3 Keys to Being Prepared for Your Next Nonprofit Audit

For many nonprofits, going through an annual audit is like undergoing a root canal—it’s a painful, stressful, and expensive experience. The good news is that it doesn’t have to be that way (the audit, that is.) Through advance planning, organization, and knowledge of the audit requirements, nonprofits can embark on their annual audit with ease and…

Read More…

A New Audit Standard Affects Me??? Really?

Many nonprofits are subject to annual audits. Although they can be challenging, they are often required for one or more reasons. A byproduct of that requirement is that audit standards can and do change and those changes can and do impact your organization. This year is no different. A new “Statement on Auditing Standards (SAS)”…

Read More…

Why Is It Difficult for Nonprofits to Find an Experienced Accountant?

What does your current accounting situation look like? Are you having difficulty bringing your bookkeeper or accountant up to speed on your processes or struggling with stringent audit, compliance, GAAP (Generally Accepted Accounting Principles), or FASB (Financial Accounting Standards Board) requirements? Finding an experienced accountant for your nonprofit can be difficult and selecting the right…

Read More…

Why Your Nonprofit Organization Needs a Conflict of Interest Policy and How to Start One Today

Are you one of the few nonprofit organizations without a conflict of interest policy in place? Studies show that over 95% of nonprofit organizations employ a conflict of interest policy–and with good reason. These policies offer nonprofit organizations ethical standards and protection to ensure all actions on behalf of the organization are transparent and free of potential ethical dilemmas. In this article we’ll be covering the benefits of setting up a conflict of interest policy at your organization and how you can start…

Read More…

When is the Right Time for Virtual Accounting Assistance?

The responsibilities of nonprofit executive leaders are many but sorting through data to get a clear picture of the organization’s financial health should not be one of them. When preparing for a board meeting have you ever asked yourself, “Do I have all the important and relevant data to help board members feel assured they understand the organization’s financial position?” Do you, as the leader of an organization, truly understand your financial reports and can you clearly explain those to stakeholders in a way…

Read More…