​Finance department staff often perform their day to day functions routinely without having a basic understanding of critical areas within the department.

Why are training workshops for finance staff important?

• To gain a fundamental understanding of their areas of responsibility
• To teach them new areas that are related to their daily job functions
• To ensure that policies and procedures are being consistently followed
• To give them an opportunity to ask questions, make comments and suggestions

​
What are the challenges of providing training workshops?

• Not enough staff time available to attend the workshops
• Limited resources available to prepare for and present the workshops
• Communicating to staff the importance of training

​
Finance departments are facing many challenges in this new reality

The New Year brings a New Reality to nonprofit organizations. Working arrangements for staff, physical workspace and daily operations have changed. The changes present the following challenges:

• Staff have a remote or hybrid work schedule with limited ability to work collaboratively onsite;
• Operating procedures have changed and internal controls can be compromised;
• Online access to files and automated systems must be provided;
• The risk of cyberattacks and fraudulent activity should be mitigated. 

Is your nonprofit's finance department prepared to face the challenges of a post-Covid-19 world? Here are some of those challenges:

• Increased risk of fraudulent activity
• Operating in a virtual workplace
• Downsized workforce
• Digital transformation 
• Increased demand for financial data and financial reporting

Do not wait until a problem arises…It may be too late!
​
Some questions your finance department should consider and actions they should undertake: ​

​Did your operating processes change due to a downsized workforce?
Review and document your operating processes and ensure they include proper internal controls. This will mitigate the risk of fraud and provide for the ongoing operation of the finance department.