Financial Technologies & Management- E-Newsletter for October |
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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. -
Nonprofit Financial Forum-We have completed our monthly forums for 2024. We are developing our monthly topics for 2025 so please let us know what topics you would like us to cover
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MIP Fund Accounting-We have completed our quarterly User Group Meetings for 2024. We are developing our quarterly topics for 2025 so please let us know what topics you would like us to cover. Also, we will be adding year end training courses for December and January so please check out MIP training page for the latest course offerrings. Also, we provide customize training for your organization so please contact us to develop a custom program to meet your needs.
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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A strong budget is an essential element for any nonprofit organization to achieve financial leadership. Superior budgets, though, have written plans about the core activities to include strategic, organizational, and program goals and how they will be financed.
Financial sustainability can only be achieved with a well-prepared and continuously monitored budget. Conversely, a poorly developed budget can diminish mission focused activities opportunities and threaten long-term success.
Budget process best practices would include: - Establish budget process timeline
- Set goals for organization and its programs
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Draft income budget to identify expected donor sources
- Draft expenses into variable, fixed, incremental, indirect
- Implement budget
- Document budget decisions including and assumptions
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Finance committee reviews draft budgets
- Document budget decisions including assumptions
Please click on the find out more for the full article |
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Year End is the ideal time update financial policies and procedures and other important tasks |
We have discovered that around fiscal year end might be the best time to document your financial policies and procedures as we are usually in the planning and reviewing mode.
You can document your financial processes and see where you can make improvements. You can look to see where you can implement new software and automate systems to reduce manual processes.
The written policies should document board and staff responsibilities and related segregation of duties. You should consider what errors or irregularities could occur and what procedures would detect these errors or irregularities. Your financial policies and procedures should lay out clear expectations and encourage adherence. Please contact us if we can help you document your financial polices and procedures and review your year end activities.
Please click the full article, which includes FREE sample nonprofit financial policies and procedures manual, for the full list of year end activities |
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Is now the time for a financial assessment for your nonprofit organization? |
A comprehensive finance assessment should include a review of your nonprofit’s financial statements to financial transactions that weren’t recorded correctly. The assessment should also include a review of your financial and related systems, reporting, policies, procedures, and internal controls. Finally, the assessment should help the CEO/Executive Director understand the skill level and knowledge of the organization’s accounting and finance team. The assessment should be delivered in a clear and concise written report including findings and recommendations.
If you do not have a solid understanding of the capabilities of your accounting and finance function, now may be the time to engage a reputable accounting firm specializing in nonprofits to conduct an assessment. There are other events that typically are times to perform a financial assessment as well.
- Turnover in the accounting or finance department
- New CEO/Executive Director
- Board and Finance Committee lacks financial confidence
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Unfavorable auditor report
- Never conducted a financial assessment
A periodic financial assessment which isn't performed by annual audit will ensure your processes are current and the accounting function is operating efficiently and effectively. Please feel free to book up to 60 minute free initial consultation to perform an initial financial assessment for your Nonprofit
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2024 MIP User Conference Follow Up |
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.
Jeron and I were pleased to once again present and exhibit at the MIP User Conference in Las Vegas from October 8th to October 10th. We presented and shared information with over 450 attendees. In addtion to providing MIP software advisory services, we provide accounting services to provide a comprehensive solution to the Nonprofit Community. Our training include MIP software and a CFO track which included the following courses:
- Getting Ready for your Audit
- Building a Better Budget
- Developing Dashboards
- Effective Grants Management and Cost Allocations
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Efective Financial Leadership and Governance
We enjoyed presenting and sharing information with the 450 attendees and we ask that you stay in touch with us for our free financial assessment and financial management training that we provide throughout the year. Please contact us to schedule your free financial assessment and MIP User Conference Follow Up. |
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