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Helping nonprofits become stronger financial managers.

January 16, 2014

Re-inventing the Financial Policies and Procedures Wheel

This is the first of several articles about financial management best practices to be posted to our blog and included in future newsletters. Let’s call this one Best Practice Number 1: "Have and Maintain a Financial Policies and Procedures Manual." Pretty basic and hard to argue about but something that is seldom done in small- and even mid-sized nonprofit organizations. More typically, what passes for documentation are fragmentary memos and checklists that often are created in reaction to a problem that has occurred. Although there are well-intended motives to create a more complete document, it seldom gets completed because of the hubris of day-to-day work priorities.

I think everyone can agree that having an FP&P Manual carries several benefits, among them:
  • Forces critical thinking and collaboration to organize functions, processes and deploying resources most efficiently.
  • Ensures compliance with regulatory and accounting standards.
  • Achieves standardization across departments and locations.
  • Demonstrates accountability and transparency to stakeholders and the public.
  • Provides framework for training and continuity of personnel.
  • Helps prevent fraud and inadvertent misallocation of assets.
  • Facilitates the auditor’s review of internal controls
Read More

Warm Regards,

Lee Bengston

Acquiring and Deploying Accounting Software

How accounting software applications are purchased and deployed has changed significantly over just the past two years. I thought it would be useful to update nonprofit and government accountants and managers on the current landscape – or at least my take on it. I will focus on accounting software, but most observations would apply to business software applications in general.

Read More

Articles of Interest

As an added feature to our newsletter we will list articles that we have run across which we feel are relevant to nonprofit financial management. They are not listed with any immediate editorial comment nor have we re-blogged them. Just click on the article to go to the source. You can go to our blog for a cumulative list of articles.
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January 23, 2014 - 2:00pm MT
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Colorado Nonprofit Financial Manager Peer Group

The Colorado Nonprofit Financial Manager Peer Group is an educational networking groups for Colorado nonprofit finance professionals. Its purpose is to offer a forum for professionals in the field to network, exchange ideas and resources, and learn about best practices and new developments in the field of nonprofit accounting. Please visit the group's meet up site to register and view upcoming events.
 
If you have questions, please contact Jessica Taylor at Jessica@nfppartners.com.

     



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