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FTM E-Newsletter for July, 2020

Upcoming Live Webinars: July 29th FTM Nonprofit Forum-Best Practices for Financial Policies and Procedures
FTM Firm Response to Coronavirus (COVID-19)

The board and finance committee's responsibility includes that financial policies and procedures exist and are followed by the organization.  Management has usually delegated the responsibility to develop and maintain financial policies and procedures with little direction or guidance from the board and finance committee. The board and finance committee is usually consumed by other financial matters like budgets, audits, financial statements, and cash flow.
Financial Policies and procedures help sustain and strengthen your organization by providing the following to your organization:
• How the accounting function is performed including transaction processing like accounts payable, account receivable, payroll, journal entries, and grants and program management?
• What authorization and custody controls exist to reduce financial risks and protect the organization?
• What environment and culture exist for your organization, how is authority defined, and what external influences exist?
• How does your accounting system help you implement your financial policies and procedures?
• What segregation of duties and controls exists to detect or prevent accidental or intentional mistakes?
• What training do you provide to ensure competence and knowledge of accounting staff?

It is important for your major transaction processing like accounts payable, accounts receivable, payroll, and general ledger transactions that you evaluate best practices. This is important as you need to evaluate costs versus benefits received for each transaction process.
If it has been a while since you reviewed and improved your financial policies and procedures, we can help you develop and update your financial policies and procedures. An organization with good financial policies and procedures benefits from operating efficiencies, clear expectations,  and financial accountability.
Detailed Agenda:
11:30 to 12:30-Best Practices for Financial Policies and Procedures
12:30 to 12:50-MIP User Group-Using MIP to implement Financial Policies and Procedures
12:50 to 1:00-FTM Updates and Question and Answer session

The webinar will help Nonprofit Leaders, Treasurers, Executive Directors, Finance Directors, and Finance Staff.

The upcoming schedule for 2020 FTM Nonprofit Forums:
We look forward to seeing you at an upcoming Nonprofit Forum and MIP User Group Meeting.

We also provide the following FREE financial management training each month as follows:

Overlooked Benefits of Outsourcing Nonprofit Accounting
-Last Friday-11:30 to 12:30 EST
Why your Nonprofit should be using Nonprofit Accounting Software?-
Last Friday-1:00 to 2:00 EST

NFP CFO and Finance Peer Group with Indiana CPA Society-Overlooked Benefits of Outsourcing and Back to Office Plans-August 20th from 8:30 to 10:00 EST; Nonprofit Accounting Software-October 15th from 8:30 to 10:00 EST; and Developing Effective Dashboards & Key Performance Indicators-December 17 from 8:30 to 10:00 EST
Best Practices for Financial Policies and Procedures
Best Practices for Financial Policies and Procedures
By Jim Simpson, CPA and director, Financial Technologies & Management
It is important that Nonprofit Organizations have a financial policies and procedures manual.

If you have not updated your financial policies in a while or don't have a financial policies and procedures manual, our firm can help you develop or update your financial policies and procedures.   An organization with good financial policies and procedures benefits from operating efficiencies, clear expectations, financial accountability, and training.

A financial polices and procedures manual is important for the following reasons:

Improving your operation, document bookkeeping, document control environment, document control procedures, document accounting system, lay out clear expectations, grant compliance, and staff training.

You can download a FREE Sample Nonprofit Organization Financial Policies and Procedures Manual from our resource documents page in the financial management training section.

Click on the orange button below for more.
Budgeting must be more flexible in uncertain times
Budgeting must be more flexible in uncertain times
By Jim Simpson, CPA and director, Financial Technologies & Management
A strong budget is an essential element for any nonprofit organization to achieve financial leadership. Superior budgets, though, have written plans about the core activities to include strategic, organizational, and program goals and how they will be financed.  A superior budget must be monitored and managed in light of the political and economic realities and the increased uncertainties we are all facing.
Most financial leaders focus too much time on budget variance analysis and not enough time on anticipating or planning for the future. By anticipating or planning, organizations can focus on what’s upcoming regardless of its budget cycle or fiscal year-end. A budget can be complemented with rolling forecasts to better anticipate upcoming financial results.
Budgets also need to include cash flow projections, which maybe outside of the finance departments capacity or capabilities. Financial leaders must have a direct role in developing useful cash flow projections and assumptions with frequent, detailed analysis.

