Financial Technologies & Management- E-Newsletter for July

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.

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

We are pleased to announce that will be once again presenting and exhibiting at the 16th Annual MIP User Conference on October 14-16 in Las Vegas.  Please click 16th Annual MIP User Conference for conference web site and to register.  Please let us know you are coming and email us that you were referred by us so we can schedule some time together in Vegas.

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.  We are pleased to offer client care plan for our QuickBooks Online, MIP Fund Accounting, and Microix Clients.

Please click here for the current and previous monthly newsletters back to 2020.

Best Regards,

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

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
• 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.

Managing Cash Flow

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.

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
• 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.

Top Indicators of Nonprofit Financial Health

Nonprofit leaders have a difficult mandate to constantly balance money and mission, while collecting and sharing data on social and financial performance.

How can nonprofit executives, funders, and advisors identify what matters most when examining finances? What are some trends and indicators that can guide us through an abundance of data and help assess true financial health?

The following list of financial indicators based on our experience providing nonprofit accounting solutions.

• Revenue reliability
• Consistent financial surpluses
• Working towards full cost coverage
• Appropriate liquidity
• Ability to manage debt and steward facilities

The full article provides a detailed explanation.

Our Staff-Your Team

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 & staff links

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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