Many companies struggle to close the books at the end of the month. The month-end close requires accounting personnel to compile data from across the organization. Under normal conditions, this process can strain internal resources. However, in recent years the accounting and tax rules have undergone...
Imagine this scenario: A company’s controller is hospitalized for COVID-19, and she is the only person inside the company who knows how its accounting and payroll software works. She also is the only person with check signing authority, besides the owner, who is in lockdown...
To err is human, but some errors are more consequential and harder to fix than others. Most non-profit organizations cannot afford to lose precious financial resources, so you need to do whatever possible to reduce accounting and tax mistakes. Get started by considering the following...
Communication breakdowns between a non-profit’s development and accounting departments can lead to confusion, embarrassment, and even financial problems. Here are three ways your organization can facilitate cooperation between these two critical functions. Recognize differences Accounting and development typically record their financial information differently, which is...
How efficient is your non-profit? Even tightly run organizations can use some improvement — particularly in the accounting area. Adopting the following six tips can help improve timeliness and accuracy. Set cutoff policies. Create policies for the monthly cutoff of invoicing and recording expenses — and...