In contrast to traditional budgets, a flexible budget may include a range of scenarios or a shorter time frame, or both. Three scenarios at a minimum should be prepared: best, worst and expected cases.

Flexible budgets and Cash Flow Projections will provide you with additional tools to help ensure your organization remains financial stable despite an uncertain future.
Click on the orange button below for more.
Why your Nonprofit should consider using Nonprofit Accounting Software?
Why your Nonprofit should consider using Nonprofit Accounting Software
By Jim Simpson, CPA and director, Financial Technologies & Management
Your organization like every other nonprofit is feeling the pressure to deliver more transparency. The demand for more timely information is coming from a multitude of interested parties: board members, major donors, potential funders, and watch dog organizations.
The goal of transparency can’t be easily accomplished without sound nonprofit accounting software-financial reporting is the foundation upon which transparency is achieved.

As the number of nonprofits have proliferated, accounting software is more tailored and can help manage these complexities. But taking the time to select the right software for your nonprofit is critical.

Before your purchase, start with a software evaluation and assessment to see if you’re a good candidate for nonprofit accounting software. The software evaluation and assessment will review your current system to determine its level or utilization and functionality. It is probably a good idea to perform a software evaluation any time there is a major change within the organization either positive or negative.

Here are eight reasons Nonprofit's should consider Nonprofit Accounting Software. 

Please contact us first for a FREE software evaluation and assessment.
Click on the orange button below for more.
FTM MIP Software Advisory Services, MIP Training, MIP Cloud, & Support
FTM MIP Software Advisory Services
FTM is your local business partner to help you with all your MIP software needs so please check out our MIP services page and contact us for help.

FTM MIP Training Schedule-Please review our event schedule or click on the live webcast class listed below.  If you would prefer we provide customized courses at your location, please contact us to develop a customized training program using your database.

FA203 - MIP Fund Accounting General Ledger Transaction Entry

FA204 - MIP Fund Accounting General Ledger Activities

FA205 - MIP Fund Accounting Accounts Payable Processing

FA207 - MIP Fund Accounting Accounts Receivable Processing

FA215 - MIP Fund Accounting Reporting

FA216 - MIP Fund Accounting Financial Statements

FA217 - MIP Fund Accounting Advanced Financial Statements

FA218 - MIP Fund Accounting Advanced Reporting with Drillpoint


MIP User Conference-October 13 to October 15-Reno, NV
-FTM will be presenting and is partnering with NP Solutions for this user conference

MIP Cloud Modern UI Class Promo

MIP Cloud customers get a 100% discount on all MIP Cloud modern UI Live Webcasts and Self-Paced training courses using promo code MODERNUI2020 at checkout.   This discount is available through August 31, 2020.   Cancellation requirements and considerations apply.

MIP Classic UI Class Promo

MIP Fund Accounting Attend In-Person Workshops will not be offered through December, 2020.  MIP Fund Accounting Classic UI Live Webcasts and Self-Paced training courses will be offered in their place.

MIP Lunch and Learn Classes
Lunch and Learn courses are short, 1 hour, MIP courses on specific topics.   They include Community Brands Xperience Conference sessions and special topics.  The Lunch and Learn are listed in the live webcast of the MIP Fund Accounting Courses on Abila University.

MIP Training Pass
An MIP Training Pass will again be available for customers this summer.  The training pass applies to single-day regularly scheduled MIP Fund Accounting Live Webcast and Self-Paced classic user interface classes available through Abila University.  Offer does not include year-end classes, multi-day Live Webcast classes, or MIP modern user interface classes (see discount below).  The pass will be available for purchase from July 9, 2020 to September 30, 2020.  The pass period is 12 months.  Pricing options:   Individual MIP Training Pass for $1,399 for 15 classes; Organization MIP Training Pass for $2,599 with up to 5 users for 30 classes.

Current Promotions

10% off MIP Checks and Forms-
use promo code 20ABPM10.   Call 1-800-994-1351 or visit mipchecks.com to place your order.

20% Discount on Human Resources, Benefit Enrollment, EWS, Payroll & Direct Deposit Modules.  You can view the Human Resources Overview Video and Payroll Resources Overview Video for more information about this video.  Please contact us as this promotion ends on July 31, 2020.

MIP Cloud
Even if you haven’t joined the group of cloud adopters, you’ve probably considered it, researched it, or discussed it with your peers. If your organization is ready for a deep dive, now is a good time to check out the newly improved MIP Cloud – request a presentation by contacting us

MIP Support
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