Posts tagged with "nonprofit accounting"

FTM Nonprofit Forum on July 29, 2020 – Best Practices for Financial Policies and Procedures

The board and finance committee’s responsibility includes that financial policies and procedures exist and are followed by the organization. Management has usually delegated the responsibility to develop and maintain financial policies and procedures with little direction or guidance from the board and finance committee. The board and finance committee is usually consumed by other financial matters like budgets, audits, financial statements, and cash flow.

Financial Policies and procedures help sustain and strengthen your organization by providing the following to your organization:
• How the accounting function is performed including transaction processing like accounts payable, account receivable, payroll, journal entries, and grants and program management?
• What authorization and custody controls exist to reduce financial risks and protect the organization?
• What environment and culture exist for your organization, how is authority defined, and what external influences exist?
• How does your accounting system help you implement your financial policies and procedures?
• What segregation of duties and controls exists to detect or prevent accidental or intentional mistakes?
• What training do you provide to ensure competence and knowledge of accounting staff?

It is important for your major transaction processing like accounts payable, accounts receivable, payroll, and general ledger transactions that you evaluate best practices. This is important as you need to evaluate costs versus benefits received for each transaction process.

If it has been a while since you reviewed and improved your financial policies and procedures, we can help you develop and update your financial policies and procedures. An organization with good financial policies and procedures benefits from operating efficiencies, clear expectations, financial accountability, and trai

Overlooked Benefits of Outsourcing Nonprofit Accounting

Overlooked Benefits of Outsourcing Nonprofit Accounting

Overlooked Benefits of Outsourcing Nonprofit Accounting

Has your organization ever looked at outsourcing all or a portion of its accounting? If not, it is because you’re not sure how the organization would benefit from this decision?

Since it is not a common practice for nonprofits to outsource its accounting, we will discuss the process and discuss the overlooked benefits of outsourcing your Nonprofit Accounting.

Join us online Wednesday, July 25 11:30 – 1:00e
Click here to register

In the nonprofit community, outsourcing typically means long-term delegation of key operation to outside experts. The accompanying expectation is improvement of the quality, strengthening effectiveness, and lowering or controlling costs.

A key difference in the nonprofit sector is not only controlling costs, but becoming a more effective organization.

Outsourcing accounting provides nonprofit organizations with a team of experts who have multiple client experiences which benefits its clients and the nonprofit organization’s it serves.

We will review six overlooked, and sometimes unknown, benefits of outsourcing nonprofit accounting.

We will answer this and more. We will review and provide you with a candid conversation of the benefits and disadvantages of outsourcing nonprofit accounting.

Immediately following the presentation on benefits of outsourcing nonprofit accounting, we will host a discussion on how to have the best possible accounting system.

Developing Effective Dashboards and Key Performance Indicators June Nonprofit Forum

We hope you’ll join us for what has become one of the hottest nonprofit accounting topics: Dashboards and KPIs.

It’s more than measuring – though that is necessary.  It’s more than powerful displays – though they are so cool to work with.  It’s about choosing the right things to measure and monitor with your mission in mind.

Join us online for the Nonprofit Forum June 27, 2018

11:30 to 12:30-Financial Management Topic
Developing Effective Dashboards and Key Performance Indicators

Simply click on the link to register for Developing Effective Dashboards and Key Performance Indicators.

Do you have a dashboard and know what your key performance indicators (KPI’s) are for your organization? Please bring your questions so we can have a candid conversation regarding dashboards and KPI’s.

We’re happy to share what we’ve seen in the field, but it will be a more valuable use of your time to talk about what matters for your organization.

Nonprofits are complex organizations that are built around mission and outcomes, which must be supported by the right revenue and expense models. We will cover the critical aspects of Effective Dashboards and Key Performance Indicators including:

  • How dashboards allow decision-makers to see where and whether the organization is on the planned financial path
  • Using dashboard with funders and stakeholders to illustration real-time progress towards desired goals.
  • How to develop the associated metrics and constantly review to ensure you are measuring success for the organization.

A properly designed dashboard allows a nonprofit to monitor its effectiveness as evidenced by the financial health along with the impact of the programs and services provided. Board and staff should develop strategy and goals to create dashboards with focused conversation and collaboration.

When you select the dashboard elements, you should understand the data you will track and how that data will influence decision making. Questions to ask include: Are the metrics for the organization or function? Is the tool for the board, staff, or funders?

Please join us – the Nonprofit Forum is free to nonprofit organizations, but registration is required. Simply click on the link to register for Developing Effective Dashboards and Key Performance Indicators.

For a listing of future Nonprofit Forum dates and topics, please visit our Events page.

Abila MIP Fund Accounting 1099 and W-2 Processing-FREE Web Cast from January, 2018

We are pleased to provide you with our recorded web cast.   Click here to view recorded web cast and video.

In this course, participants will create, review, and correct IRS Forms and 1099-MISC, INT, DIV, and R. Participants will learn to produce and print the IRS forms in paper and submit electronically via Aatrix. Helpful reports and troubleshooting tips will be covered.

In this course, participants will create, review, and correct IRS Forms (i.e. W-2’s, and W-3’s). Participants will learn to produce and print the IRS forms on paper and submit electronically via Aatrix. Participants will learn what is involved in starting a new payroll year. Helpful reports and troubleshooting tips will be covered.

The donated value of this two hour web cast is $250.

Accounts Payable and Accounts Receivable-MIP Spotlight

We will be focusing each Module of the Month on a particular software module or application that helps our clients.

We are going to focus this article on the Accounts Payable and Accounts Receivable Module. We focused on tips and tricks during the MIP User Group portion of the August 30, 2017 FTM Nonprofit Forum – you can watch the recording here.

Our module refresher will include the following topics:

  • Accounts Payable Query for Vendor Balances and Activity
  • Changing AP Invoices after posting and check production
    Voiding a Check
  • When to use Accounts Payable Invoices versus Cash Disbursements
    Setting up un-posted and posted transaction reports for Accounts Payable Invoices
  • Using the AP reports to include Accounts Payable Aging and Vendor Activity
  • Assigning Manual Checks and bank payments to Invoices
    Best Practices to enter in credit card charges
    Setting up an after the fact Accounts Receivable Invoice

Let us help you to maximize your use of the MIP Accounts Payable and Accounts Receivable Modules. Our firm and staff use MIP Fund Accounting on a daily basis so let us help you maximize the use of this powerful application.