Professional athletes measure their performance all the time. As Peter Drucker–the man who invented modern business management–famously said, “If you can’t measure it, you can’t improve it.” Even though professional athletes are not considered to be in business, they do just that. They measure their performance during each game, during each season, and during their…
An assessment can be a valuable tool in determining the current state of your organization’s accounting and finance function. Not having a good grasp of this information can lead to challenges down the road such as inaccurate data used in decision-making or even an unfavorable management letter from your external auditor. A comprehensive accounting and…
For nonprofits, deciding on a board committee structure can be a challenge. Often, the decision is solely based on the number of board members and their talents and expertise. Proper financial oversight, however, is important to the success of a nonprofit because it ensures that the organization is in compliance with applicable laws, is acting…
What’s So Different About Nonprofit Accounting? If you’ve never worked in the nonprofit environment, you might assume that the accounting is fairly simple and straightforward. In actuality, proper accounting for a nonprofit is much more complex than accounting for a for-profit business. Why? For starters, most nonprofits operate on an accrual, not cash, basis. This…
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