Finances
Indirect Cost Rate Monitoring
Indirect cost rates fluctuate each year based on the results of your operations. If the indirect rate decreases, it could be a sign that your organization is heading to a major cash flow problem to resolve. Stay on top of your current year’s indirect cost rate to plan and prepare for any changes. It is…
Read MoreBoard Member Perspective – Questions to Ask When Reviewing an Audit
You are presented with the financial statements prepared by auditors. Do you know what questions to ask? What will the auditors tell you only if you ask? The process of auditing the financial statements of an organization is quite invasive not only on the transactions and balances that make up the financial statements, but also…
Read MoreStatement of Activities – One Column At a Time
It is our tendency to immediately look at the total column on a report, but that can leave you asking many more questions, rather than understanding where you’ve been this year so far.
Read MoreChronic Cash Flow Problems
But these situations are usually clear to see, easy to prepare for, and usually short-lived. When an organization has chronic cash flow problems, the root may be the lack of proper planning and monitoring.
Read MoreIn Search for Balance & Purpose, Part II
So your books are balanced. In fact, you have supported the major balances in your balance sheet and have traced the activity in your statement of revenues and expenses. The reports are ready to be published. Now what? What is the purpose of these historical reports? In my first article, I presented my opinion on…
Read MoreIn Search for Balance & Purpose, Part I
We are constantly looking for balance in our lives. Balancing work and family is a popular concern, as is balancing our investments or even balancing our diets. Can anyone ever claim to have successfully achieved balance in these areas of their lives? Once we achieve it, can we maintain it? And then, how do we…
Read MoreDashboard Reports Rotation
Only ten minutes into my call with the board’s treasurer and we had already brought up six different financial reports we could prepare and present at the next board meeting. Each presented the organization’s achievements and shortfalls from a different perspective, and all presented information important for the board’s awareness and discussion. But honestly, six…
Read MoreBill.com- More Pros & Cons of Part 2 – Specifics
Bill.com is a cloud-based accounting application our firm has been using for several years. In Part 1, I covered some general pros and cons of bill.com. This blog post will delve into some of the specifics, especially with regards to the accounts payable (AP) and accounts receivable (AR) functionality of Bill.com. Like the first, keep…
Read MoreBill.com Pros & Cons – Part 1 – General Overview
What is Bill.com? – Bill.com is a cloud-based financial solution that helps manage your payables (APs) and receivables (ARs). Our firm has been using it for the past few years and has consistently found it to be an asset to our clients. Read on for an insider’s list of pros and cons (with a few…
Read MoreInterpreting Results of Operations for Non-Profit Entities
For obvious reasons, executives and board members of non-profit organizations prefer to see that revenues exceed expenses. This difference would normally be described as net income, but for non-profits, it’s referred to as the change in net assets. Since non-profit organizations have a special type of revenue recognition, this bottom line on the financials can…
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