Strong audit trails keep track of what users are doing within the accounting system.  Nonprofit Software is typically modular based which allows your organization to add functions and capabilities as your organization grows and needs change. 

Please contact us for FREE software evaluation & assessment

Register for FREE Quarterly MIP User Group Meetings for 2023 on August 24, and October 26 at 12:00 EST 

Schedule your customized MIP and/or Microix training!!

We are looking forward to reconnecting with our MIP clients during 2023 and our pleased to be able to bring back our quarterly MIP User Group Meetings.  As your local certified MIP Trainer and Consultant, we will provide you with helpful tips and tricks, best practices, and software updates.

Summer 2023 on August 24, 2023 from 12:00 to 1:00 EST

• Everything you need to know-best use of MIP for Audit Preparation
• Tips and Tricks for better audits
• Bring your MIP user questions to be answered
• MIP Software Updates including MIP Cloud

Fall 2023 on October 26,2023 from 12:00 to 1:00 EST

• Everything you need to know-best use of MIP and Microix for Budgeting
• Tips and Tricks-Better Budgeting using MIP and Microix
• Bring your MIP user questions to be answered
• MIP Software Updates including MIP Cloud

We are pleased to announce we will be once again presenting and sponsoring the 14th Annual MIP User Conference on October 10-12 in Las Vegas.   Please click on link for conference website and to register.  Please make sure you let us know you are coming and select FTM when you register.

Please click the full article for our MIP Training Schedule including schedule a customized MIP or Microix training and 8 virtual training sessions offered each month.

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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