The Future of Financial Planning and AnalysisSAP Analytics
CFO Research conducted a global survey of 335 senior finance executives, Sponsored by SAP, and sought to gain a better understanding of how finance leaders aspire to support business decision-makers in the pursuit of value creation—and how leading-edge financial planning and business analysis capabilities factor into those aspirations. Here we present key findings from that survey.
Best Practices in Financial Planning and Analysis | 2013 Business Analytics S...Cartegraph
Loras College is proud to present our annual Business Analytics Symposium on March 27, 2014 at the Grand River Center in Dubuque, IA. Industry experts will share their insights about the evolving field of business analytics opportunities. Learn about everything from best practices when analyzing data to the importance and benefits of building a culture of analytics within your organization.
To learn more, secure your seat or to take advantage of group discounts visit www.loras.edu/bigdata.
Do you have the right tools to measure your financial performance? Do you know what elements are necessary to guide your business? Based on last year's rave reviews, Autotask's own Chief Financial Officer, Vince Zumbo, will return to lay out the fundamentals of planning and monitoring your financials for success. Vince will be aided by Autotask Product Manager Joe Rourke who will demonstrate how you can apply what you've learned by leveraging Autotask to support your business' optimal financial health. This session is full of tips, templates and insights that are used by financial professionals today and can be used by organizations of all sizes.
[Presenters: Vince Zumbo & Patrick Burns, Autotask]
When economic cycles take a directional turn, some products become more valuable to a financial institution. Speakers discussed relationship profitability when pricing a new opportunity and how deposits have become more valuable than they have been in the past.
Creating a Business Case for Global Payroll - APA Fall ForumCatriona Keevans
Mark Graham, Executive Director at Immedis, spoke at the 2017 Fall Forum. His presentation was focused around Creating a Business Case for Global Payroll
Best Practices in Creating a Strategic Finance FunctionFindWhitePapers
Many CFOs and the finance organizations they lead have started to take on new strategic roles within the enterprise. Their goal is to enforce stricter control processes to ensure legal and regulatory compliance, offer strategic insights into the internal and external business environment, and connect the business strategy with daily operations through performance tracking.
The Future of Financial Planning and AnalysisSAP Analytics
CFO Research conducted a global survey of 335 senior finance executives, Sponsored by SAP, and sought to gain a better understanding of how finance leaders aspire to support business decision-makers in the pursuit of value creation—and how leading-edge financial planning and business analysis capabilities factor into those aspirations. Here we present key findings from that survey.
Best Practices in Financial Planning and Analysis | 2013 Business Analytics S...Cartegraph
Loras College is proud to present our annual Business Analytics Symposium on March 27, 2014 at the Grand River Center in Dubuque, IA. Industry experts will share their insights about the evolving field of business analytics opportunities. Learn about everything from best practices when analyzing data to the importance and benefits of building a culture of analytics within your organization.
To learn more, secure your seat or to take advantage of group discounts visit www.loras.edu/bigdata.
Do you have the right tools to measure your financial performance? Do you know what elements are necessary to guide your business? Based on last year's rave reviews, Autotask's own Chief Financial Officer, Vince Zumbo, will return to lay out the fundamentals of planning and monitoring your financials for success. Vince will be aided by Autotask Product Manager Joe Rourke who will demonstrate how you can apply what you've learned by leveraging Autotask to support your business' optimal financial health. This session is full of tips, templates and insights that are used by financial professionals today and can be used by organizations of all sizes.
[Presenters: Vince Zumbo & Patrick Burns, Autotask]
When economic cycles take a directional turn, some products become more valuable to a financial institution. Speakers discussed relationship profitability when pricing a new opportunity and how deposits have become more valuable than they have been in the past.
Creating a Business Case for Global Payroll - APA Fall ForumCatriona Keevans
Mark Graham, Executive Director at Immedis, spoke at the 2017 Fall Forum. His presentation was focused around Creating a Business Case for Global Payroll
Best Practices in Creating a Strategic Finance FunctionFindWhitePapers
Many CFOs and the finance organizations they lead have started to take on new strategic roles within the enterprise. Their goal is to enforce stricter control processes to ensure legal and regulatory compliance, offer strategic insights into the internal and external business environment, and connect the business strategy with daily operations through performance tracking.
