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FTM E-Newsletter for March, 2020

Nonprofit Forum Topic for March 25th - Building a Superior Budget
How should you evaluate your budget and planning process?  Please bring your questions so we can have a candid conversation regarding budgeting.  We will cover the critical aspects of budgeting including:

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.

Most financial leaders focus too much time on budget variance analysis and not enough time to anticipating or planning for the future. By anticipating or planning, organizations can focus on what’s upcoming regardless of their budget cycle or fiscal year-end.  A budget can be complemented with rolling forecasts to better anticipate upcoming financial results.

3 Key Things you will learn include: Financial sustainability can be achieved with a well prepared and monitored budget, Budgets should include cash flow projections, and best practices for a superior budgeting process.
 
Detailed Agenda:
11:30 to 12:30-Building a Superior Budget
12:30 to 12:50-MIP User Group-Budget Refresher for MIP and Microix
12:50 to 1:00-FTM Updates and Closing

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
MIP Fund Accounting in Action-Live Product Tour-March 24th from 2:00 to 3:00 EST
Building a Superior Budget
Building a Superior Budget
By Jim Simpson, CPA and director, Financial Technologies & Management
Please see the Nonprofit Forum Invitation for more details about this article. 

Typically, the budgeting process should begin three months before the end of the fiscal year to ensure the budget is approved before the start of the fiscal year.

There are several best practices for budgeting which include the following:

Establish a timeline that allows each step to have time for review, discussion, and revisions
Set up goals to determine organizational and program goals and desired financial outcomes
Agree on budget approach to include budget team's roles, responsibility, and authority
Draft Revenue budget to identify expected revenue from funding sources including any new or discontinued activities

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 budget must be monitored and managed in light of the political and economic realities and the current uncertainties we are all facing.

By anticipating or planning, organization 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.

Financial leaders must have a direct role in developing useful cash flow projections and assumptions with frequent, detailed analysis.

We would suggest during these uncertain times that develop three budget scenarios to include worst-case, expected-case, and best-case scenarios.  It is important that an accompanying cash flow projection be developed to accompany the budget

The full article will discuss some key goals for financial stability.
 
Click on the orange button below for more.
FTM Firm Response to Coronavirus (COVID-19)
FTM Firm Response to Coronavirus (COVID-19)
By Jim Simpson, CPA and director, Financial Technologies & Management
It has been a very challenging few weeks for all our clients and our communities over the last several weeks.    It seems like the only communication I have received over the last two weeks has been about the pandemic.   We just wanted to let you know that we have worked with nonprofits in crisis over the last twenty years so we are here to help when and where you need us.    Fortunately, we have been a remote CPA firm since 2017 and have capacity to help host and access your accounting software like MIP Fund Accounting and QuickBooks.   We can provide outsourced staffing to complement your existing staff or to provide staffing while a staff person is unable to work.   We can provide access to our client portal as well and have remote meeting capabilities to allow the communication to continue.  Let us work with you to ensure your essential accounting and financial services remain operable and your accounting continues.  We can  help  determine the financial impact and proper course of action going forward. 

Thank you for what you do to serve our communities especially during this health crisis that has impacted everyone.  Let's do what we can to do to help each other out during this pandemic.
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.

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.


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
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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