Financial Technologies & Management- E-Newsletter for November |
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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!! Jeron and I are excited to share MIP Conference important insights. Click here 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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5 Nonprofit Accounting Tips |
Managing the financial aspects of a nonprofit organization comes with its unique set of challenges and responsibilities. Nonprofits are driven by a mission to make a positive impact, and effective accounting practices are essential to ensure that their resources are maximized for their intended purposes. In this article, we'll delve into five crucial nonprofit accounting tips to help you navigate the financial landscape and fulfill your organization's mission more effectively.
- Accurate record-keeping is the bedrock of sound nonprofit accounting.
- Properly segregating and categorizing funds is vital in nonprofit accounting as it helps maintain transparency and prevents the mingling of resources meant for different purposes.
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For nonprofits managing multiple programs or projects simultaneously, fund accounting is a game-changer. Furthermore, this approach simplifies reporting to stakeholders, grantors, and donors, offering a transparent overview of how each dollar contributes to your nonprofit's mission.
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Ensuring compliance with tax laws, financial reporting requirements, and grant stipulations is essential to maintaining your nonprofit's reputation and eligibility for funding.
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Reconciliation is the detective work of nonprofit accounting. This proactive practice ensures that your financial data is accurate and trustworthy.
The realm of nonprofit accounting is intricate and requires meticulous attention to detail. The full blog reviews the 5 Nonprofit Accounting Tips in detail. |
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10 Tips for Best in Class Finance Department |
10 Tips for a Best in Class Finance Department -
Build a Stronger Finance Department. Provide financial information to management and board.
- Hire the right people. Need right education and expertise. Roles need to include accounting and controller level roles.
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Promote a secure internal control environment. Set proper tone at top for ethical behavior, safeguard assets, ensure right people in place, implement and enforce financial policies and procedures.
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Perform Monthly Bank Reconciliations and Monthly Investment Account Reconciliations. Have someone outside of finance department review.
- Education board on fiduciary responsibilities to include duty of care, duty of loyalty, and duty of obedience with board committee dedicated to financial management.
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Timely Remit payroll tax and employee benefits.
- Follow Generally Accepted Accounting Principles. Accrual is more accurate than the other methods.
- Conduct a financial statement audit
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Financial Calendar to identify when things needs to happen and share with internal stakeholders.
- Provide timely and accurate monthly financial reports. Need to explain the financial story. Need to forecast income, expense, and cash.
We have found that departments with these characteristics to be the most high functioning with the best outcomes. The full article includes more information regarding 10 tips |
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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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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 to over 450 attendees. In addition 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 Audit Readiness, Better Budgeting, Developing Dashboards, Grants Management & Cost Allocations, and Financial Leadership & Governance.
We enjoyed presenting and sharing information and ask that you stay in touch for our free financial assessment & 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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