Whether extraordinary (such as changes necessitated by the pandemic) or routine (managing projects according to the requirements of the grant, responding to constituents or donors, or preparing for a board meeting) – today’s demands mean that your systems must be as agile as you are.
In nonprofit accounting, survival depends on flexibility.
- Does your current accounting system support the separate, balanced sets of books required for fund accounting?
- Does the software allow you to carefully design your data structure and chart of accounts to support maximum flexibility?
- Will the system allow you to easily accommodate multiple locations and entities?
Internal controls and cash management: The importance of vigilance
Nonprofits must be vigilant stewards of donated monies and carefully monitor what they spend on every initiative and program.
“Without question, internal controls and cash management are important challenges. We find it’s best to mimic our chart of accounts and create three-year rolling budgets and forecasts that we adjust four times a year. You need the frequent refreshes to stay on-course.” Michael Mohr, Director of Finance, Women’s World Banking
Sage Intacct’s: The Nonprofit CFO’s Survival Guide
LBMC Technology Solutions is offering ‘The Nonprofit CFO’s Survival Guide’ an eBook designed to help CFOs address the unique challenges and pressures of nonprofit finance. In addition to nonprofit reporting and visibility, the eBook includes commentary items from nonprofit executives and nonprofit technology experts on topics such as:
- Your Mission: Support the Mission
- Accounting 101: It’s Still Job One
- Internal Controls and Cash Management
- Funds and Grants
- Reporting and Visibility
- Cloud-Based Financial Management
To access the guide, click the button below to visit the Sage Intacct resource page.