Remote audits in 2020 proved to be so valuable, some firms are leveraging the technology by going another step further, taking deep dives into cybersecurity risks and searching harder for fraud. Auditors will be heading back to their offices soon and while many will still prefer to meet in person with their clients, some large firms discovered they can tap into auditors with special skills from any of their locations around the country saving time and money. As a nonprofit, or for-profit, here are the three most important ways to prepare for a remote audit. Continue Reading
Managing Money With Mission
Category Archives: Nonprofit Accounting Practices
ABCs of Ensuring Full PPP Loan Forgiveness for Your Nonprofit
Nonprofits and organizations are starting to bounce back after the lost year that was 2020 and at this point in 2021 should be wrapping up their reporting for the Paycheck Protection Program (“PPP”). Many organizations chose to participate in this loan program to offset eligible payroll costs during the pandemic. The program is still open… Continue Reading
Three Accounting Best Practices for Nonprofits
Nonprofits don’t always consider the importance of proper accounting practices. What happens if your nonprofit makes money at the end of the year? Do you know if an employee or board member has a conflict of interest? Having solid accounting practices not only helps the overall success of your organization, but they are necessary for… Continue Reading
A Fractional CFO For Your Nonprofit
When you hear about “fractional CFOs” you probably aren’t thinking about hiring one for your nonprofit. But, having a part-time Chief Financial Officer / Controller to advise your executive team could be the part that’s missing to help your nonprofit grow. Fractional CFOs are starting to become more common place, not just for large companies… Continue Reading
New IRS Regulations are Coming for Nonprofits
When it comes to unrelated business expenses, the Internal Revenue Service appears close to releasing proposed regulations that were part of the 2017 Tax Cuts and Jobs Act. The new rules could mean reporting changes that might be complicated, specifically for larger nonprofits that receive revenue outside of normal fundraising programs. Continue Reading