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Dashboards for Comptrollers, CFOs and Reporting to your Board

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This session will highlight how to use the tools in The Financial Edge™ for fast, accurate reporting to your board of directors. Learn how dashboards increase your productivity and reports make answering your board members’ questions easier than ever!

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Dashboards for Comptrollers, CFOs and Reporting to your Board

  1. 1. t<br />Dashboards and Reports for Your Board and executive Team<br />David Kilmer<br />
  2. 2. Communicating Financial Information<br />Three key questions<br />Understanding Financial Responsibilities<br />Role of the board<br />Other financial duties<br />How is Financial Information Utilized<br />Compliance, evaluation, planning or action<br />Presentation of Information<br />The basics<br />Good Financial Reports<br />Above and beyond<br />Agenda<br />
  3. 3. Three Key Questions<br />Who is consuming the information?<br />Board, CEO, CFO, Program Manager, etc…<br />What information needs to be communicated?<br />Actual vs. Budget<br />Days of unrestricted cash on hand<br />Unrestricted revenue vs. salary<br />Number of new donors<br />Etc…<br />What action must the reader take<br />Act, monitor, celebrate, etc…<br />”One size fits all” does not apply to financial reports!<br />Communicating Financial Information<br />
  4. 4. What Type of Board Do You Have?<br />Operating Board<br />Organizations with small staffs or no staff<br />Involved in management of organization<br />Board members may be responsible for accounting, account reconciliations, preparing reports<br />Governance Board<br />Organizations with sufficient staff, professional management<br />Involved in policy and planning<br />Separation of responsibility between management function and governance function<br />Combination<br />Boards that are in transition, or with some combination of responsibility<br />Understanding Financial Responsibilities<br />
  5. 5. Understanding Financial Responsibilities<br />Other Financial<br />Duties<br />
  6. 6. Compliance<br />Provides assurance and verification of use of resources<br />Accountability to funders and the public for use of funds<br />Assure operational efficiency and controls<br />Evaluation<br />Measuring progress toward organizational, program, and financial goals<br />Considering financial information in relation to mission of organization<br />Assessing effectiveness of activities and use of resources<br />Assessing administrative systems, controls, and performance<br />How will Financial Information Utilized<br />
  7. 7. Planning<br />Using financial information to project future needs<br />Considering trends, changes, and prospects for the future<br />Making decisions about organizational direction<br />Developing assumptions for use in future plans<br />Action<br />Determining the cause of variances from plans<br />Responding to changes from original plans – opportunities and problems<br />Responding to changes in external environment<br />Addressing problems<br />How will Financial Information Utilized<br />
  8. 8. The Basics<br />Financial reports should be:<br />Accurate and consistent<br />Available soon enough to be of use in monitoring and planning<br />Understood in context of the organization’s history and external environment<br />Understood in relationship to program activities<br />Easily Repeatable<br />Basic financial report set should contain:<br />Organizational budget<br />Monthly or quarterly financial reports<br />Income Statement<br />Comparison of actual income and expenses to budget<br />Balance Sheet<br />Verification of required reports<br />IRS Form 990 and other required forms<br />Presentation of Information<br />
  9. 9. Good Financial Reports Should:<br />Monitor achievement of major goals<br />Measure outcome or goals, not just activities or means<br />Identify where the "red flags“ are in the report<br />Show historical context...data today, 1 year ago, 5 years ago<br />Show comparisons to similar organizations<br />Use graphics whenever possible<br />Be checked for accuracy before being issued<br />Leverage work of preparing reports for other purposes, i.e., newsletter, donor reports, annual report<br />Evaluated and refined on a regular basis based on needs<br />Be archived for future reference <br />Published on your web page for the general public (not all)<br />Be used to inform and train staff<br />Presentation of Information<br />
  10. 10. Going Beyond the Basic Financial Statement and Considering Dashboards<br />Fast reporting on program metrics<br />A dashboard for “the greatest asset“ …employees<br />Using a dashboard for board accountability<br />Fundraising Dashboard<br />Dashboard for easily overlooked compliance and risk management<br />The Engineering<br />The Financial Edge<br />F9<br />Excel (Conditional Formatting)<br />Business Intelligence and Scorecards<br />Presentation of Information<br />

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