Financial Technologies & Management- E-Newsletter for May, 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.
Please contact us if you have any questions or feedback about our upcoming live webinars.
While standard nonprofit financial reports – the budget, income statement, and balance sheet – provide important management information, these statements alone do not tell whether there is enough cash on hand to pay for an unexpected items, expand programming or can we cover the next payroll. For this, effective cash flow management is essential.
While cash flow management is always a useful tool, it is particularly important to diligently manage cash
flow when your organization is undergoing significant financial changes.
By understanding cash flow and planning ahead, we can avoid problems and shortages, provide stability to our organizations, and take advantage of opportunities and build organizational capacity. Managing cash flow is not a one-time activity. Projections should be updated and reviewed regularly. The frequency will depend on how closely the organization’s cash flow needs to be monitored.
The earlier you anticipate cash flow issues, the easier it is to address them. The most effective way to manage cash flow is to develop and maintain cash flow projections that look forward 12 months.
The full article will discuss cash flow management strategies including how to avoid cash flow problems in the first place.
Contact us to help you manage your cash flow
Developing an effective dashboard and key performance indicators
Nonprofits are complex organizations that are built around mission and outcomes, which must be supported by the right revenue and expense models.
A properly designed dashboard allows a nonprofit to monitor its effectiveness as evidenced by the financial health along with the impact of the programs and services provided. Board and staff should develop strategy and goals to create dashboards with focused conversation and collaboration.
It is important to determine the program-delivery mechanism that influences results. Different types of nonprofits have different organizational models with different drivers for success. It is important to select Key Performance Indicators (KPI’s) that focus the organization on data that will support decision-making. Consider whether you need a dashboard that reflects trends over time or performance against goals.
Successful Key Performance Indicators (KPIs) achieve the following:
Represent business model drivers
Reflect progress towards intended outcomes
Guides priorities and decisions
Limited number of KPIs that can be realistically monitored
Should be periodically reassessed
Contact us to help you develop your key performance indicators and an effective dashboards.
Overlooked Benefits of Outsourcing Nonprofit Accounting
In the nonprofit community, outsourcing typically means long-term delegation of key operation to outside experts. The accompanying expectation is improvement of the quality, strengthening effectiveness, and lowering or controlling costs.
A key difference in the nonprofit sector is not only controlling costs, but becoming a more effective organization. Nonprofits typically outsource accounting already for payroll processing and audit services so it is not surprising that nonprofits are looking at other aspects of the finance and accounting department to outsource.
With limited resources, a nonprofit can outsource some or all its financial functions, which can help a nonprofit efficiently staff and conduct its financial operations. Many nonprofits lack the funds to hire a full-time accountant and usually hire an unqualified and untrained employee ends up performing the accounting role with no backup plan if this employee leaves the organization.
The full article will review 8 overlooked benefits of outsourcing
Please contact us for a FREE comprehensive accounting needs assessment to determine if you nonprofit can benefit from our outsourced accounting services.
MIP Cloud Conversion from MIP Fund Accounting On-Premise license-Contact us for your free consultation
Contact FTM to learn about the MIP Cloud Conversion from your MIP Fund Accounting On Premise license.
Manage ever-increasing financial complexities and enhance the fiscal stability of your nonprofit organization with ease and confidence with the help of MIP Cloud. By combining the time-tested MIP platform with a modern yet familiar user experience, MIP Cloud delivers everything you need to track, report, and manage finances according to your unique revenue sources. That is why it is the trusted platform of Financial Technologies & Management.
Tell your financial story with clarity thanks to the robust analytic tools and role-based dashboards found with Abila MIP Cloud.
Thanks to its fully-integrated, inclusive cloud suite, MIP Cloud makes it where you never have to worry about new hardware, patch, or upgrade cycles. All maintenance, backups, and iron-clad security are baked into our cloud solution, which makes Abila easily surpass the nonprofit industry standards. The MIP Cloud accomodates the work from home or virtual environment including remote work from anywhere. Also, the modern user interface includes dashboards and a modern look and feel to the MIP software.