The Charity CFO

FEBRUARY 25, 2022

If you’re brand new to nonprofit accounting, the Chart of Accounts might be the best place to start. It’s a list of the accounts you use in your organization to track your financial transactions. How to Organize a Nonprofit Chart of Accounts . Equity is referred to as Net Assets in the nonprofit world.

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Nonprofit Accounting Accounts Payable GAAP 92

The Charity CFO

APRIL 5, 2022

But that’s not quite true—nonprofits face a decision between 2 different accounting methods for tracking their financial activity: cash accounting vs. accrual accounting. Is your nonprofit required to use accrual accounting? So which accounting method is right for you? What is the Accrual Accounting Method? Accounts payable.

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Nonprofit Accounting GAAP Auditing 86

The Charity CFO

JULY 1, 2024

Choosing the right accounting services is crucial for the financial health of your nonprofit. The right nonprofit accountant helps your organization properly manage its finances, which improves trust and transparency with stakeholders and donors.

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Nonprofit Accounting Budgeting Accounting Firms 52

The Charity CFO

MAY 31, 2024

Efficient bookkeeping is essential to the success and sustainability of any nonprofit. As a nonprofit leader, it can be difficult to give your bookkeeping the time it needs to stay accurate. The rise in modern nonprofit accounting software and tech tools is making it easier than ever for nonprofit leaders to manage their finances.

Nonprofit 52

Nonprofit Technology Auditing Profit and Loss 52

The Charity CFO

FEBRUARY 27, 2023

Does your organization get bogged down with nonprofit treasurer duties? Nonprofits don’t exist for the purpose of earning profits. With that being said, money is central to a nonprofit’s success. How does a nonprofit manage its money? One of the most important board members for a nonprofit is the treasurer.

Nonprofit 52

Nonprofit Compliance CFO Leadership 52

The Charity CFO

AUGUST 27, 2024

An organization’s Key Performance Indicators (KPIs) provide a clear measure of how well the nonprofit is maintaining financial health while working toward its mission. Many nonprofits must balance their goals with limited resources or strict compliance regulations. Unsure of which KPIs you should be tracking for your nonprofit?

Nonprofit 52

Nonprofit Budgeting CFO Financial Analysis 52

The Charity CFO

APRIL 1, 2024

Implementing technology into your nonprofit accounting process can help solve a variety of issues—from tracking receipts to properly recording donations. In most cases, technology helps improve the efficiency and accuracy of nonprofit accounting. Nonprofits are subject to a lot of legal and financial scrutiny.

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Nonprofit Accounting CFO Accounts Payable 52

The Charity CFO

MAY 11, 2023

Bookkeeping is a critical component of running a successful nonprofit organization. It involves the management of financial transactions and the maintenance of accurate records to ensure that your organization remains financially healthy and compliant with the law.

Nonprofit 52

Nonprofit Communication Accounting GAAP 52

The Charity CFO

JULY 12, 2024

While many nonprofits start with cash-basis accounting due to its simplicity, this method often falls short of providing a comprehensive view of a nonprofit’s financial health. Cash-basis accounting is most common for smaller nonprofits, where financials tend to be less complicated.

Nonprofit 52

Nonprofit Accounting Budgeting GAAP 52

The Charity CFO

MARCH 22, 2024

How does your nonprofit make strategic decisions? A better way to make decisions is using data. Leveraging data for strategic decision-making has many benefits–from improving your efficiency to increasing the success rate of campaigns or strategies. What Does Nonprofit Data Look Like?

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Nonprofit Leadership Benchmarking Leverage 52

The Charity CFO

APRIL 24, 2024

A key performance indicator (KPI) is a data metric you can use to gauge the overall success of your nonprofit organization. You can use KPI data to track your organization’s performance in various areas, such as finance or operations. Let’s explore how you can define your nonprofit KPIs and some examples of common metrics.

Nonprofit 52

Nonprofit Auditing CFO Finance 52

The Charity CFO

MARCH 28, 2024

Your nonprofit accounting system might not be the most exciting part of your organization, but it’s one of the most important aspects. An effective nonprofit accounting system also helps your organization stay transparent, manage funds wisely, and build trust with donors and the public.

Nonprofit 52

Nonprofit Accounting Budgeting Compliance 52

The Charity CFO

APRIL 2, 2024

Managing a nonprofit can be complex, especially when it comes to nonprofit accounting. Nonprofits face unique financial challenges and responsibilities that require specialized expertise and support. That’s why you need a strong accounting partner who specializes in nonprofits.

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Nonprofit Accounting Accounting Firms Communication 52

The Charity CFO

AUGUST 15, 2023

The nonprofit sector is full of rewarding and impactful careers because it plays a crucial role in addressing various social, environmental, and humanitarian challenges. In this section, we will debunk the three most common nonprofit accounting myths. However, most of it is actually the same. However, most of it is actually the same.

