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2017 0223 webinar_nonprofit_accountability
The document outlines the importance of audit-ready financials for nonprofit organizations, emphasizing accountability, transparency, and adherence to audit requirements. It discusses the audit process, the significance of well-documented transactions, and the benefits of automation and cloud accounting for efficiency and accuracy. Additionally, it promotes Intacct as a reliable solution for nonprofits seeking to streamline their financial management and auditing processes.
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2017 0223 webinar_nonprofit_accountability
- 1. Strengthening Nonprofit Accountability THROUGHAUDIT-READY FINANCIALS
- 2. 2 Preferred Provider Business Solutions Topics • Nonprofitaudit requirements • Automation and controls • A look in the cloud • Questions • Additional resources
- 3. 3 Preferred Provider Business Solutions Why AuditsMatter to Nonprofits Reputation Accountability Transparency Funding
- 4. 4 Preferred Provider Business Solutions Why AuditsMatter to Nonprofits Reputation Accountability Transparency Funding And of course… the legal considerations
- 5. 5 Preferred Provider Business Solutions Auditing forNonprofit Organizations Compliance Audit Goal: “Clean” Unqualified Opinion GAAP Financials
- 6. 6 Preferred Provider Business Solutions Resources forState and Federal Audit Requirements * National Council of Nonprofits Federal Audit Requirements *State Audit Requirements *
- 7. 7 Preferred Provider Business Solutions The FinancialStatement Audit Process Primary risk assessment: judgment and estimates Controls testing • Accounting, reporting processes • Effectiveness of controls Controls testing results determine level of substantive testing Substantive testing • Check calculations • Examining records and source docs • Ensure balances and transactions are supported Key to audit readiness: well-documented transactions and balances
- 8. 8 Preferred Provider Business Solutions What anauditor wants to do What an auditor ends up doing The Audit Challenge
- 9. 9 Preferred Provider Business Solutions Trace anyand all transactions from the financial statements to the GL to sub ledger to supporting documents, and back again Get Organized Financial Statements General Ledger Sub Ledgers Supporting Documents
- 10. 10 Preferred Provider Business Solutions A CommonTheme: Automation • Clear audit trail down to the transactions and supporting documents • Less manual spreadsheet work = more reliable calculations • Spend time with complex issues, not math • Speed! – Faster responses to auditor requests saves you both time – May even save audit fees – Separate close of sub ledgers Automation!
- 11. 11 Preferred Provider Business Solutions Audit Trail Howto Automate: The Right System • Funds • Programs • Restrictions • Grants • Anytime, anywhere access • Read-only for auditors • Real-time drill down • Self-service reports • Easily trace all transactions • Drill down to supporting documents • View accounting and reporting processes Accuracy Cloud
- 12. 12 Preferred Provider Business Solutions Conclusion: Audit-ReadyFinancials Well-documented transactions and balances Accurate calculations Timeliness Automate complex accounting processes Cloud accounting makes automation and organization easier
- 13. 13 Preferred Provider Business Solutions What WeWill Demo Today • Audit trail • Internal controls • Visibility
- 14. 14 Preferred Provider Business Solutions Nonprofit OrganizationsRely On Intacct Real Value 11,000+ Growth organizations Growing with Intacct 95% Customer Satisfaction
- 15. 15 Preferred Provider Business Solutions Built forSuccess 10+ year track record of delivering results Choice of accounting and finance experts worldwide Industry awards 25 Best Small Biz Apps Top-rated workplace Top tier investors
- 16. 16 Preferred Provider Business Solutions Interested inLearning More? • FASB www.fasb.org • National Council of Nonprofits Audit Guide • Try Intacct with a free 30-day trial http://www.intacct.com/trial • Attend an upcoming webinar http://www.intacct.com/webinars • Follow us on Twitter @intacct_corp • Connect with us on Facebook http://www.facebook.com/Intacct • Contact us directly info@intacct.com | 877-437-7765
- 17. info@intacct.com | www.intacct.com| 877-437-7765 Thank you!
- 18. 18 Preferred Provider Business Solutions Key Terms •nonprofit accounting software • cloud erp • finance software • cloud erp software • cloud financial software • saas accounting software • erp accounting • financial software • cloud erp solutions • online accounting • cloud financials • cloud erp systems • saas metrics • cloud-based erp solutions • simply accounting • saas financial software • asc 606 • online erp software • best financial software • best-in-class erp • online finance software • erp accounting software • business financial software • subscription billing • ifrs 15 software • erp software • financial management software • cloud accounting software