Here are some popular touchless payment options that can help alleviate any fears of COVID-19 for patrons or donors, to ensure your organization is doing all that it can to maximize revenue, even during uncertain times.
Accounting software has become a critical resource for business. Learn how to find a solution for yours!
A treasurer is responsible for sharing financial information effectively with stakeholders. Let’s explore what this role looks like in the nonprofit setting.
There is a new emphasis and an upcoming required change in how your NFP financials will present and disclose gifts-in-kind. Accounting Standard ASU No. 2020-07 has mandated this change. It will be effective for annual periods beginning after June 15, 2021. This Accounting Standard improves transparency for gift-in-kind transactions by requiring the following:
Effective financial management is crucial for the success and sustainability of nonprofit organizations. Unlike for-profit entities, nonprofits face unique financial challenges, including reliance on donations, grants, and other variable funding sources. This makes budgeting and cash flow management essential to maintaining operational stability and achieving long-term goals. Key concepts such as budgeting, cash flow management, and financial sustainability are not just financial jargon; they are the backbone of a nonprofit's ability to fulfill its mission and serve its community.
Outsourcing can be a gamble. But when it comes to your church’s finances, outsourced bookkeeping could be the best decision you make.
As a nonprofit, it’s important to utilize stories so that donors and supporters feel connected to the mission and can see the impact your organization has in the world.
In uncertain or difficult times, strong decisions count more than ever. For nonprofits, this means that financial and business strategies need to be informed by data.
Confusing IRS requirements shouldn’t stand in your way of doing important work! Learn more about filing for tax-exempt status.
While off-the-shelf accounting software may seem like a cost-effective solution, it often falls short in meeting the specific requirements of nonprofit organizations, leading to various challenges. These generic systems typically lack the specialized features necessary for detailed fund tracking, grant management, and reporting that nonprofits require. As a result, organizations may face difficulties in maintaining financial transparency, reporting accurately to stakeholders, and ultimately, in achieving their mission effectively.
