Accounting Software Program Features that can Help You Stay on Track
Accounting software has become a critical resource for business. Learn how to find a solution for yours!
What does a Nonprofit Treasurer Do?
A treasurer is responsible for sharing financial information effectively with stakeholders. Let’s explore what this role looks like in the nonprofit setting.
Changes to NFP reporting of gifts-in-kind
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:
Mastering Nonprofit Budgeting and Cash Flow: Strategies for Financial Sustainability
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.
Are Outsourced Virtual Accounting Services Worth It for Your Church?
Outsourcing can be a gamble. But when it comes to your church’s finances, outsourced bookkeeping could be the best decision you make.
Ready to Tell Your Story? 3 Tips for Impactful Storytelling to Attract and Retain Support for Your Nonprofit
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.
Guide to Data-Driven Nonprofit Decision Making
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.
How to Achieve Tax-Exempt Status
Confusing IRS requirements shouldn’t stand in your way of doing important work! Learn more about filing for tax-exempt status.
Overcoming the Limitations: Challenges of Using Off-the-Shelf Accounting Software for Nonprofits
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.
What is Nonprofit Enterprise Risk Management
A solid ERM plan can help your nonprofit to save money and emerge from crises stronger than ever!