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!!
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. Also, we can take these courses and provide customized training for your organization so just ask for custom organization specific training.
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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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.
- 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 a 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.
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Hire the right people. Need right education and expertise. Roles need to include accounting and controller level roles.
- 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 for the organization it serves. The full article includes more information regarding 10 tips |
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What to consider when selecting a Nonprofit Controller? |
Nonprofit organizations play a crucial role in our communities, serving various causes and populations. To ensure the success and sustainability of these organizations, it's imperative to have a skilled and knowledgeable financial team in place. Among the key members of this team, the nonprofit controller holds a pivotal role.
In this blog post, we'll explore the essential factors to consider when selecting a nonprofit controller, ensuring that your organization is in capable hands. -
Expertise in Nonprofit Accounting-Qualified Nonprofit Controller should have deep understanding of fund accounting, restricted and unrestricted funds, and compliance with FASB and GASB standards.
- Compliance with Regulatory Knowledge-adept with tax laws and financial reporting standards
- Grant Management Skills-Capable Controller should have experience managing grants & donor requirements
- Strong Communication and Interpersonal Skills
- Technology Proficiency
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Analytical and Problem-Solving Abilities
- Commitment to your Organization Mission.
Contact us to select ideal controller for your organization The full article reviews this topic in more detail. |
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Have changes in your finance office impacted your use of MIP? |
We recognize that our clients staffing and needs have changed and we want to make sure your financial software continues to evolve.
FTM is offering a free 60 minute MIP Configuration and Software Assessment with Senior Software Consultant Jeron Comeau. Your session will be led by an MIP and Microix Certified Consultant. During the assessment we will,
- Confirm MIP users on file with FTM for the purpose of receiving helpful tips and the quarterly FTM Newsletter
- Discover if your organization’s MIP configuration of user licenses and modules continues to meet your needs
- Discuss challenges experienced by MIP users.
Examples of outcomes, - Removal of unused user licenses or modules that may save you money on your MIP Annual Maint & Support
- Identify opportunities to save you time by replacing manual entries with imported entries
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Replace time consuming Excel reports with MIP reports
- Address questions about cloud migration
Schedule your free 60 minute MIP Fund Accounting Help
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