AI revolutionizes nonprofit finances by automating tasks, enhancing analysis, detecting fraud, optimizing costs, and empowering informed decision-making for social impact.
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.
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.
Wondering whether your church really needs accounting services? Here are 5 ways a virtual accountant can help improve your church finances.
Take a look at some of the ways you can assess your reporting system and make changes to adapt to your individual needs.
In this article, we will delve into the key components of nonprofit financial statements, exploring their purpose, structure, and how to interpret the information they convey.
Build your nonprofit’s financial literacy and get back on track. Here are 10 tips from top virtual accounting pros.