Proven Techniques for Optimizing Your Financial Planning & Analysis ProcessProformative, Inc.
In this session, you will learn best practices for optimizing the planning process including how to adopt a driver-based model, efficiently manage rolling forecasts, embrace “what if” scenario modeling and provide more meaningful reporting and analysis to impact decision making. You will gain insights from comprehensive industry research recently conducted with hundreds of financial professionals around the world in order to understand key industry trends and best practices that are working for leading edge organizations today. In addition to the research, subject matter experts will share numerous practical steps for improving performance management processes in your organization. You will come away with real-world methodologies to help you improve and shorten your budgeting process and will also enable better decision making and organizational alignment that will help you to optimize performance.
Speaker: Tony Ard, Director of Solutions Engineering, Axiom EPM
Presentation delivered at ProformaTECH 2014 - http://www.proformatech.com
Track: Operational Advantage | Session: 5
Best in Class Finance Transformation - Best Practices for the Finance FunctionProformative, Inc.
The evolution of the CFO role from controlling and reporting to strategy and support for the exec team now includes responsibility to deliver value for key stakeholders, such as investors. Top finance organizations are capable in multiple components of enterprise performance management (EPM), including strategic planning, execution, cost visibility, driver behavior, forecasting, planning, predictive analytics, ERM, and process productivity improverment (lean and Six Sigma). This workshop covers effective EPM frameworks, optimal organizational structure, talent management, leveraging technology to improve processes, and best practices for process change.
Speaker:
Birgit Starmanns, Senior Director, Solution Marketing, SAP
Presentation delivered at CFO Dimensions 2013
Workshop
This tutorial's objective is to provide you with sources of financial statement data, to highlight and define the most relevant ratios, to show you how to compute them and to explain their meaning as investment evaluators.
Genpact helps leaders of some of the largest enterprises
transform and run their processes and operations, including
the very complex and industry-specific. We help enterprises to be more competitive by becoming more intelligent: adaptive, innovative, globally effective and connected by enabling tighter management of costs, risks, regulations, and supporting growth.
Compliance & Communication: The Dynamic Duo of DisclosurePearl Meyer
In the years since Dodd-Frank, we’ve seen CD&As undergo a sea change in both requirements and communication styles. This single, critical document must address increasingly complex compliance issues and at the same time, connect the dots between compensation strategy, business performance and pay outcomes. And it must clearly explain these points to multiple audiences, including employees and the media. There is no single answer or template, but today we’ll explore ideas that will help companies effectively tailor their CD&A to deliver the right balance of compliance and public communication.
Our discussion will be lead by a team from Pearl Meyer & Partners’ New York office, Managing Director Deborah Lifshey and Vice President Sharon Podstupka.
Making driver-based planning and budgeting workAnaplan
For Finance departments to best navigate through the twists and turns of today’s fast moving marketplace, a haphazard, once-a-year budgeting process just doesn’t cut it. To survive and thrive in this environment, this process needs to change to be more agile, align around a consistent set of resources, and attain a trusted level of accuracy.
One reliable way to transform your budgeting process is to integrate the modeling that budget contributors typically do on spreadsheets to deliver driver-based planning and budgeting. With benefits such as being able to rapidly reforecast with minimal effort, having operational capacity always aligned, and better decision making that comes from having a deeper insight into variances, it has obvious appeal. So why is it not more widely used?
View these slides from our webinar with Forrester Research and Proformative and watch the full webinar here: https://www.anaplan.com/webinars/driver-based-budgeting/
Show me the money! Sales compensation plans that won't failOpenView
Compensation plans are extremely powerful tools for influencing Sales results...when done right!
If done incorrectly, they can back-fire, demotivate and even distract to your sales team.
In this webinar, we will address the frequently asked question, "How do I design a compensation package for my sales team?"
Sales strategy consultant Michael Hanna will discuss the 7 critical, but commonly overlooked factors for designing and implementing sales compensation plans to keep your team focused and motivated.
At SAP for Utilities 2014, Venkateshwarlu Putcha, TCS, and Mike Kelly, PSEG, showcase their collaborative efforts in transforming PSEG's debt management, improving the efficiency and efficacy of their debt collection process.
