Whether extraordinary (such as changes necessitated by the pandemic) or routine (managing projects according to the requirements of the grant, responding to constituents or donor, or preparing for a board meeting) – today’s demands mean that your nonprofit accounting 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 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
When it comes to nonprofit accounting systems, survival depends on careful monitoring. We are offering the free eBook ‘The Nonprofit CFO’s Survival Guide’
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