Nonprofit Top 5 New Fiscal Year Resolutions After Year-End Close
Nonprofit Top 5 New Fiscal Year Resolutions After Year-End Close – Many nonprofit organizations have closed the books on their fiscal year ending June 30.
If this includes your organization, how did the process go? Are there challenges you faced this year that you’ve made a resolution to address in the fiscal year? Here are five common resolutions for making the new fiscal year a better year.
Nonprofit Top 5 New Fiscal Year Resolutions After Year-End Close:
1 – Compliance with federal regulations and donor restrictions
Increased frequency and variety of donor restrictions as well as FASB ASU 2016-14 changes just around the corner, have kept compliance concerns front and center with nonprofit finance directors.
2 – Enhanced stewardship and reporting by funds, grants and donors
Reporting has always been more complex for nonprofit than their for profit counterparts. Every funder has its own requirements for reporting formats, presentation, and frequency. Increasingly, donors are wanting a more granular view of the impact of their donation – how many meals served or how many children receiving medical treatment, etc. The ability to “know and show” not only safeguards current giving levels but proves to be an excellent resource for cultivating donors.
3 – Providing real-time access to stakeholders and staff spread across town or across the country
Given that anyone with a smart phone (and that’s pretty much everyone) knows the value of real-time access, not having anytime, anywhere, real-time access within the nonprofit organization is increasingly frustrating for staff and stakeholders. Removing bottlenecks, accelerating routine processes, and enjoying the huge benefit of more (and faster) collaboration is a worthy resolution.
4 – Meeting board and executive demand for greater visibility, transparency and reporting
Who wouldn’t want the most accurate, up-to-date data in front of them when making decisions? Board members, the executive team, and program managers want to make data driven decisions. They want to get it right the first time. And, just and the internal team wants more visibility, so do funders and donors. They want to know that their financial awards and gifts will be managed carefully and used correctly. The foundation of visibility and transparency, stewardship and reporting, is a modern nonprofit financial accounting solution.
5 – Finding and working with a technology partner who can help you before, during and after.
There are so many options available to you. There are a multitude of possibilities that can be considered. How do you narrow down your decision? How do you compare and contrast features and functions, platforms and costs?
The most expedient way to explore the options available to you is to find a technology partner who can clear away the impractical and present you with the choices and configurations that will be the best fit for your organization – satisfying the demands outside of the accounting department, automating the redundant within the accounting department, and allowing you, as Finance Director to play a more strategic role.
Often, any bumps and bruises associated with year-end activities are symptoms of an inadequate financial accounting system.
Express Information Systems can help you before, during, and after a new system implementation. We bring valuable experience – we’ve seen what works and what doesn’t work. We can help you avoid costly mistakes, get you up and running quickly, and arm you with the tools and insight to make the new year a great year.
We like to offer helpful resources that will assist you as you begin to think about modern nonprofit accounting solutions. Here is an on-demand product tour of Sage Intacct – which we work with and are impressed with. But if you want to skip the video and talk to use directly – we are delighted to hear from you! Click here to contact us.