The fact is, it’s never easy to be a CFO. 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?
Implementing internal controls, budgeting, audits, 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 frequent refreshes to stay on-course.” Michael Mohr, Director of Finance, Women’s World Banking
Your mission: Support the mission
Our eBook from Sage Intacct, ‘The Nonprofit CFO’s Survival Guide’, talks in detail about the challenges of nonprofit finance. We understand that in the nonprofit world, it’s not about maximizing profitability it’s about maximizing impact.
Nonprofits typically pursue a “mission-first” philosophy, aiming to achieve greater social or philanthropic goals and balance the competing interests of social mission and a sound financial foundation. The result is a host of additional challenges that can burden the nonprofit finance team and its financial software infrastructure.
At Express, we want to help you spend less time on administrative tasks and more time on what really matters – advancing your mission. Connect with Express!