Nonprofits: Outsource for Timeliness
Most nonprofit leaders and managers have at least a general understanding of financial management. However, without a trained accountant on staff, the crucial function of handling the books goes to whoever volunteers or has the willingness to do it. Although the person who volunteers may have the best intentions of keeping up with the finances, [...]
Nonprofits: Outsource for Accuracy
The number one reason nonprofits fail is poor financial management. Not only do nonprofits have to administer their resources carefully, but they need to do it accurately. Expecting others in the organization to manage finances is asking for trouble. Lack of accounting training or background is not only frustrating for the individual(s) responsible, but also [...]
Nonprofits: Outsource for Savings
If you are running a nonprofit organization, you know all too well that every dollar must be spent in the most effective and economical way. The quality of financial management will ultimately determine the success or failure of your organization. Hiring additional staff to handle the accounting inside the business can be very costly and [...]
Keys to Successful Cash Flow – Surviving Shortfalls
At one point or another, your company is bound to be caught in an economic downturn. The impact this will have may depend on how much you have planned ahead. Management should regularly assess the company’s ability to stay solvent during tough times. Plan, Plan, Plan: Have a plan in place ahead of time in [...]
Statement of Cash Flows
by Randall Suttles, CPA I just hung up the phone with a client. I had told her to print the cash flow statement for the prior month. (She uses PeachTree. Quickbooks has an embedded cash flow statement as well. So do most financial software packages). She printed it, faxed it to me and we began [...]
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