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Financial Leadership in the Face of Impossible Choices
Financial leadership during times like these requires an unflinching look at your current fiscal state and a willingness to seek and share solutions across your whole organization. Holding true to your mission will guide you towards thoughtful, compassionate, and effective decisions in the midst of hardship. To help, we are offering you a few simple financial tools and some creative approaches to navigate otherwise impossible choices.
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Elegant Reporting in Nonprofit Accounting
The whole point of designing an elegant accounting system is to produce elegant reports – useful, cogent information to help us make decisions, inspire our staff, build trust among our stakeholders, and align our use of resources to meet our mission goals.
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What’s the Right Price for Nonprofit Mission?
Presenting a line-item budget to a potential funder is the equivalent of pricing the work at cost. It reduces the value of the work and the important mission it represents to time and materials. The danger of representing a nonprofit financial story this way is that we too often do an incomplete job of capturing the true costs associated with the work.
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Finally! Clarity for Nonprofits around Tax Provisions
Thanks to Karen Gries, Principal in CLA’s nonprofit tax practice, for summarizing recent changes in laws affecting nonprofit tax.
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Elegant Nonprofit Allocations: System Design
To gain visibility into a program’s true cost, we apply our principles of elegant allocations. In this post learn how to apply these principles to a system design using Sage Intacct as our example.
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Elegant Allocations in Nonprofit Accounting
The point of taking the time to design an elegant accounting system is not only simplicity, it is power – decision-making power. For nonprofits, we strengthen our decision making when we can see the whole truth about our programs and their finances.
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Nonprofits, Choose Your Auditors Well
Choosing the right auditors is one of the most important decisions a nonprofit and its financial leaders must make.
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Elegant Chart of Accounts: System Design
The most effective framework for designing vital financial reports that drive business decisions is an elegant chart of accounts design. In this post, we’ll take the principles of elegance that my colleague, Curtis Klotz, shared in the previous post and apply them in practice using the Intacct accounting system.
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Elegant Chart of Accounts: Simple Can Be Sophisticated
The goal is to develop a chart of accounts that remains as simple as possible while still capturing all of the information necessary for you to run your nonprofit well and to successfully share the story of your organization’s financial health.
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Strategy Meets Standards In Nonprofit Accounting
While being accurate and responsible with our accounting is important, nonprofits can make more powerful use of new accounting standards if they learn to use them strategically.