Mackenzie (Routh) McNaughton’s Post

There are several critical data points you should be tracking to properly manage your interfund accounts. Learn why the process is important. #Nonprofits #CLA #CLAPromise

As a nonprofit, year-end accounting can be complex. But it doesn't have to be stressful! Our latest blog post with Yooz @LaurenCastloo (Partner Marketing) provides valuable insights and practical tips to simplify the process and ensure accuracy. Read more click through the link https://hubs.la/Q02vmF-F0 #NonprofitFinance #YearEndClosing #BestPractices #BAASSBusinessSolutions #Yooz

As a nonprofit, year-end accounting can be complex. But it doesn't have to be stressful! Our latest blog post with Yooz Lauren Castloo (Partner Marketing) provides valuable insights and practical tips to simplify the process and ensure accuracy. Read more click through the link https://hubs.la/Q02vmwvq0 #NonprofitFinance #YearEndClosing #BestPractices #BAASSBusinessSolutions #Yooz

Financial reporting is crucial for nonprofits, shedding light on performance, sparking meaningful conversations, and enabling boards to fulfill their duties effectively. #Nonprofit #FinancialReporting #BoardOfDirectors

If you have federally funded grants - check out the below article that talks about the basics of SEFAs for nonprofit organizations.

Welcome to your daily 20-second tip for nonprofit success powered by PLUS Accounting Services! Keeping a close eye on your financial statements is not just a good practice; it's essential for the health and success of your nonprofit. Tip: Implement cloud-based accounting software to streamline your financial reporting. Regular reviews help you: 1. Identify Trends - Spot patterns in donations and expenses to make informed decisions. 📈 2. Catch Errors - Detect mistakes or fraudulent activities early. 🚨 3. Plan Better - Forecast future cash flows and prepare for upcoming initiatives. 🗓️  4. Improve Accountability - Ensure transparency and trust with your stakeholders. ✅ By staying proactive with your financial reviews, you can steer your nonprofit toward sustainable growth and mission success. #NonprofitFinance #CarlosTip #BusinessFinance #FinancialStatements #Accounting #FinanceManagement #NonprofitGrowth #FinancialHealth #NonprofitTips #CashFlowManagement #NonprofitBudgeting #FinancialReview #NonprofitAudit #ProfitAndLoss #BalanceSheet #FinancialPlanning #CostControl #DonationManagement #ExpenseTracking #StrategicPlanning #FinancialAnalysis #NonprofitStrategy #MoneyManagement #FinancialGoals #OperationalEfficiency #FinancialReporting #SmartInvesting #NonprofitSuccess #FinancialWellness #AccountingTips #CloudAccounting

Ever struggled to determine how to record grant funds in your accounting system? Or wondered how GAAP (the generally accepted accounting principles) require certain gifts to be recorded? These types of problems can be solved by implementing an income recognition policy for your organization. What all goes into this type of policy? A well-designed policy will cover: 🔹 Revenue Matching 🔹 Donations & Contributions 🔹 Grants & Contracts 🔹 Sales Revenue 🔹 In-Kind Contributions Luckily, your organization doesn’t need to start from scratch to develop this policy. We’ve created a template for you! 📥 Download Jitasa’s free income recognition policy template and take control of your nonprofit’s income accounting: https://bit.ly/4dy2mj0 #NonprofitFinance #IncomeRecognition #Transparency #FinancialManagement #NonprofitTemplates

New digital filing requirements coming in: https://lnkd.in/ecfRfMDQ will affect charitable companies of all sizes. Hopefully for charitable companies this change will be aligned with the new SORP- best to lobby Companies House though... Is your software XBRL taxonomy enabled: https://lnkd.in/eyTANCPZ but best to check now?

Learn about the crucial role of the Statement of Functional Expenses in financial reporting for nonprofits, offering transparency and accountability in resource allocation. 💼 Discover simple steps to prepare an effective Statement of Functional Expenses: 1️⃣ Gather Relevant Data 2️⃣ Organize and Validate 3️⃣ Analyze and Interpret Plus, understand the importance of accurately classifying expenses to align with your mission statement. Don't miss out on expert insights to ensure compliance and transparency! 💡 #NonprofitAccounting #FinancialReporting #Transparency #WelterConsulting 🌟 https://lnkd.in/gaFqgDT3

Learn essential federal grant compliance requirements, including reporting, subrecipient monitoring, and effective fund management. #FederalGrantCompliance #SingleAudit #Nonprofits