Finance 2020: Designing a Finance function to meet new demandsDeloitte Canada
CFOs in all industries are under pressure to provide insights to help boards and leadership teams make better decisions. How do they—and their Finance teams—need to change to meet rising expectations? What will the impact be on the Finance organization and its information, systems, processes and controls? Finance 2020 explores possible futures for operational, business and specialized finance.
Changing the PMO Status Quo with Frank La Rocca 051314UMT360
How Frank La Rocca Created an Enterprise PMO at Consolidated Edison to driver greater ROI. Presented May 13, 2014 via Projects at Work webinar. For the full presentation, please visit http://bit.ly/1h0uesU.
Proven Techniques for Optimizing Your Financial Planning & Analysis ProcessProformative, Inc.
In this session, you will learn best practices for optimizing the planning process including how to adopt a driver-based model, efficiently manage rolling forecasts, embrace “what if” scenario modeling and provide more meaningful reporting and analysis to impact decision making. You will gain insights from comprehensive industry research recently conducted with hundreds of financial professionals around the world in order to understand key industry trends and best practices that are working for leading edge organizations today. In addition to the research, subject matter experts will share numerous practical steps for improving performance management processes in your organization. You will come away with real-world methodologies to help you improve and shorten your budgeting process and will also enable better decision making and organizational alignment that will help you to optimize performance.
Speaker: Tony Ard, Director of Solutions Engineering, Axiom EPM
Presentation delivered at ProformaTECH 2014 - http://www.proformatech.com
Track: Operational Advantage | Session: 5
Best in Class Finance Transformation - Best Practices for the Finance FunctionProformative, Inc.
The evolution of the CFO role from controlling and reporting to strategy and support for the exec team now includes responsibility to deliver value for key stakeholders, such as investors. Top finance organizations are capable in multiple components of enterprise performance management (EPM), including strategic planning, execution, cost visibility, driver behavior, forecasting, planning, predictive analytics, ERM, and process productivity improverment (lean and Six Sigma). This workshop covers effective EPM frameworks, optimal organizational structure, talent management, leveraging technology to improve processes, and best practices for process change.
Speaker:
Birgit Starmanns, Senior Director, Solution Marketing, SAP
Presentation delivered at CFO Dimensions 2013
Workshop
This tutorial's objective is to provide you with sources of financial statement data, to highlight and define the most relevant ratios, to show you how to compute them and to explain their meaning as investment evaluators.
Genpact helps leaders of some of the largest enterprises
transform and run their processes and operations, including
the very complex and industry-specific. We help enterprises to be more competitive by becoming more intelligent: adaptive, innovative, globally effective and connected by enabling tighter management of costs, risks, regulations, and supporting growth.
Compliance & Communication: The Dynamic Duo of DisclosurePearl Meyer
In the years since Dodd-Frank, we’ve seen CD&As undergo a sea change in both requirements and communication styles. This single, critical document must address increasingly complex compliance issues and at the same time, connect the dots between compensation strategy, business performance and pay outcomes. And it must clearly explain these points to multiple audiences, including employees and the media. There is no single answer or template, but today we’ll explore ideas that will help companies effectively tailor their CD&A to deliver the right balance of compliance and public communication.
Our discussion will be lead by a team from Pearl Meyer & Partners’ New York office, Managing Director Deborah Lifshey and Vice President Sharon Podstupka.
Making driver-based planning and budgeting workAnaplan
For Finance departments to best navigate through the twists and turns of today’s fast moving marketplace, a haphazard, once-a-year budgeting process just doesn’t cut it. To survive and thrive in this environment, this process needs to change to be more agile, align around a consistent set of resources, and attain a trusted level of accuracy.
One reliable way to transform your budgeting process is to integrate the modeling that budget contributors typically do on spreadsheets to deliver driver-based planning and budgeting. With benefits such as being able to rapidly reforecast with minimal effort, having operational capacity always aligned, and better decision making that comes from having a deeper insight into variances, it has obvious appeal. So why is it not more widely used?
View these slides from our webinar with Forrester Research and Proformative and watch the full webinar here: https://www.anaplan.com/webinars/driver-based-budgeting/
Show me the money! Sales compensation plans that won't failOpenView
Compensation plans are extremely powerful tools for influencing Sales results...when done right!
If done incorrectly, they can back-fire, demotivate and even distract to your sales team.
