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…
Internal controls are a must for nonprofit organizations. It should be a priority to establish proper internal controls from the start to ensure that assets are protected, and risks are mitigated. NPOs often struggle with limited staff and resources, which makes them particularly vulnerable to the risk of fraud or mishandling of funds. Nonprofit leaders,…
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