A familiar scenario has played out month after month for many nonprofit organizations during this prolonged period of financial uncertainty, remote work, and virtual programs and meetings.
Most transactions are posted automatically through the accounts payable and accounts receivable modules of the general ledger software owned by the not-for-profit.
If a large volume of checks is received by the organization, a lockbox may be appropriate. Banks receive the checks directly and the deposit is made upon receipt.
If you’re like most nonprofit leaders, you may have considered or even taken steps towards evaluating financing alternatives for your nonprofit organization.
The term “outsourcing” can have negative connotations, but for many nonprofit organizations it can be an effective tool to help move the organization forward.
This calculation subtracts any existing long-term debt related to fixed assets (e.g., vehicle loan, mortgage, leasehold improvement loan, etc.) from the value of fixed assets.
Though not usually involved in customer service to donors or members, the accounting and finance department of a nonprofit often provides customer service to the rest of its organization.
An increasing number of nonprofits have embraced enterprise risk management (ERM), which is a structured and continuous process designed to provide an organization’s board and senior leaders a stra
Outsourcing is a contract with a third party to perform services which are normally done in-house. These services typically are provided by companies who specialize in the field.
There are many payroll services that will process the regular payroll, make direct deposits, prepare quarterly and annual tax filings and remit taxes due for a very reasonable fee.
The initial information for each employee and every change impacting payroll (terminations, overtime, compensation changes, employee deductions, etc.) will be in writing and appropriatel
One of the most frustrating internal control processes for accountants and auditors alike is the dreaded company credit card and employee expense reimbursements. You might be thinking, let’s
Creating a policy is like making a decision when you have time to be thoughtful, to do adequate research, and to consult colleagues and other professionals rather than making decisions in haste as
Technology has dramatically changed how we all work, play, and use our mobile phones, computers, and i-Pads. So, it should come as no surprise that fraudsters are using this same technology t
