Finance
Year-End Done Right: A Bookkeeper’s Guide to a Smooth June 30th Close
For many non-profits, the fiscal year-end on June 30th can feel like a looming storm cloud. But fear not! With a little planning and some key steps, you can ensure a smooth and stress-free closing process. Here’s your roadmap to a successful year-end.
Read MoreTop 3 (Finance) Tips for New Board Members
Transcript: 0:00 three tips for new board 0:03 members particularly from a finance 0:06 perspective when small nonprofits have 0:09 new people coming on the board they 0:10 often try to do some kind of board 0:13 orientation uh when I’ve been brought in 0:16 in the 0:18 past I’ve focused that on how…
Read MoreStatement of Financial Position or Balance Sheet Analysis (Part 3 of 3 Series)
This article delves into the Analysis of the Balance Sheet, also known as the Statement of Financial Position. It offers recommendations on leveraging this financial document to interpret the organization’s financial performance and uncover emerging trends.
Read MoreStatement of Activities or Income Statement and Cash Flow Analysis (Part 2 of 3 Series)
Now, let’s delve into the analysis of the Statement of Activities, also known as the Income Statement. This financial statement quantifies the impact of the company’s revenues and expenses, presenting users with the total change in net assets over a specified period, typically one month, quarter, or one year. How to create an Income Statement…
Read MoreHorizontal and Vertical Analysis (Part 1 of 3 Series)
Introduction to analyzing financial statements At the Consonance Group, we recognize the challenges small organizations encounter in financial management. Deciphering and analyzing financial statements can be akin to navigating unfamiliar territory, especially without a full-time CFO. Rest assured; we are here to assist you in understanding the nuances of financial statement analysis, starting with horizontal…
Read MoreBudgeting Forward vs Backward | Budgeting for Organizations
A budget is an essential strategic tool for organizations, serving as a detailed plan that outlines expected income and costs. It not only anticipates the resources needed for various projects and activities but also determines the source of funds. Whether structured for a specific timeframe or dedicated to a particular project or event, budgets play a pivotal role in coordinating expenditures among employees with budgetary authority. They form the foundation of an organization’s action plan, ensuring financial decisions align with organizational goals and providing a safeguard against the depletion of funds for operational expenses and future initiatives.
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