In this webinar, we will address the frequently asked question, "How do I design a compensation package for my sales team?"
Sales strategy consultant Michael Hanna will discuss the 7 critical, but commonly overlooked factors for designing and implementing sales compensation plans to keep your team focused and motivated.
At SAP for Utilities 2014, Venkateshwarlu Putcha, TCS, and Mike Kelly, PSEG, showcase their collaborative efforts in transforming PSEG's debt management, improving the efficiency and efficacy of their debt collection process.
Finance 2020: Designing a Finance function to meet new demandsDeloitte Canada
CFOs in all industries are under pressure to provide insights to help boards and leadership teams make better decisions. How do they—and their Finance teams—need to change to meet rising expectations? What will the impact be on the Finance organization and its information, systems, processes and controls? Finance 2020 explores possible futures for operational, business and specialized finance.
Changing the PMO Status Quo with Frank La Rocca 051314UMT360
How Frank La Rocca Created an Enterprise PMO at Consolidated Edison to driver greater ROI. Presented May 13, 2014 via Projects at Work webinar. For the full presentation, please visit http://bit.ly/1h0uesU.
Tips and Tricks to increase performance in your SharePoint environment
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This webinar will provide a foundation for entrepreneurs to properly manage their business’ growth and to position them and their business for future success. This webinar will touch upon a number of aspects that all entrepreneurs need to keep on their “radar” outside of top line revenue growth. This webinar will focus on the following key topics: balance sheet management, cash flow management, ratios, and long term value.
Why Effective Cash and Liquidity Management Is Essential When Responding Duri...Workday, Inc.
It’s critical that organizations have full visibility into cash and liquidity. This webinar replay covers Workday Corporate Treasurer Alice Xu’s cash management strategy, navigating a changing landscape, and her vision for managing cash and liquidity.
https://bloomerang.co/resources/webinars/
Stephanie Skryzowski will show you the foundation of financial management, why transparency in your financials is important, who should see your financials, how to present the financials, and specific reports and metrics attendees can review and share with stakeholders.
Janet Gibbs, former CFO at Feeding America, explores best-practices for creating budgets that capture real costs of nonprofit programs, and how to use a dashboard to track progress.
Nonprofit Finance: Basics for the non-MBA, non-CPA professionalDonorPath
Janet Gibbs, former CFO at Feeding America, explains how to understand your nonprofit's financial statements, and be comfortable interpreting them to external audiences.
Acc 291 Effective Communication / snaptutorial.comHarrisGeorg3
1. The term “receivables” refers to
cash to be paid to debtors.
merchandise to be collected from individuals or companies.
cash to be paid to creditors.
amounts due from individuals or companies.
Similar to Peeling Back the Covers on Nonprofit Financials - Leigh Tucker (20)
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
+12349014282
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the what'sapp contact of my personal vendor.
+12349014282
#pi network #pi coins #legit #passive income
#US
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the what'sapp information for my personal pi vendor.
+12349014282
3. Leigh Tucker, CPA
• Managing Director,
Nonprofit Solutions Practice
• CPA
• PWC & KPMG Alum
• A-133 Federal Funds Audit Expert
• Senior executive in private industry
• Founder of Nonprofit Executives, a
successful nonprofit networking group
3
4. About Us
• For more than a decade,
Accounting Management
Solutions, (AMS) has provided
accounting support and financial
management leadership at the
consulting CFO, controller and
accounting manager level to
dynamic companies throughout
the Northeast.
4
5. Financial Oversight Responsibilities
• Review Financial Reports and Budget to ensure the
financial health of the organization
• Make Budget and Policy recommendations
• Safeguard the assets of the organization through
internal controls
• Provide oversight of short and long-range strategic
planning
5 5
6. Why Should You Care About Finance?
• Finance impacts every aspect
an organization
• Finance is the foundation for
success
• You need financial information
in order to make key decisions
• Money and mission are directly
linked
6
8. What Should You Know About Finance?
• Does the organization have enough resources to
effectively deliver the programs we have committed to?
• Do we have the right team in place?
• What are our outstanding liabilities and restricted
obligations?
• What will our future resources look like?
• Are we effectively managing our financial processes?
