Financial Technologies & Management- E-Newsletter for March, 2021
Upcoming Live Webinars
We hope you find our monthly E-Newsletter useful for your nonprofit organization. We have refreshed our E-Newsletter for 2021!! We hope you find our changes helpful and useful for your organization and appreciate your feedback and support.
We know everyone is suffering from webinar fatigue from last year, but we feel it important to continue these webinars into 2021. We also plan to start making more recorded webinars available to you as well. We would encourage you to review our video resources from past nonprofit forums, mip user group meeting, and financial management training. Please click here to access our video resource library for recorded live webinars.
These live webinars will help Nonprofit Leaders, Treasurers, Executive Directors, Finance Directors, Finance Staff, and other Nonprofit Staff.
Our upcoming live webinars for financial management training are broken into the following areas. Please feel free to click on any of these areas to learn more and register for these upcoming financial management training.
Financial Management Training-Topics include Overlooked Benefits of Outsourcing Nonprofit Accounting or Why your Nonprofit should be using Nonprofit Accounting Software?
Nonprofit Forum and MIP User Group-We have placed these on hold for 2021 so we can take this time and reach out directly to you. However, our previous nonprofit forum and mip user group webinar are accessible from our video resources page.
MIP Fund Accounting-General Ledger, Accounts Payable, Accounts Receivable, Reporting, Financial Statements, and Drillpoint-Each webinar is 2 hours.
Nonprofit Finance Certificate-Effective Financial Management and Leadership-first day is focused on bookkeeping and accounting; and second day is focus on controller, CFO, and leadership roles.
NFP CFO & Peer Group-FTM and Indiana CPA Society have partnered to facilitate this live event. The peer group determines those topics so please provide your feedback. The group meets on the 3rd Thursday of every other month starting in February.
Please contact us if you have any questions or feedback about our upcoming live webinars.
Building a Superior Budget
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.
Financial sustainability can only be achieved with a well-prepared and continuously monitored budget. Conversely, a poorly developed budget can diminish mission focused activities opportunities and threaten long-term success.
It is important to identify budget deficits as either timing or permanent deficits and respond to take action to minimize the financial impact.
You will go a long way towards building a superior budget by implementing these budget process best practices.
Nonprofits Guide to Fraud Prevention
Nonprofit organizations can be more susceptible to fraud due to having fewer resources available to help prevent and recover from fraud loss. The Nonprofit sector typically has less oversight and lack of certain internal controls. Nonprofit organizations have fewer anti-fraud controls in place.
The top 3 control weaknesses from the ACFE 2020 RTTN include 35% lack of internal controls, 19% lack of management review, and 14% override of existing internal controls.
We will review 6 fraud risks specific to Nonprofits. We will review key fraud risk assessment questions to determine your risk. Also, we will review controls you can implement for fraud prevention, fraud detection, and fraud correction to mitigate your risks.
Our team is growing and looking for another Senior Accountant/Controller to serve our clients
Working at FTM represents the chance to work with a talented, team-oriented people who value career and personal life. FTM is a fast-paced virtual CPA firm that creates a vibrant and empowering environment to serve our clients and the community.
As FTM staff, you can expect competitive compensation and benefits along with a culture of like-minded driven individuals. We are passionate about what we do. If you are truly interested in serving nonprofit organizations and have an excellent experience and background, we want you to be part of our team.
FTM offers nonprofit accounting solutions to include outsourced accounting, nonprofit accounting software, and financial management training.
Please feel free to check out our careers page if you know of someone that would be a great fit for this position which will plan to fill in the next month or two.
FTM is your local business partner, certified trainer, and certified consultant- MIP Fund Accounting & MIP Cloud
FTM has served as your trusted MIP expert since 1999 to resell and implement MIP Fund Accounting and MIP Cloud to over 150 Nonprofit Organizations. We serve our local communities with our feet on the street approach. Our firm is rigorously certified and annually recertified to make sure that we stay up on the latest software developments and comprehensively understand the MIP software.
We have in depth knowledge of our clients through our comprehensive software advisory services. We provide the essential accounting knowledge to ensure our software implementations are successful and the software is fully utilized. Our firm works with MIP each and every day for our clients.
We would encourage you to participate in the free local MIP User Group and Nonprofit Forums that we have conducted to our local communities. Please contact our team of MIP Certified Trainers & Consultants for a free consultation today!!