Do they micro-manage their employees and accounting staff? No.
Do they work 24 hours a day, 7 days a week, never letting a single item slip through the cracks? No.
They set up effective and efficient business rules that work for them. This ensures that even if they’re not physically there, the job is getting done, and it’s being done well.
In addition to this, they have the reporting capabilities to easily check on the progress they have made.
Instead of relying on the ability of every staff member to supply multiple spreadsheets, spending time tying each together to form a cohesive report, these CFOs already have the ability to quickly log into their accounting system and run a report that gives them the numbers they’re looking for. To garner the reports that are needed, a concise view of the Chart of Accounts had been developed, reporting on each fund that’s being utilized. Often times, CFOs look to outside sources for brainstorming. This can come from the inside of their organization, but sometimes are from an outside referral who have experience in developing complete reports and Chart of Account design.
If the organization sees there’s a gap in their reporting capabilities, the first hurdle is already over. Sometimes organizations think they do not have the time or money to begin to build efficiencies, but in the technologically empowered world we live in now, this is no longer the case.
Not only is software being offered at a much lower cost than ever before through use of the cloud and subscriptions, but outside consultants are tailoring their training and consulting programs to fit the needs and time of the organizations they serve.
Considering the options available to today is the first step to customizing a plan that will propel the financial future of organizations, namely nonprofits, who historically have dealt with a lack of time and money for such projects.
Now is as good a time as ever before.