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Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
Lisa Sherman, CPA – Director of Accounting Outsourcing Services
Financial health is important to every organization, but non-profits face unique challenges due to their funding, operations and purpose. Yet, those who focus on their financial health are looking ahead to ensure they can continue their critical work and improve efficiency.
How can you improve your organization’s financial health? Consider investing in technology. With the right systems in place, you may find ways to transform operations and allocate more funds toward program-related activities.
Start with the foundation of your non-profit – financials. Is your accounting software supporting your goals? Is it giving you the data you need to make decisions? Do you struggle to access key reports?
These reporting issues pose serious problems to your organization. How can you adjust if you can’t detect problems as they happen? How can you validate community, donor and volunteer support? How can you make the right decisions with gaps in your financials or months-old reports? How do you ensure the non-profit is financially healthy and sustainable?
In addition to reporting limitations, the not-for-profit industry is battling variability in revenue/funding, staff retention, regulation and legislation, donor engagement, rising overhead costs and decreasing margins. Investing in modern accounting or ERP software could provide the infrastructure and information to overcome and address those challenges.
As you begin to think about the technological improvements you could make, the list may become lengthy and span many departments. However, it’s a worthwhile endeavor that could lead to a significant return on investment.
Prioritizing technology investments to improve operational efficiency, enhance the delivery of programs and services and strengthen your financial health could mean longevity for your organization. After all, you’re in business to solve problems and deliver much-needed services to your community. Focusing on your organization’s financial health allows you to do this critical work today and well into the future.
Doeren Mayhew’s non-profit CPAs welcome the opportunity to help you find the right accounting solution for your organization. Contact us today to get started.
If you want to learn more about how to improve your financials, read the eBook “Secrets to Gaining Visibility into Non-Profit Financials.”
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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