Many nonprofit CFOs and Finance Directors are just beginning to close the books on their fiscal year. Others are reaching the half way point in their fiscal year. In either case, it’s a good place to stop and do a quick assessment: Is your nonprofit where you want it to be?
Is your accounting operation running smoothly, leveraging the automation that modern technology affords? Or are you constantly moving from one paper-based or spreadsheet workaround to another? Are requests for additional reporting a source of anxiety and longer hours for you and your staff?
We recommend an annual system review from Michaud Accounting Solutions. Think of it as a type of accounting department checkup of tools, technology and processes.
We can evaluate ways to better balance and close each fund (independently), look at processes that track general versus restricted dollars, review your chart of accounts, and more.
CFOs and Finance Directors have a tough job, and it seems that every year they are asked (again) to do more with less – run leaner, look for additional cost savings. An investment in technology may be the best way to accomplish these demands. Michaud Accounting Solutions can help you calculate what the total cost of ownership would be for your organization, as well as how quickly you and the executive team could expect a return on investment.
An area that is never pleasant to talk about is vulnerability to fraud. But an ounce of prevention is worth a pound of cure. Safeguarding your organization’s funds, reputation and donor trust is a crucial aspect of good stewardship. A Michaud Accounting Solutions checkup includes a review of your internal controls. We’ll look to see if processes are vulnerable due to lack of an audit trail or, perhaps, the need for separation of duties.
Contact us to schedule your complimentary annual system review checkup.
We’re also offering another resource for you, “The Nonprofit CFO’s Survival Guide” which you may download. In it you’ll find others who have stepped back, rigorously reviewed their situation and implemented a solution that not only solved today’s problems, but put the organization in a position to aspire to more programs, serve more constituents, and fulfill the mission.