8 8
9. Characteristics of Effective Financial
Reporting
• No surprises for management –
paralyzed by indecision
• Link to strategic plan
• Plan linked to budget
• Measures: Key Performance
Indicators (KPI) based on strategy
• Easy to understand
• Meaningful information
10. Financial Reporting
Question Reports
Where do we want to go? Strategic plan
How are we going to get there? Budget
Do we have enough resources Balance Sheet and Cash Flow
to get there?
Are we on track? Income Statement vs. Budget
If not, what are we going to do Board Discussion
about it?
10
11. Financial Ratios Overview
• Ratios use financial data to summarize
organizational performance
• Financial ratio analysis is one tool used to
improve financial decision making and alert
leadership & the Board of “issues”
11
12. Ratios
Ratios can give a quick, clear picture of the organization
2009 2010 Goal
Do We Have Enough Resources?
Days Cash on Hand 35 30 35 days
Liquid Funds Ratio 158 144 160 days
Endowment Ratio 56 49 55 days
How are we going to get there?
Contributions & Grants Ratio 86% 92% 85%
Expendable Financial Resources $ 3,314,000 $ 3,069,000 $ 3,350,000
Fundraising Expense Ratio 5% 5% 5%
Fundraising Efficiency Ratio 5.05 6.20 5.00 times
Program Expense Ratio 85% 86% 85%
Total Return on Investments 6.12% 2.40% 8.00%
Are we on track?
Operating Margin -3% -23% 0%
Debt Service to Operations 1% 0% 2%
Debt Service Coverage Ratio 6.02 4.30 6.00 times
12 12
13. Ratios
Days Cash on Hand - How many days an
organization can rely on its cash and liquid assets
to fund operations
Total Cash on Hand $650,000
Avg. Daily Expenses $21,707
Days Cash on Hand 30 days
13 13
14. Ratios
Contributions and Grants Ratio - Measures the
portion of total revenue that is received from
third party support
Total Revenue
Total Misc Revenue $1,178,000
Total Contributions & Grants $6,957,000
Revenue
Total Revenue $8,135,000
Contributions and Grants Ratio 86%
14 14
15. Ratios
Fundraising Expense Ratio - Measures the
relationship between fundraising expenses and
total expenses
Total
Total Misc Expenses $7,547,000 Expenses
Total Fundraising Expenses $376,000
Total Expenses $7,923,000
Fundraising Expense Ratio 5%
15 15
16. Ratios
Program Expense Ratio - The relationship
between resources spent on the mission of the
organization and total expenses
Total
Total Misc Expenses $1,199,000 Expenses
Total Program Expenses $6,724,000
Total Expenses $7,923,000
Program Expense Ratio 85% $6,724,000
$1,199,000
16 16
17. Ratios
Operating Margin Ratio - Indicates the excess
margin by which annual unrestricted revenues
cover operating expenses
Operations
Operating Income $(1,472,000)
Total Operating Expenses $6,451,000
Operating Margin -23%
17
18. Ratios
Total Return on Investments - Total investment
income (interest, dividend, realized, unrealized
gains) as a percent of funds invested
Investment Return $81,000
Average Investments $1,323,000
Total Return on Investments 6.12%
18 18
19. Ratios
Expendable Financial Resources - Measure of financial
resources that are ultimately expendable
Expendable Financial Resources
Temp Restricted Net $2,424,000
Assets
Unrestricted Net Assets $1,840,000
Less Fixed Assets ($950,000)
Expendable Financial $3,314,000
Resources
19 19
20. Metrics – Link Money to Mission
• Ability to predict the future
• Convey value of organization to funders
• Help the Board (which often includes non-
financial people) understand financial
information
• Shows the relationship between program
outcomes and money
20
22. Financial Pitfalls to Avoid
• Large degree of control by anyone (Founder, CEO/ED,
substantial donor, etc..)
