In the first installment in this series, we provided an overview of the importance of accounting and financial management for nonprofit organizations. As you embark on your journey to create a thriving nonprofit, understanding internal controls becomes crucial. In this second blog post, we will demystify internal controls, highlighting their importance in preventing errors, ensuring…
Category: Accounting Tips
Love at First Sight: How to Present Your Nonprofit’s Data with Heart
As we start the year with renewed clarity and vision, we recognize that data visualization is key to achieving nonprofit success. But there’s another crucial element that often gets overlooked—how we present the data that reflects our progress. Data is the backbone of any nonprofit’s operations, yet too often, it’s presented in a dry, impersonal…
New Year, Clearer Vision: Using Data Visualization to Empower Your Nonprofit’s Financial Future
Why Data Visualization Matters As we step into a brand new year, it’s the perfect time to refresh your nonprofit’s approach to financial reporting—because (let’s face it) no one gets excited about a sea of spreadsheets. Financial reports can easily become overwhelming, or worse, feel disconnected from the big picture. But what if your data…
The Importance of Accounting and Financial Management
Congratulations on embarking on the journey of creating a nonprofit organization! As you begin your mission to make a positive impact on the world, one critical aspect that demands your immediate attention is accounting and financial management. Kicking off our five-part series, titled “Stepping Stones: Paving the Path to Long-Term Financial Success,” we will explore…
The Role of Accounting in Nonprofit Investment Strategy: What We Can and Can’t Do
Whether building endowments, funding specific projects, or growing reserves, investments can significantly impact a nonprofit’s financial health. However, managing these investments requires careful coordination between accountants, investment advisors, and investment committees. Sometimes it can be tricky to keep this all straight, so let’s explore the distinct roles of nonprofit accountants and investment advisors in investment…
Tales from the Nonprofit Accounting Crypt: 2024 Halloween Special
As the fog rolls in and shadows lengthen across the books, we beckon you to gather ‘round for a night of financial fright. In this chilling collection of tales, we’ll peel back the cobwebs on some of the most terrifying trials faced by nonprofits—where unchecked ledgers, runaway expenses, and haunted software conversions lead to unspeakable…
Understanding Your Fiduciary Responsibility: Protecting Your Nonprofit and Its Mission
Being a fiduciary is one of the most critical roles a nonprofit leader can undertake. Unfortunately, it’s not always easy to understand. Whether you’re a board member, executive director, or another nonprofit decision maker, you may have found yourself unsure about what this role entails. You’re not alone; many nonprofit leaders feel the same way. …
Key Audit Challenges and Solutions for your Midsize to Large Nonprofit
Audits can be a daunting process for any organization, but medium-sized nonprofits face unique challenges. Ensuring financial integrity and transparency is crucial, not only for compliance but also for maintaining donor trust and securing future funding. At Chazin, our extensive experience with nonprofits of various sizes has allowed us to identify common pain points and…
Streamlining Audits with PBC Checklists: What You Need to Know
If you are approaching an annual audit or if you’ve had an annual audit, you’ve likely encountered the term “PBC.” But what exactly does it entail? To truly grasp the significance of an audit, it’s essential to redefine its purpose. Many organizations perceive audits solely as a means to generate financial statements. It’s not uncommon…
Love in the Ledger: 3 Nonprofit Accounting Tips to Woo Stakeholders This Valentine’s Day (and Every Day!)
For a nonprofit, your stakeholders are more than just donors, board members, or volunteers. They’re the lifeblood of your mission and the lovestruck supporters who champion your cause. Valentine’s Day is a celebration of love and connection, and what better time to reflect on the relationships you build with stakeholders? Just as in any healthy…