Remove Accounts Payable Remove Budgeting Remove Financial Reporting Remove GAAP
article thumbnail

Nonprofit Accounting Basics for Founders, Board Members & Executives

The Charity CFO

Your core financial reports, which we’ll look at below, exist to answer this one simple question– how much value has your organization created ? Don't hire the wrong accountant for your nonprofit! But it also includes accounts payable (unpaid bills), credit card bills, outstanding payroll, and more. And guess what?

article thumbnail

Do Nonprofits Use Cash or Accrual Accounting?

The Charity CFO

Furthermore, accrual accounting is required by Generally Accepted Accounting Principles ( GAAP ) because it gives you a more accurate picture of your organization’s fiscal situation and allows for easier side-by-side comparison with financial statements of other organizations. Common accrual accounts include: .

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

The Basics of Nonprofit Bookkeeping

The Charity CFO

Nonprofit bookkeeping is the process of entering, classifying, and organizing financial data for the purpose of creating accurate financial records for your organization. Bookkeepers lay the foundation for the accounting processes that will follow. Prepare financial statements and reports . Bookkeepers do not….

article thumbnail

Best Practices from the CFO Suite

BlueLight

The financial implication of these decision is critical and the CFO is the executive helping the CEO navigate these decisions. Historically, the CFO role was focused on backward looking information: ensuring on-time and accurate financial reporting. This task falls to the finance leader.” “The It evolves with stage.

CFO 52