Financial Technologies & Management- E-Newsletter for July |
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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.
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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 8/31, 9/28, 10/31, and 11/30. The topics tips for smooth audit, budgeting, grants and cost allocation, and developing effective dashboards and Key Performance Indicators (KPI's)
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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!!
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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. |
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GAAP Refresher-Contributions & Exchange Transactions |
It has been several years since we should have implemented the new revenue recognition standards but we are still finding revenue recognition errors so thought might be good to do a refresher. It is important that you distinguish between contributions and exchange transactions is important because the recognition and measurement standards for each are different.
The indicators for distinguishing a contribution from a exchange transaction focus on whether the resource provider receives commensurate value in the transaction. But when the general public, not the resource provider, is the primary beneficiary of an asset transfer, the resource provider hasn't received commensurate value and the transaction is a contribution. After it's determined an asset transfer is a contribution it needs to be classified as either conditional or unconditional. The criteria changed in ASU 2018-08, which states a contribution is conditional if it contains both a right of return and one or more barriers to overcome before recipient is entitled to contributions.
If the agreement does not indicate barriers that must be overcome and does not contain right to return assets, the contribution is considered unconditional. Conditional contributions are not recognized in the financial statements until they become unconditional as a result of the recipient's action to overcome barriers.
The full article includes more about the GAAP Refresher for Contributions |
| While standard nonprofit financial reports – the budget, income statement, and balance sheet – provide important management information, these statements alone do not tell whether there is enough cash on hand.
It is important to manage cash flows especially when operating with a financial deficit and unexpected events. Also, when your organization is undergoing financial changes like changes in funding or new programs and staffing.
You can start to manage your cash flows by developing cash flow projections that look forward up to 12 months. Once you develop cash projections, you can then work to develop cash flow management strategies. The following are cash management strategies: - Speed up the receipt of income
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Slow down payments
- Increase Cash Receipts
- Reduce Cash Disbursements
Best practices to avoid cash flow problems include: - Develop realistic budgets each year
- Operate with goal of obtaining a financial surplus
- Build cash reserves over time
- Be aware of cash flow and budget assumptions and react to changes as they occur
- Maintain good relationships with funders, donors, and vendors and keep them informed of cash flow issues
Please click the full article for managing your cash flows including what to do when developing financial projections. |
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6 Nonprofit Bookkeeping Tips |
We only work with Nonprofit Organizations so we know when organizations have issues with the bookkeeping and record keeping function.
Meticulous bookkeeping is critical for your nonprofit to substantiate the funding you receive. Your financial records need to be accurate and up to date to provide clear financial reporting.
The following tips can help you address the numerous challenges involved in Nonprofit Accounting and Bookkeeping. - Establish Written Procedures-These will help to provide clear instructions on what needs to be done and who will do it.
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Follow GAAP-These guidelines provide rules for nonprofit financial reporting and should include accrual
- Establish Internal Controls and Policies-Strong internal controls help ensure funds are used properly and provide fraud protection.
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Assign Bookkeeping Tasks to Multiple Individuals-This helps to keep employees or volunteers honest and provides more oversight than if only one individuals performs and reviews its own work.
- Use Accounting Software Specifically Designed for Nonprofits-The best way to solve unique accounting challenges is to use Nonprofit Accounting Software
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Get Professional Nonprofit Bookkeeping Services-Contact Us
Please click the full article for more information on these tips |
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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
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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
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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.
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