• Important to always have checks & balances
• Failure to include individuals with financial oversight expertise
on the Board
• Not reading or sharing financial information
• Failing to monitor key indicators, allowing the organization to
drift into financial trouble
• Not monitoring financial data and budget overspending
• Being too trusting of staff who handle money
• Not monitoring, updating or verifying internal controls
• Lacking strong external checks on financial reporting
• Not having a CPA firm conduct an audit on time or at all
22
23. Policies, Procedures, Checklists
• Policies -- set the standard for what is expected
• Create procedure for exceptions
• Cash flow/forecasting/payment processes
• Procedures, especially where there are flowcharts and
brief descriptions are useful, especially at turnover
• Checklists – monthly closing tasks and HR – ensure all
necessary tasks are completed
23
24. Objectives: Internal Controls
• Provide Reliable Financial Data
• Safeguard Assets
• Promote Operational Efficiency
• Encourage Adherence to Policy
24
25. Elements of Effective Internal Controls
• Budget/Actual Comparisons
• Definitions of Responsibility
• Segregation of Duties
• Reconciliation of Records
• Documented Policies & Procedures - which are
actually followed
• Periodic Outside Review by Independent Auditors
25
26. Sample Internal Controls Questions
• Check Signing:
• Is there a policy against signing blank or incomplete
checks?
• Is a second signature for amounts over a predetermined
amount?
• Are checks returned to preparer after signing?
• Document Controls
• Processing Controls
• Reconciliation Controls
27. Financial Operations Review
• Financial risks can result from insufficient internal controls
or practices that invite fraud, or from fundraising activities
that go awry
• An outside firm can perform a financial operations review
which:
• Assesses financial operations
• Identifies issues and areas for improvement
• Prioritizes best practices and next steps
• Frequently used during organizational changes
• Brief the Board on current financial “best practices”
27
28. Create Action Plan
Current State Gap Analysis Best Practices
Day 1 Day 5
Assessment Review Output
Operations Policies/Procedures Recommendations
Systems Financial Health ROI/ Profitability
Process Best Practices Implementation Plan
29. What We Find Most Often
• Inadequate reporting
• Improper staffing
• Inadequate oversight of fiscal area by
management and the Board
• Lack of strategic measures to help detect early
warning signs
29
31. Most Common Challenges for Nonprofits
• Budget
• Reduced funding
• Pressure to improve operational efficiencies and
reduce costs
• Technology
• Greater requirements for transparency
• People
• Fewer staff
• Greater need
31
32. Nonprofits: Need to Evolve to Survive
• Manage operations more efficiently in order to fulfill
the mission
• Connect money to mission
• Reduce costs
• Raise level of operational effectiveness
32
34. Best Practices: Accounting Outsourcing
• Today, many nonprofits are moving toward
outsourcing some or most of their accounting
services
• Can cost less due to flexibility of outsourcing (part-
time and as-needed)
• Can provide a higher level of expertise and access
to best practices
34
35. Best Practices: Shared Services
• Define benchmarks for processes and business
operations against best in class
• Define processes
• Merge standard functions
• Centralize and consolidate
• Specialize and standardize
35
36. Best Practices: Systems
• Look at remote services and going virtual
• Implement new technologies
• Capacity building
• Reduce cost
• Address internal staff workload issues
• Example: QuickBooks
36
37. Being an Engaged Board Member
• Board input is critical to effective management
• Effective Board reporting should include:
• A summary of key issues (good and bad)
• The likely unknowns critical to financial health
• A summary of critical decisions to be made
• Make sure you understand the information
• Ask the hard questions
39. Contact Information
Leigh J. Tucker, CPA
Managing Director, Nonprofit Client Practice
Accounting Management Solutions, Inc
Phone: 781-419-9220
E-mail: ltucker@amsolutions.net
@NonprofitCFOs
http://www.nonprofitexecutives.org
39
Editor's Notes
Patrick
Every aspect of your organization is somehow linked to money, without money, you do not have mission, yet it is the area we tend to know the least about and the first place we cut resources, because we do not understand value. Possible question to the audience: Who believes they are strong in the financial management area?
Questions to ask and the reports to look to for the information
This calculation only uses unrestricted operating income In this example, it indicates that the organization relies on temporarily restricted revenues such as restricted grants or donor pledges Management and the board should ensure that the restricted contributions can be used in support of current activities, not new programs that need to be established and potentially utilizing limited resources
Why metrics are important?
Note: You don’t want to create an environment of distrust but it’s important to think about these common situations that can open the door to fraud. Think about all of the fraud stories we’ve been hearing about in the news lately.
Examples of improper staffing (i.e. org. needs a CFO)
Explain QuickBooks example
Finance dept and management want your input. The key is deciding how to present info to solicit feedback and help