5 Outsourced Accounting Myths

If you’re running a nonprofit, odds are you’ve considered outsourcing all or a part of your accounting and finance function. That makes perfect sense. Outsourcing is a cost-effective way to access expert nonprofit accounting and finance resources and create a high functioning accounting and finance department. One of the common myths listed below, however, may…

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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)”…

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Creating Good Accounting Habits Is Important for New and Smaller Nonprofits

Leaders of nonprofits that are just getting started, or are relatively small, are generally focused on getting their organization up and running, raising money, and delivering on their mission. That’s to be expected.  Properly tracking the financial activity of the nonprofit, and installing best practices, does not tend to receive the attention it deserves early on. There are accounting rules that…

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How to Review Financial Reports: A Guide for Nonprofit Boards (Part 1 of 3)

One of the most important duties as a member of a nonprofit’s Board of Directors is the stewardship of the organization’s financial resources. Board members play a pivotal role in monitoring the financial health of the organization. In fact, it is the fiduciary responsibility of the Board to do so. One of the ways the Board achieves this is by regularly reviewing several different financial reports. These financial documents…

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