Nonprofit 52

Nonprofit Accounting Profit and Loss Budgeting 52

The Charity CFO

JUNE 26, 2023

Whether you’re a new organization or an established one working to get its finances under better control, there are few more important things to get right than your nonprofit operating budget. It serves as the backbone of your nonprofit’s spending, fundraising, and much more.

Nonprofit 52

Nonprofit Budgeting Benchmarking CFO 52

The Charity CFO

NOVEMBER 23, 2022

The finance director role is critical to the success of any nonprofit, making it one of the most important hires an organization can make. They are responsible for the financial health of the organization. They create and maintain financial records, prepare financial reports, and oversee the organization’s budget.

Nonprofit 52

Nonprofit Finance Strategic Planning Budgeting 52

Collectiv

JUNE 13, 2023

Nonprofit organizations are essential for our communities, yet they’re often underfunded. Data analysis is a treasure trove for non-profits. Let’s look at three ways to leverage Power BI for nonprofits so you can use your data effectively. Build Trust in the Community Data is a powerful tool.

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Nonprofit Leverage Analyzing Data Budgeting 52

The Charity CFO

MARCH 27, 2024

As a nonprofit leader, you’ve probably heard of QuickBooks or may have even used it before. And you might be wondering if you can use QuickBooks for your nonprofit accounting. The answer is yes, QuickBooks Online can be configured for nonprofit use. Nonprofits also need to record expense receipts.

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Nonprofit Accounts Payable Compliance Invoicing 40

Centage

NOVEMBER 27, 2023

As businesses, nonprofits have a unique set of needs and challenges. Nowhere is that more apparent than in financial planning. Budgeting and financial forecasting are two of the most important business activities for nonprofit FP&A.

Nonprofit 40

Nonprofit Budgeting Forecasting Planning 40

The Charity CFO

AUGUST 21, 2024

The relationship between fundraisers and accountants in a nonprofit organization can be challenging. Fundraising and accounting departments provide vital services to the organization, but when they fail to communicate, it can lead to financial errors. For a nonprofit to thrive, these two departments have to work together.

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Communication Accounting Nonprofit Budgeting 52

The Charity CFO

OCTOBER 9, 2024

Modern nonprofit leaders are always looking for ways to use technology to make everyday tasks easier. One of the most sought-after tools is a platform or software to integrate your fundraising and accounting data seamlessly. For nonprofits, GAAP ensures transparency, accuracy, and consistency in financial statements.

Accounting 52

Accounting GAAP Nonprofit Accounting Principles 52

The Charity CFO

JULY 19, 2024

Common nonprofit bookkeeping tasks include: Recording donations Entering accounts payable and receivable Organizing and reviewing bank statements Maintaining the general ledger These everyday financial duties help bookkeepers provide a clear and up-to-date picture of the nonprofit’s financial status.

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CFO Accounting Nonprofit General Ledger 52

The Charity CFO

JULY 29, 2024

Your committee might also lack the ability to accurately interpret financial data or reports, making the committee less effective overall. Consider providing financial committee members with financial training to improve their financial literacy. Need help with nonprofit finances?

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Finance Nonprofit Communication Budgeting 52

The Charity CFO

AUGUST 28, 2023

Running a successful nonprofit requires many diverse skill sets, from experts in your particular field to fundraising and event pros. Unfortunately, one area where many otherwise thriving nonprofits lack experience is financial and money issues. That’s where advisory finance committees come in.

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Nonprofit Problem Solving Finance CFO 52

The Charity CFO

FEBRUARY 8, 2024

Does the idea of a financial audit on your nonprofit leave you feeling nervous? For many nonprofits, a full financial audit can help ensure the accuracy of their financial recordkeeping. Luckily, not all financial situations require an audit. Do You Struggle to Make Sense of Your Financial Statements?

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Auditing Nonprofit Compliance CFO 52

CFO Plans

SEPTEMBER 24, 2024

In today’s dynamic business environment, small businesses face a myriad of financial challenges. The need for strategic financial planning and real-time financial reporting has never been more critical. Picture a nonprofit organization using automated services to streamline donor management and reporting.

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CFO Startups Tax Planning Accounting 52

Centage

OCTOBER 3, 2022

Limited Visibility To conduct financial data analysis, your business needs to test various hypothetical scenarios. Minimal Reporting Capabilities If you rely on Excel spreadsheets, you may be dealing with minimal reporting capabilities and delayed reporting.

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Forecasting Budgeting Data Analysis Financial Modeling 98

Centage

OCTOBER 3, 2022

To conduct financial data analysis, your business needs to test various hypothetical scenarios. If you rely on Excel spreadsheets, you may be dealing with minimal reporting capabilities and delayed reporting. For budget forecasters, real-time financial reporting has become increasingly vital.

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Forecasting Budgeting Data Analysis Financial Modeling 52