Nonprofit organizations are facing high staff turnover, staffing shortages and difficulty attracting and retaining qualified employees for their finance departments. The period in which a position is vacant or a new hire is learning their position in the finance department can result in essential daily operations not being performed, delayed financial reporting and an increased risk of fraudulent activity. The finance department should proactively prepare for these operational disruptions.
Has your nonprofit’s finance department ever undergone an independent assessment of its operations? An independent assessment brings a fresh set of eyes that reviews your finance department operations critically and provides recommendations for improvements. An assessment can correct issues your organization is having and identify those that have not yet been detected.
Without efficient and effective finance operations, a nonprofit organization cannot successfully fulfill its mission, especially in today's environment of inflation, staffing and supply chain issues. This means streamlining and improving your organization’s financial procedures.
An efficient and effective finance operation supports the mission of a nonprofit organization:
With cybersecurity concerns, the advent of remote working and the increased risk of fraudulent activity, an independent assessment of your nonprofit’s finance operations is essential. Perhaps your staff is too busy with day-to-day tasks and deadlines to review and evaluate your procedures. They may find it easier to continue doing things the way they have always been doing them.