Happy New Year!
Now is the time for the finance department of your nonprofit organization to set its goals for 2023.
6 Resolutions for Nonprofit Finance Departments
Distribute monthly financial statements by the 15th of the following month
Result: Proper procedures in place result in the distribution of timely and accurate financial statements.
Create or update your Accounting Policies and Procedures Manual
Result: Consistency in applying policies and procedures | Transparency in financial management | Proper safeguarding of financial resources | Compliance with regulatory and accounting requirements | Efficiency in training new employees.
Schedule an independent assessment of your finance department operations
Result: Your operating procedures will be evaluated. Inefficiencies in and lack of internal controls will be identified.
Expedite completion of the annual financial audit by preparing for it all year
Result: A successful financial audit will be completed in a timely and cost-efficient manner.
Provide monthly training workshops for finance department staff
Result: Staff will gain a fundamental understanding of their areas of responsibility. The organization will have the opportunity to teach staff new areas related to their daily job functions.
Review and update user access rights to automated financial systems
Result: Monitoring staff access to automated financial systems on a regular basis minimizes the chance of improper and unauthorized activity.
Does Your Nonprofit Need Assistance Achieving These Goals?
Roberta Katz Consulting is working with many nonprofits in improving the operations of their finance departments. Schedule a complimentary consultation today to discuss how I can help your organization.