Financial Technologies & Management- E-Newsletter for February |
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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, 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.
We are pleased to announce our 2025 Nonprofit Financial Forum and MIP User Group which we have combined together for 2025 with the Forum during the first hour and the MIP user group for the last 30 minutes. Here is the monthly schedule for 2025: Please click on link for more information and to register. Feb 26, 2025 Tips for Smooth Audit and Common Audit Pitfalls
Mar 19, 2025 Building a Better Budget Apr 30, 2025 Presenting Financial Reports
May 28, 2025 Effective Grants Management and Cost Allocation Jun 25, 2025 Effective Nonprofit Financial Governance and Leadership Aug 20, 2025 Tips for Smooth Audit and Common Audit Pitfalls Sep 24, 2025 Building a Better Budget Oct 29, 2025 Presenting Financial Reports Nov 19, 2025 Effective Grants Management and Cost Allocation Dec 17, 2025 Effective Nonprofit Financial Governance and Leadership
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. |
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Common Audit Preparation Pitfalls and Misperceptions |
One reason a nonprofit might conduct an audit is to demonstrate the organization’s commitment to financial transparency and accountability. Also, you many have specific grantor that requires an audit or maybe you have any audit if you suspect fraud or illegal acts. And while a nonprofit can spend considerable resources for its annual audit, it is important that it consider the following to ensure the audit is a success.
- No delays
- Minimal accrual and year end adjustments
- Minor board and management comments
- No material weakness or significant deficiency
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Nonprofit should prepare audited financial statements and related disclosures
- Fraud detection is not purpose of audit
- Auditor does not guarantee financial statement accuracy
If your nonprofit has any of these pitfall or misperceptions, you should take action to bring expertise like our audit preparation services to remedy and correct these audit issues Resources for audit readiness and preparation resources include:
Year End Audit Preparation Checklist
Is your nonprofit subject to a federal funds audit?
7 steps to a successful audit
The full article provides further details on how to eliminate these common problems with nonprofit audits. |
| Your Nonprofit should have multiple revenue streams
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Multiple types of revenue streams help create a financially health nonprofit and it expands your network and influence.
Also, it can help with cash flow as the various sources will have different payment terms and conditions that can vary significantly. It is challenging to pursue new revenue streams as it does take additional organizational resources.
The most common revenue streams include: - Individuals
- Corporations
- Donor Advised Funds
- Foundations
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Bequests
- Endowments
- Government
- Special Events
- Rental Income
- Sales Income
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Investment Income
- Earned Income
- In-Kind Contributions
It is important to engage your board and staff in developing a strategic approach to enhance the long term sustainability of your organization in these uncertain times. The full article includes more about Revenue Streams |
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Our firm has grown because of strong client relationships with referrals from our clients and other referral partners. Our staff is very experienced at performing the accounting function for our clients. Our nonprofit accounting services includes bookkeeping, accounting, controller, and CFO services. Our nonprofit software accounting software expertise be composed of QuickBooks Online, MIP Fund Accounting, Microix, and Sage Intacct. Our nonprofit software services comprise software assessments, sales, data conversions, implementations, training, support, and project management services. Our financial management training consists of our monthly news letter, nonprofit financial forum, MIP user group, and other training.
Our approach is to work with you to determine how your organization can best benefit from our professional services. We realize that organizations don't have the resources to have a full accounting staff, so we focus on filling the accounting staffing gaps. We deliver quality accounting, bookkeeping, advisory, and tax services to ensure you have everything you need to make a significant impact for your cause. Our firm provides the most experienced staff at affordable rates.
Please click on the find out more for the full article and staff member links |
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FTM offers client care plans for our QuickBooks Online, MIP Fund Accounting, and Microix Clients. |
We are excited to expand our software advisory services by offering a client care plan to our QuickBook Online clients.
FTM Client Care Plans provide unlimited support via phone, email and online meetings with certified consultants with more than a decade of experience! You talk with the same person who knows your organization and your special needs. All finance team members with prior training are eligible.
FTM has certfied 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 accounting software investment.
We offer three plans that start at $500 per year. Our plans cover everything and don't have limitations like the M&S plan provided by MIP and MIcroix including offerring accounting services help as well.
The bronze plan is $500 per year includes 5 hours of email, telephone, remote, and online meetings. The silver plan is $2,500 per year includes unlimited email, telephone, remote, and online meetings. Software issues are resolved quickly.
Our client care plans insure you are better utilizing your accounting software. Please click full article for our client care plans for Quickbooks Online, MIP Fund Accounting, and Microix Clients. |
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